May 29, 2024
Lawn & Garden Equipment Market
Ict

Lawn & Garden Equipment Market is Expected to be Flourished by Growth of Residential and Commercial Construction Sector

The lawn and garden equipment market involves a variety of products that help maintain lawns and gardens around residential and commercial properties. Products include lawn mowers, trimmers, snow blowers, and other equipment for cutting, edging, vacuuming, and maintaining grass, plants, and other landscaping. Lawn mowers make up a large share of the market, with ride-on mowers and robotic lawn mowers gaining popularity among homeowners with larger properties. Commercial landscaping companies also utilize walk-behind and stand-on mowers to maintain large areas such as parks, golf courses, and office campuses. Additional equipment includes tillers, aerators, dethatches, and spreads that help manage soil health and plant growth.

The global lawn & garden equipment market is estimated to be valued at US$ 33.97 billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The lawn & garden equipment market is expected to be flourished by the growth of residential and commercial construction sector. As the number of households and commercial buildings increases, so does the need for landscaping services and lawn equipment to maintain surrounding grounds. Furthermore, the heading indicates that the market will be flourished by growth of residential and commercial construction sector. As more homes and offices are built, demand rises for lawn mowers, trimmers, and other yard equipment to care for surrounding lawns and gardens. This driver is bolstered by an increasing focus on outdoor recreation and living, as consumers spend more leisure time and entertainment dollars on their outdoor spaces. Additionally, the rise of professional landscaping businesses has pushed demand from the commercial and institutional segments. Overall economic growth typically strengthens purchase power for consumer equipment like ride-on mowers and means greater spending on external maintenance by commercial property owners.

Segment Analysis

The lawn & garden equipment market is dominated by the outdoor power equipment segment which accounts for over 60% of the market share. Within the outdoor power equipment segment, lawn mowers dominate and account for about 30% of the overall market. Lawn mowers are preferred for their ease of use, affordability and ability to efficiently maintain medium to large lawns. Lawn tractors are another rapidly growing segment and gaining popularity for their versatility and capability to handle tough terrains and heavy duty landscaping jobs.

PEST Analysis

  • Political: The market is positively impacted by measures promoting eco-friendly products and budget allocations towards development and maintenance of parks and public gardens.
  • Economic: The growing disposable incomes and increasing home ownership rates are driving spending on landscaping and subsequent equipment purchase. Higher construction of residential properties also aids market growth.
  • Social: Increased spending on backyards, gardens beautification indicates rising focus towards outdoor recreation and leisure activities. Businesses providing lawn and garden services are also prospering.
  • Technological: Advancements in battery powered equipment, automatic controls and smart features enable convenient and efficient operations. Connected technology allows remote monitoring and analytics.

Key Takeaways

The Global Lawn & Garden Equipment Market Demand is expected to witness high growth over the forecast period.

North America currently dominates owing to large gardens and lawns in countries like the US. Europe follows in terms of market share led by countries such as Germany, France and UK with high spending on landscaping.

Key players operating in the lawn & garden equipment market are Pfizer, Roche, Johnson & Johnson , Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer , Novo Nordisk, Allergan, Gilead Sciences, Boehringer Ingelheim, Takeda Pharmaceutical, Biogen. These players are focusing on developing sustainable and smart products to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it