April 13, 2024
Lawn & Garden Equipment Market

Lawn & Garden Equipment Market is thriving on increasing residential landscaping activities by 2024

The Lawn & Garden Equipment Market consists of products such as lawn mowers, trimmers & edgers, cutters & shredders and more, used for landscape maintenance activities across residential and commercial establishments globally. These equipment allow users to efficiently manage their lawns and gardens with features including easy start, mulching capabilities and variable speed settings. The growing awareness towards outdoor beautification and increasing disposable income has augmented the demand for such technologically advanced yet affordable equipments over the years.

Global Lawn & Garden Equipment Market is estimated to be valued at US $33.97 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031. Residential landscaping and maintenance activities have seen substantial rise owing to rising consumer spending on outdoor luxuries and urbanization.

Key Takeaways

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 focused on developing innovative product types as well as expansion strategies to strengthen their global reach.

The demand for lawn and garden equipment has increased tremendously over the years owing to changing lifestyles and increasing disposable income. Additionally, rapid urbanization has augmented outdoor construction activities globally thereby driving significant market growth.

The market is witnessing strong growth in emerging economies of Asia Pacific and South America attributed to rising middle class population, increasing investments in infrastructural projects and growth in residential real estate sector. Key players are expanding their manufacturing facilities in these regions to leverage growth opportunities.

Market key trends

Electric and battery-powered equipment is gaining popularity as a trend in the market. This is attributed to rising environmental concerns and convenience of use associated with electric products over traditional gasoline variants. Manufacturers are increasingly focusing on developing sustainable and eco-friendly lawn care solutions to attract environmentally conscious consumers.

Porter’s Analysis

Threat of new entrants: Low barriers to entry due to minimal capital requirement and availability of used lawn and garden equipment. However, established brands have strong brand recognition and distribution networks.
Bargaining power of buyers: High as buyers have many options and substitutes available. They can negotiate on price and demand value-added services and warranties.
Bargaining power of suppliers: Moderate as major suppliers have established themselves. However, suppliers of generic parts and ingredients pose threat of forward integration.
Threat of new substitutes: High threat from other outdoor power equipment, do-it-yourself lawn care services, and robot lawn mowers. Consumers constantly look for innovative products offering convenience.

Competitive rivalry: Intense competition among major global players. Companies focus on product innovation, affordability, and promotional activities to gain market share.

Geographical regions of value concentration: North America currently holds the largest share mainly driven by demand from U.S. households. Europe is the second largest market owing to lawn obsessed cultures in Western European countries.
Fastest growing region: Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India driving growth in sales of gardening tools and DIY lawn care products. Rapid urbanization and rising disposable incomes in Asia Pacific are key growth drivers.

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