Lawn & Garden Equipment Market Is Estimated To Witness High...

Lawn & Garden Equipment Market Is Estimated To Witness High Growth Owing To Improved Standard Of Living

Posted 2023-12-04 13:47:33

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The Lawn & Garden Equipment Market Is Estimated To Be Valued At US$ 29.48 Bn In 2023 And Is Expected To Exhibit A CAGR Of 5.3% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Overview:
The Lawn & Garden Equipment Market Deals In Outdoor Power Equipment Used For Various Gardening And Landscaping Purposes. The Key Products In This Market Include Lawn Mowers, Trimmers, Chain Saws, Cultivators, Edgers And Other Hand Tools. Residential And Commercial Users Employ These Tools To Maintain Yards, Golf Courses, Parks And Other Outdoor Spaces. Growing Concerns Regarding Recreational Activities And Improved Aesthetics Are Driving Demand For Lawn And Garden Equipment.

Market Dynamics:
The Lawn & Garden Equipment Market Is Expected To Witness Significant Growth Due To Rising Disposable Incomes And Improved Standards Of Living Across Developing Regions. As Per The United Nations World Urbanization Report 2018, Around 68% Of The Global Population Is Projected To Live In Urban Areas By 2050 Up From 55% Currently. This Has Increased The Development Of Residential Townships, Public Parks, And Recreational Facilities Which Require Proper Maintenance Of Lawns And Gardens. As A Result, Demand For Residential And Commercial Lawn Care Equipment Has Surged.

Another Key Factor Aiding The Market Growth Is The Development Of Low-Cost And Time-Saving Robotic Lawn Mowers. Major Players Are Introducing Advanced Features Such As Bluetooth Connectivity, Multi-Zone Mapping And Waterproof Design To Suit The Convenience Requirements Of Modern Households. Further, Rising Awareness About Outdoor Activities Is Expected To Boost Adoption Of Small Power Garden Equipment Like Lawn Trimmers And Pruners During The Forecast Period.

SWOT Analysis
Strength: The Lawn & Garden Equipment Market Has Strong Presence Of Established Players With Global Footprints And Capabilities. Major Players Are Consistently Investing In R&D To Develop Innovative Products. Equipment Are Durable And Require Low Maintenance Which Helps Reduce Overall Cost Of Ownership.
Weakness: High Initial Investment Cost Associated With Equipment Purchase Poses A Challenge, Especially For Price Sensitive Consumers. Seasonal Nature Of Market Leads To Fluctuations In Demand And Supply. Dependence On Fossil Fuels Makes The Equipment Less Environment Friendly.
Opportunity: Growing Popularity Of Landscaping And Lawn Care Services Is Driving The Commercial Segment. Increase In Residential And Commercial Construction Also Supports Market Growth. Developing Regions Offer Immense Untapped Potential Due To Rising Disposable Incomes And Growing Awareness.
Threats: Slow Economic Conditions Can Reduce Discretionary Spending On Lawn And Garden Products. Rising Raw Material Costs Pose Margin Pressures. Stringent Emission Norms Require Modification Of Engine Technologies, Increasing Product Costs.

Key Takeaways
The Global Lawn & Garden Equipment Market Share Is Expected To Witness High Growth, Exhibiting A CAGR Of 5.3% Over The Forecast Period, Due To Increasing Spending On Landscaping Services And Do-It-Yourself Lawn Care Activities. North America Dominates Currently Due To Large Number Of Homeowners And High Discretionary Spending. Europe Is Also A Substantial Market Backed By Increasing Popularity Of Gardening As A Hobby. Asia Pacific Is Projected To Be The Fastest Growing Region Supported By Ongoing Housing Projects And Emerging Middle Class Willing To Spend On Yard Maintenance.

Regional Analysis: North America Accounts For Over 35% Value Share Currently Owing To Well Established Markets Of US And Canada. Europe Holds Around 30% Share Led By Countries Like Germany, France And UK. Asia Pacific Is Poised To Showcase Strongest Growth At A CAGR Of 6.8% During The Forecast Period. China, India And Other Southeast Asian Countries Offer Massive Opportunities For The Providers.

Key Players: Key Players Operating In The Lawn & Garden Equipment Market Are The Toro Company, Kubota Corporation, Honda Motor Co., Husqvarna AB, Briggs & Stratton, Deere & Company, MTD Products, Ariensco, Stihl, Emak S.P.A., AL-KO, Makita Corporation, Robert Bosch, Stanley Black & Decker, Techtronic Industries, Yamabiko Corporation, American Honda Motor Co., Generac Power Systems, Lawn-Boy Inc., AL-KO Gardentech. The Toro Company And Deere & Company Capture Prominent Market Shares Due To Wide Range Of Innovative Products.

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