Albany, NY -- (SBWIRE) -- 10/12/2017 -- Amidst high competition, large international players have established themselves in the global power lawn and garden equipment market, says Transparency Market Research in a new report. The key participants in the market are striving to develop energy-efficient electric lawnmowers technologies and introduce differentiator products in emerging markets to steal a march over their competitors. Acquisitions and partnerships with local companies is another growth strategy that key participants have resorted to maintain their foothold.
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Some key participants in the global power lawn and garden equipment market include ANDREAS STIHL AG & Co., KG, BLACK+DECKER Inc., Briggs & Stratton, Deere & Company, ECO INCORPORATED, Husqvarna AB, Kohler Co., Makita Corporation, MTD Products Incorporated, Snow Joe LLC, Textron Incorporated, and Toro Company.
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A report by Transparency Market Research forecasts the global power lawn and garden equipment market to rise at a CAGR of 4.8% between 2017 and 2025, for the market to be valued at US$96,832.1 mn by the end of 2025.
Development of New Housing Complexes in the West Benefits Lawn Mower Equipment Type Segment
Among equipment types, lawn mowers held the leading share of the global power lawn and garden equipment market in 2016. The increasing uptake of power lawn and garden equipment from the commercial sector, along with development of new housing units in Western Europe and North America is benefitting the lawnmower segment of the market. Besides this, trimmer &edger and rotary tiller segments are anticipated to display robust growth over the forecast period.
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The residential application segment is expected to display impressive growth in the power lawn and garden equipment market over the forecast period. The segment is expected to rise at a higher CAGR than commercial application segment over the report's forecast period.
North America accounted for the leading more than 50% share of the global power lawn and garden equipment market in 2015. Rising consumer spending power and increasing indulgence in backyard cooking and garden parties are majorly fuelling growth of North America power lawn and garden equipment market.
Increasing Inclination for Gardening as a Pastime Activity Stokes Demand
The power lawn and garden equipment market is mainly driven by a host of economic and social factors such as gaining consumer confidence, urbanization trends, suitable demographic profiles, and rebound of home remodeling activities. This scenario along with a growing base of do-it-yourself (DIY) gardeners is resulting in increased demand for power lawn and garden equipment. In addition, the increasing interest of retired baby boomers or ageing population in gardening as a pastime is also contributing to the growth of power lawn and garden equipment market globally.
Apart from this, the increasing interest in outdoor living, which includes indulgence in backyard cooking and garden parties is increasing the demand for garden equipment for aesthetics. Furthermore, the rising demand for integrated capabilities is also anticipated to present substantial opportunities for the growth of the market in the upcoming years.
On the flip side, interruption in the retail market for lawn and garden products could pose a hindrance to the power lawn and garden equipment market over the forecast period.
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