According to the latest research report published by Global Market Insights Inc., lawn & garden equipment industry share is likely to surpass 45 billion through 2025.
Rising number of residential and commercial construction projects and improving standard of living will enhance lawn & garden equipment market growth. Lawn and garden equipment has found wide-ranging applications in parks, sports fields, etc. Also, lawn and garden equipment industry will witness growth due to rising government initiatives in favor of green and sustainable environment.
In 2018, lawn & garden equipment industry accumulated one-fourth of revenue share from application in golf courses, and the segment is likely to exhibit a similar growth pattern in the foreseeable future. The market derives substantial demand from multiple golf courses present worldwide. As per the National Golf Foundation, around 38,500 golf courses are present in the world. In addition, several attempts made by various countries towards the establishment of golfing facilities is likely to further inflate the demand for lawn & garden equipment. For example, in 2018, Turkmenistan had inaugurated Ashgabat Golf Club and listed itself among many golfing countries.
Industry players have been focusing on advancing technologies to improve cutting edge operations, which will stimulate lawn & garden equipment industry trends in the coming years. Major market participants are launching advanced products for building up their customer base. Also, they are trying to improve their products with respect to key parameters such as battery efficiency and reduction of intermediate charging time.
For example, STIHL had rolled out a battery hedge trimmer in January 2017. The trimmer has a higher power-to-weight ratio, greater speed, and less operating cost. New product launches by companies with cutting edge technologies and better efficiency will spur lawn & garden equipment business growth. According to the lawn & garden equipment market forecast report, electric-powered equipment segment will grow with about 8% CAGR over 2019-2025.
Among newly launched products, lawn & garden equipment with seating arrangements are gaining remarkable traction among end users. Equipment with seat reduce fatigue of driver and improve output. In 2018, Deere and Company had launched 100 Series lawn tractors to help customers with hassle-free and comfortable operation.
Lawn and garden equipment market forecast report projects that Asia Pacific will emerge as a major contender in the business. The region is experiencing betterment in economic conditions that have accelerated urbanization and housing activities in the region. Also, scheduled upcoming sporting events, such as 2022 Winter Olympic Games in China and 2020 Olympics in Japan are likely to generate demand for lawn & garden equipment. Hosting stadiums need an aesthetic appeal to attract more audiences for watching live games. Asia Pacific lawn and garden equipment industry size is likely to witness CAGR of more than 8% over 2019-2025.
Adoption of garden equipment is surging due to rising consumer spending and international trade agreements. Honda, Deere & Company, Husqvarna Group, MTD Holdings, Kubota, Robert Bosch GmbH, and TTI are the eminent players operating in the lawn & garden equipment industry. R&D investments, novel & advanced product launches, and product differentiations are some of the strategies incorporated by these industry participants to gain a competitive edge over the market.