May 18, 2024
Lawn & Garden Equipment Market

Lawn & Garden Equipment Market is Estimated to Witness High Growth Owing to Increasing Adoption of Robotic Lawn Mowers

The lawn and garden equipment market involves products used for maintaining and improving the aesthetic appearance of lawns, gardens, and landscapes. Motors of equipment like lawn mowers, trimmers, edgers have witnessed advancements in fuel efficiency and reduced carbon emissions in recent years. Robotic lawn mowers are gaining traction owing to their autonomous functioning requiring minimal human intervention.

The global lawn and 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.

Key Takeaways

Key players operating in the Global Lawn and garden equipment Market Demand 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. Second key opportunities in the market include expansion of commercial landscaping industry and growth of residential construction sector worldwide. Technological advancements include battery-powered equipment and autonomous robots for mowing, trimming and plowing tasks reducing manual labor requirements.

Market drivers
The global lawn and garden equipment market is driven by rising spending on landscaping services for commercial spaces such as golf courses, public parks, and premises. According to statistics, over 80% of American households own a lawn, necessitating equipment purchases for mowing, edging and trimming. Furthermore, increasing disposable incomes have led to higher discretionary spending on lawn aesthetics and dcor. Robotic mowers offering convenience and safety are gaining consumer preference over traditional gas-powered mowers.

Current Challenges in Lawn & Garden Equipment Market
The lawn & garden equipment market faces several challenges such as rising raw material costs and supply chain issues. The Covid-19 pandemic severely disrupted the supply chain as many factories had to shut down temporarily. This led to delays in equipment production and shortages. High fuel prices are also impacting the costs of manufacturing and transportation. Strict emission norms introduced by several governments have increased R&D costs for innovating low-emission equipment. Another major challenge is market saturation in developed regions of North America and Europe. Brands need to focus on emerging markets for future growth opportunities.

SWOT Analysis
Strength: The market has strong brand recognition of major players like Honda, Husqvarna, and MTD. Established distribution networks help ensure easy equipment availability.

Weakness: Equipment requires regular maintenance which increases costs. Many homeowners prefer hiring professional landscaping services instead of owning equipment.

Opportunity: Growth of urban greenery initiatives and rise of gardening as a hobby present an opportunity. In emerging nations, nascent markets offer untapped potential.

Threats: High inflation can reduce discretionary spends on lawn care. Strict noise and emission regulations pose compliance challenges.

Geographical Regions of Concentration

North America is currently the largest regional market accounting for over 30% of the global value, led by significant demand from the United States and Canada. Europe is another major regional consumer with countries like Germany, France, and the UK among the top equipment purchasers globally.

Fastest Growing Geographical Region
The Asia Pacific region is projected to be the fastest growing market during the forecast period. Countries like China, India, Japan, and South Korea are witnessing rapid economic growth and rising living standards. This is supporting increased ownership of residential properties with private gardens and lawns, driving the demand for lawn and garden equipment in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it