April 20, 2024
Garden Carts and Wheelbarrows Market

Garden Carts and Wheelbarrows Market is Estimated to Witness High Growth Owing To Increased Focus on Home Gardening

The Garden Carts and Wheelbarrows Market is estimated to be valued at US$ 2.78 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Garden Carts and Wheelbarrows market comprises carts and wheelbarrows used to transport or carry gardening tools, plant pots, soil, mulch and other gardening materials. They are usually made of plastic or metal with inflatable tires and offer easy maneuverability and transportation of garden supplies within residential or commercial properties. Their lightweight yet sturdy construction makes them suitable for carrying loads up to 50 pounds for household gardening needs.

Market key trends:

One of the key trends fueling the growth of garden carts and wheelbarrows market is the increased focus on home gardening and landscaping activities. With rising health awareness, more people have taken up gardening as a hobby to grow herbs and vegetables. Others preferring outdoor activities are developing gardens, lawns and landscaping around their homes. This has driven the demand for necessary gardening equipment including wheelbarrows and carts. Additionally, the convenience and easy handling of garden carts and wheelbarrows have made them preferable over traditional carrying methods like buckets. Manufacturers are also offering innovative designs, extra features and improved handling for catering to varied gardening needs. This has augmented their adoption in households as well as professional landscaping services.

Porter’s Analysis:

  • Threat of new entrants: The Garden Carts and Wheelbarrows market has moderate threat of new entrants. Established brands dominate the market and have strong brand recognition. However, new players can enter by introducing innovative products or targeting specific customer segments.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product options from different brands. Buyers can compare prices and features of products from different manufacturers.
  • Bargaining power of suppliers: Manufacturers source raw materials like steel, plastic, rubber from a few major international suppliers. This gives suppliers moderate bargaining power over manufacturers.
  • Threat of new substitutes: There is low threat from substitutes as garden carts and wheelbarrows offer distinct functionality that can’t be replicated easily.
  • Competitive rivalry: Intense as major brands compete on the basis of product features, quality, and pricing.

SWOT Analysis:

  • Strengths: Established brands with strong brand recognition and loyal customer base. Wide product portfolio and availability via multiple sales channels.
  • Weaknesses: Seasonal demand nature leads to production fluctuations. Fluctuating raw material prices increases costs.
  • Opportunities: Growing home and gardening activities boost demand. Innovative products catering to specific needs present growth prospects.
  • Threats: Intense price competition from local and private label brands. Trade disputes negatively impact raw material supplies.

Key Takeaways:

The Global Garden Carts and Wheelbarrows Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing home gardening and landscaping activities. North America currently dominates the market owing to large garden areas and prevalence of gardening as a hobby in countries like US and Canada.

Regional analysis – Asia Pacific is projected to witness the fastest growth during the forecast period. Improving living standards and rising home ownership rates in China and India will propel demand.

Key players operating in the Garden Carts and Wheelbarrows market are The Gorilla Carts, Mac Sports, Polar Trailer, Radio Flyer, Rubbermaid Commercial Products, Suncast Corporation, WORX, Ace Hardware, Costco, Home Depot, Lowes, Menards, Northern Tool + Equipment, QVC, Sam’s Club, Target, Tractor Supply Co., Walmart, Wayfair, Amazon. The major players focus on developing innovative products and expanding their distribution networks to strengthen market presence.

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