Lawn and Garden Equipment Market is Poised to Reach 47 Million Units by 2026, with a 13.04% CAGR - Report by Market Research Future (MRFR) - GlobeNewswire

May 03, 2022 18:15 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York US, May 03, 2022 (GLOBE NEWSWIRE) -- Lawn and Garden Equipment Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Lawn and Garden Equipment Market” information by Type, by End-Use and Region – Forecast to 2027” market size to reach USD 47 million, growing at a compound annual growth rate of 13.04% by 2026.
Lawn and Garden Equipment Market Scope:
The lawn and garden equipment market has been witnessing a sudden rise since the outbreak of the COVID 19 pandemic. Due to lockdown mandates, people started spending more time at home than ever. This, as a result, escalated the market demand, increasing the need for lawns and gardens to relax, play, and entertain.
The emergence of battery-powered equipment offering superior performance and easy-to-operate systems for individual gardeners created significant market opportunities. These new battery-powered lawn care and garden tools are powerful enough to maintain a professional-quality lawn and garden.
Dominant Key Players on Lawn and Garden Equipment Market Covered are:
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The pandemic stirred the industry exponentially, creating a massive demand for gardening tools driving the DIY trends. Industry players efficiently utilized the lockdown period to bring digital transformation and new industry standards. The rising number of golf courses is also a prominent growth driver for the lawn & garden equipment market globally.
Looking at the rising sales of lawn & gardening tools, manufacturers are collaborating with ecommerce companies to promote and sell their products. They are increasingly launching new products available online. The increasing availability of new products is estimated to foster market growth, encouraging consumers to invest in lawn and garden tools during the forecast period.
Market USP Exclusively Encompassed:
Lawn and Garden Equipment Market Drivers
Investors are seen aggressively put in, looking at the growing demand for advanced equipment. Manufacturers tend to make new investments in machinery development when their businesses are witnessing growth prospects. When times are more crucial, they put off making massive outlays of capital. As a result, earnings-per-share get cut in half and the resulting shutdown of large parts of the global economy.
The good news is that while these companies are susceptible to downturns in the economy, demand for their products has remained robust over the last couple of years. Industry players also try to expand their presence in international markets through their distribution systems. They try to boost the manufacturing of a vast variety of products used in agriculture segments to meet the ever-growing demand for food to feed the increased population.
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Industry players take the required steps to augment their business with strategic acquisitions. Also, consumers are seen spending hugely on automated systems and product portfolios like robotic herbicide sprayers. Rapidly growing hydroponics businesses play a causal role in the market development, witnessing the need for increased indoor and year-round food production.
The ongoing Russia-Ukraine war has caused commodity prices to hit new highs. Resultantly, the need for food production is going to ramp up to meet growing demand over the next three decades. With such short-term and long-term tailwinds, the agricultural industry is expected to become one of the higher growth areas in the marketplace. This likely means higher dividend yields as well.
Industry players are expected to perceive vast competitive advantages over the upcoming period. Investors are looking to leverage the growing demand for agricultural products, considered one of the growth factors for their portfolio. They strive to expand their expertise and durable product line to create a complete selection of the industry's finest lawn and garden tools.
Segmentation of Market Covered in the Research:
The lawn & garden equipment industry is segmented into types, end-uses, and regions. The type segment is sub-segmented into lawn riders, lawn ZTR, walk behind, snow throwers, trimmers & edgers, and others. The end-user segment is sub-segmented into residential and commercial. The region segment comprises the Middle East & Africa, Asia Pacific, Americas, Europe, and rest-of-the-world.
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Regional Analysis
Globally, North America accounts for the largest lawn and garden equipment market. The spurring rise in gardening & landscaping and the growing adoption of technologically advanced farming equipment in this region drive the market growth. Besides, the growing trend of smart gardening escalates the lawn and garden equipment industry value in the region.
Golf is one of the popular outdoor games played in the US, witnessing rising numbers of individual participation in this sport. Most Americans play golf; besides, the popularity of outdoor sports such as basketball, tennis, and baseball boosts the lawn and garden equipment market, ensuring proper maintenance and landscaping of the golf courses in the Americas.
Competitive Landscape
Highly competitive, the lawn & garden equipment market appears fragmented due to the presence of several well-established players. These players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
Lawn & garden equipment manufacturers boost investments in product development and improve design concepts. Other strategies these market players adopt are greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
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For instance, on April 19, 2022, ECHO Incorporated, a leading manufacturer of high-performance outdoor power equipment, launched a new line of battery-powered outdoor equipment - the ECHO eFORCE for consumer lawn and garden care. These products come with a 56V battery system to the market at an important time, when consumer interest in home lawn care has grown significantly during the pandemic, a trend that is expected to continue.
With this new line, ECHO tries to provide powerful and easy-to-use home garden tools with the same high-quality and power used by professional landscapers. The new ECHO outdoor products are available at major retail locations and independent ECHO lawn care dealers across the United States.
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