Growing demand from landscaping services for lawn tools may drive the gardening equipment market over the coming years. high demand from the sports field, golf courses, and public parks is expected to increase the industry size.
Increasing perception about horticulture as the leisure activity which tends to be a beneficial factor for the environment as well as human health. Changing consumer lifestyle, increase in backyard cooking, expansion of modern houses, and using gardens for hosting parties will augment the industry demand. The hobby of the aging population may enhance the gardening equipment market in the forecast timeline.
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Gardening Equipment Market size is expected to grow significantly over the forecast period. Technological advancements such as robotic lawn mower, GPS equipped lawn mowers, and battery powered hand tools to save time, cost, and energy will drive the industry.
Increasing landscaping firm revenues drive the commercial sales of lawn tools and power operated units, as landscape service providers invest in next generation tools and hire additional employees to capitalize on growth opportunities. This may spur the gardening equipment market size over the forecast timeline.
The positive response from private firms and government funding for landscape development may accelerate the industry growth rate in projected timeline. Increasing private firms in the industry may reduce the prices for technologically advanced products.
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End user segment consists of residential and commercial wherein the residential sector is expected to have a high growth rate owing to increasing construction activity worldwide. The various products include hand tools, lawn mowers, water management systems, trimmers, and edges. Lawn mowers product segment is predicted to be the fastest growing sector from 2017 – 2024. Repeated purchase is considered as the key factor to boost the hand tools segment growth worldwide.
The industry is consolidated in nature with the presence of less number of players holding dominant industry share. However, these industry players are facing significant competition from the local manufacturers. Players are likely to invest in the product innovation to satisfy and increase their customer base.
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North America accounted for over 30% of the industry share. Asia Pacific is expected to be the fastest growing region for lawn tools owing to the availability of low-cost labor in the region. Rising disposable income in the developing economies along with strong GDP growth rate is estimated to drive the industry over the forecast timeline. Increased standard of living has led to the adoption for lawn care as a hobby for the people. The Middle East and Latin America are estimated to offer growth avenues due to their developing construction industry.
Gardening equipment market players are Kingfisher PLC, BayWa AG, Bosch Power Tools, Castorama, Ariens Company, Toro, Daiya Tsusho Co., Ltd., MTD Products, Wesfarmers, Ltd., Home Retail Group PLC, The Ace Hardware Corp., Kingfisher PLC, The Home Depot, Inc., Deere & Company, Kubota, Makita, Honda Power Equipment, and Husqvarna Group.
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