Global Power Lawn and Garden Equipment Market: Snapshot
The global power lawn and garden equipment market featured by high competition is dominated by large international players. Key players in the market are focused on technological innovations and introduce novel products such as robotic and battery-powered outdoor lawnmowers to stay competitive. Acquisitions and partnerships with regional or local companies is what leading companies have resorted to expand their geographical presence.
Some of the primary growth drivers of the global power lawn and garden equipment market include economic revival, rebound of home remodeling activities, and increasing indulgence in garden parties. An increasing number of do-it-yourself gardeners is also having a positive influence on the global power lawn and garden equipment market.
On the other hand, posing a challenge to the growth of power lawn and garden equipment market is disruptions in retail market for garden products and unfavorable natural calamities.
A report by Transparency Market Research estimates the global power lawn and garden equipment market to reach a valuation of US$96,832.1 mn by the end of 2025, expanding at a CAGR of 4.8% between 2017 and 2025.
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High Spending on Outdoor Living makes North America Leader
The segments of the power lawn and garden equipment market based on equipment type are lawnmower, trimmer and edger, snow thrower/blower, rotary tiller, blower, vaccum, and sweeper, and others. The segment of mower can be further sub-segmented into riding (garden/turf tractor) and non-riding. Amongst all, lawnmowers held the leading share of the global power lawn and garden equipment market in 2016. The increasing demand for lawnmowers from the commercial sector such as golf courses, and the increasing spending on garden equipment for residential use is having a positive bearing on lawnmowers equipment type segment.
Based on application, the residential segment is expected to display the leading CAGR over the forecast period. This is mainly because of increasing number of single family homes and capability for discretionary purchase of garden products in developed countries of North America and Western Europe. Consumers in these regions also engage professional landscaping and redesigning services for development of their garden spaces. These factors are expected to lift the demand for power lawn and garden equipment for residential use. Nevertheless, the commercial segment is expected to display exponential growth in the forthcoming years.
Lifestyle Upgrades to Catapult Asia Pacific Market
The key regional segments of the global power lawn and garden equipment market include North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America, amongst all, held the leading share of more than 50% of the global power lawn and garden equipment market in 2015. High income levels leading to increased spending on outdoor living spaces and increasing indulgence in garden parties and backyard cooking are the key factors for the significant share of the market.
Europe with the leading CAGR is expected to be a significant regional market over the forecast period. This is mainly due to gaining consumer confidence post the economic slump of 2007 and a large retired baby boomer and ageing population that are indulging in gardening as a pastime activity. These factors are expected to have a positive bearing on the Europe power lawn and garden equipment market.
Asia Pacific market for power lawn and garden equipment is expected to display significant growth over the forecast period. Lifestyle upgrades leading to increased indulgence in outdoor living and an increasing number of consumers in urban areas opting for gardening as a leisure activity are key factors behind the growth of this regional market.
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Key companies operating in the global power lawn and garden equipment market profiles in the report are ANDREAS STIHL AG & Co. KG, BLACK+DECKER Inc., Briggs & Stratton, Deere & Company, ECHO INCORPORATED, Husqvarna AB, Kohler Co., Makita Corporation, MTD Products Incorporated, Snow Joe LLC, Textron Incorporated, and Toro Company.
Growing Trend of Do-It-Yourself Gardening Drives Demand Opportunities in Power Lawn and Garden Equipment Market
In recent period, the world is witnessing rising trend of do-it-yourself gardeners. This factor is generating prominent demand opportunities for vendors in the global power lawn and garden equipment market. Trimmer and edger, lawnmower, rotary tiller, snow thrower/blower, vaccum, sweeper, and blower are some of the product types available in the power lawn and garden equipment market.
The products from the power lawn and garden equipment market are widely used by the companies providing professional landscaping services. Thus, increased preference toward the use of professional landscaping services in many developed countries is likely to create promising sales opportunities in the global power lawn and garden equipment market in the years ahead. In addition to this, the market for power lawn and garden equipment is likely to experience increased demand avenues on the back of growth in older population and improved spending power of major populace living in all corners of the world.
The companies engaged in the global power lawn and garden equipment market are growing cash inflow toward research and development activities. Mainly, this tactic is helping enterprises to achieve technological innovation as well as to launch advanced products such as battery-powered and robotic outdoor lawnmowers. Apart from this, several players are growing focus on improving the appeal of their products. Owing to all these advancements, the global power lawn and garden equipment market is expected to grow at rapid pace in the years ahead.
The recent COVID-19 pandemic has showed adverse impact on the growth of overall industrial sectors including the global power lawn and garden equipment market. Owing to lockdowns imposed by the government bodies of many countries across the globe, the companies engaged in the market for power lawn and garden equipment had to stop their production as well as distribution activities for short period. This factor is expected to impact on the overall revenues of this market. However, the power lawn and garden equipment market is projected to bounce back and gather lucrative avenues in the forthcoming years.
