According to the latest research study by Global Market Insights, Inc., the lawn & garden equipment market is expected to record 7% CAGR during the forecast period 2019-2025.
Selbyville, DE -- (SBWIRE) -- 04/30/2020 -- Rising implementation of green roof technologies alongside surging construction activities are expected to drive lawn & garden equipment market outlook over the forecast spell. Intensive lifestyle changes and increasing disposable income, encouraging the development of residential and commercial construction projects, are currently evident in the emerging economies. Growing implementation of lawn & garden equipment in public spaces such as parks and sports fields, particularly in developed economies, is anticipated to boost market size. Major growth initiatives carried out by industry players include new product launches and logistic center development. The accelerating government regulations to ensure a green and sustainable environment will add significant impetus to market expansion.
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According to the research, the lawn & garden equipment market size is anticipated to touch the $ 45.54 billion mark by 2025. Lawn & garden equipment market size from electric-powered segment is likely to exhibit an appreciable CAGR of nearly 8% through 2025. This can be attributed to higher battery efficiency and rising initiatives of industry participants to lower the intermediate charging duration.
Rising consumer spending, coupled with International trade agreements for lawn & garden equipment, is anticipated to present lucrative opportunities for industry growth. The presence of multiple companies, namely Robert Bosch GmbH, TTI, MTD Holdings, Husqvarna Group, and Deere & Company, has contributed to the fragmented nature of the industry.
In terms of end-use applications, global lawn & garden equipment industry is categorized into residential, playgrounds and golf courses segments. Of these, the golf course segment accounted for nearly one-third of the revenue share in 2018 and is likely to record substantial growth over the stipulated timeframe, owing to the launch of multiple golfing facilities globally. For instance, Turkmenistan, in 2018, became a golfing country with the inauguration of the Ashgabat Golf Club.
Top Industry Players –
- Robert Bosch GmbH,
- Husqvarna Group,
- Ariens Company,
- Briggs & Stratton Corporation,
- Deere & Company,
- Falcon Garden Tools,
- Fiskars Group,
- Honda Motor Co., Ltd.,
- The Toro Company,
- STIGA S.p.A,
- Stihl Holding AG & Co. KG,
- Kubota Corporation,
- Makita Corporation,
- Koki Holdings Co., Ltd.,
- Stanley Black & Decker,
- MTD Holdings Inc,
- Techtronic Industries Co. Ltd (TTI)
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On the other hand, the rider operation segment is expected to witness strong adoption owing to several benefits including reduced driver fatigue and high overall output. For example, Deere & Company launched 100 Series lawn tractors with hassle-free and comfortable operation, in 2018, resulting in high industry penetration.
Several facility owners are adopting equipment and tools to lower the usage of water in an outdoor setting. Consequently, the sprinklers & hoses product segment is projected to hold a dominant position in lawn & garden equipment market in coming years.
According to the U.S. Environment Protection Agency, nearly 30% of the daily water consumption is conserved for outdoor use in the United States. Technological advancements, such as addition of WaterSense in the spray sprinkles will offer lucrative opportunities for lawn & garden equipment industry growth.
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On the regional front, the Asia Pacific lawn & garden equipment market is poised to depict a CAGR of over 8% through 2025, as a result of burgeoning housing activities and favorable economic conditions that lead to urbanization.
In order to make an impressive visual appeal and enhance the aesthetics of the sports hosting stadiums, demand for efficient lawn & garden equipment has surged considerably. This is attributed largely to the upcoming sports events in the APAC region, including the 2022 Winter Olympic games to be held in China and the 2021 Olympics in Japan. Furthermore, the rising number of playgrounds and golf courses is also expected to augment the demand for electric-powered and fossil fuel mowers in the region.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.