The Lawn & Garden Equipment Market Is Estimated To Be Valued At US$ 29.48 Bn In 2023 And Is Expected To Exhibit A CAGR Of 5.3% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Overview:
The Lawn & Garden Equipment Market Consists Of Equipment Used For Designing, Installing, Planting And Maintaining Domestic And Commercial Gardens, Grounds And Landscapes. This Equipment Includes Lawn Mowers, Lawn & Garden Tractors, Trimmers And Edgers That Help Maintain Lawn Areas. They Provide Efficient Maintenance Of Gardens And Landscapes.
Market Key Trends:
One Of The Key Drivers Of The Lawn & Garden Equipment Market Is The Strong Demand For Professional Landscaping Services. With Rising Disposable Incomes, More Number Of Households Are Opting For Professional Lawn Care And Maintenance Services. This Is Increasing The Demand For High-Quality Commercial-Grade Equipment From Landscaping Companies And Lawn Care Service Providers. Furthermore, Ongoing Trends Of Urbanization And The Growing Popularity Of Outdoor Recreational Activities Are Supporting Residential And Commercial Construction Activities. This Is Increasing Investments In Outdoor Spaces Such As Lawns, Parks And Gardens, Thereby Driving The Sales Of Various Landscaping And Gardening Equipment. The Market Players Are Focusing On Introducing Technologically Advanced And Eco-Friendly Products To Further Accelerate The Market Growth Over The Forecast Period.
Porter’s Analysis
Threat Of New Entrants: The Threat Of Entry Is Moderate As The Level Of Capital Required For Setting Up Manufacturing Plants Is High. However, New Companies Can Enter By Offering Differentiated Innovative Products.
Bargaining Power Of Buyers: The Bargaining Power Of Buyers Is High As The Market Has Numerous Products From Various Brands Available. Buyers Can Easily Switch To Alternatives Which Puts Pressure On Pricing.
Bargaining Power Of Suppliers: The Bargaining Power Of Suppliers Is Moderate. While Raw Materials Are Commoditized, Suppliers Of Key Components Have Some Control Over Pricing.
Threat Of New Substitutes: The Threat Of Substitutes Is Low As There Are Few Alternatives Available For Powered Lawn And Garden Equipment.
Competitive Rivalry: Intense As Major Companies Compete On The Basis Of Technological Innovations, Brand Reputation, And Pricing.
SWOT Analysis
Strengths: Well-Established Brands, Innovative Product Portfolio, Strong Distribution Networks.
Weaknesses: Seasonality Of Demand, High R&D And Promotion Costs.
Opportunities: Growing Do-It-Yourself Trend, Demand From Landscaping Professionals, Expansion In Emerging Markets.
Threats: Trade Disputes, Environmental Regulations, Rising Raw Material Costs.
Key Takeaways
The Global Lawn & Garden Equipment Market Share Is Expected To Witness High Growth, Exhibiting CAGR Of 5.3% Over The Forecast Period, Due To Increasing Spending On Landscaping Services. The Market Size For 2023 Is US$ 29.48 Bn. Demand For Modern Amenities And Beautification Of Surroundings Is Driving The Growth.
Regional Analysis: North America Dominates The Global Market With A Share Of Over 35% In 2023. However, Asia Pacific Is Expected To Witness The Fastest Growth, Expanding At A CAGR Of Around 7% During The Forecast Period. Rapid Urbanization And Growth In Residential Construction In Countries Such As China And India Will Support The Demand In The Region.
Key Players: Key Players Operating In The Lawn & Garden Equipment Market Are The Toro Company, Kubota Corporation, Honda Motor Co., Husqvarna AB, Briggs & Stratton, Deere & Company, MTD Products, Ariensco, Stihl, Emak S.P.A., AL-KO, Makita Corporation, Robert Bosch, Stanley Black & Decker, Techtronic Industries, Yamabiko Corporation, American Honda Motor Co., Generac Power Systems, Lawn-Boy Inc., AL-KO Gardentech. Major Companies Are Focused On New Product Development And Expanding Their Distribution Network To Strengthen Market Position.
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