“Product innovation while keeping changing consumer preferences in mind will aid market growth over the coming years,” says a Fact.MR analyst.
United States, Rockville MD, Aug. 15, 2022 (GLOBE NEWSWIRE) -- As per Fact.MR’s research analysis on gardening equipment, top suppliers include The Ames Companies Inc., Estwing Manufacturing Company Inc., Alamo Group Inc., Briggs and Stratton Corp., The Toro Co., Kubota Corp., and Robert Bosch GMBH, and collectively accounted for close to 50% share of global revenue in 2020.
Over the past half-decade, gardening equipment sales increased at a modest CAGR of around 5%, with developed countries such as the U.S., U.K., and Germany experiencing robust growth in terms of revenue.
Increasing landscaping activities coupled with surge in commercial and residential projects has been a major reason behind market expansion. For instance, it has been projected that, the housing market will see sales to go up by 7% by the end of 2021, an incremental increase of 1.2% as compared to 2020.
Moreover, technological advancements such as the development of hybrid lawn mowers, lawn aerators, and power tools have added to market growth, as more and more consumers now prefer equipment that is efficient for fuel and energy consumption.
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Key Takeaways from Market Study
The gardening equipment market expanded at 5% CAGR over the past 5 years, and is anticipated to add significant value by 2031.
Based on product, lawn mowers are expected to capture major market share.
Among the end uses, the residential sector has been the fastest-growing segment, owing to increasing gardening activities over the past decade.
North America is set to be the largest market in terms of revenue in 2021, while continuing on the same path right through 2031 to hold ¼ of global market share.
The market in Western Europe is expected to rise at a high single-digit CAGR through 2031.
The U.S., Germany, and France are expected to be lucrative markets for manufacturers of gardening equipment.
Growth remained significant during the COVID-19 crisis attributed to rise in gardening activities across regions. Short-, medium-, and long-term demand is set to grow at a steady pace.
Market players are investing in automation and digitalization, and are focusing on consumer-centric approaches. Additionally, high spending on R&D and innovation is what has given a competitive edge to numerous companies and improved their revenue bars.
Key Points Covered in Gardening Equipment Market Report:
Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Brand Share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Gardening Equipment and How to Navigate
Recommendation on Key Winning Strategies
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Competitive Landscape as per Gardening Equipment Industry Survey
Key market players have mainly relied on a mix of organic and inorganic growth strategies such as product launches, collaboration, acquisitions, and capacity expansion.
Some of the key developments are:-
In September 2020, KPS Capital Partners, LP announced the acquisition of all the assets of Briggs & Stratton and some of its wholly-owned subsidiaries. The acquisition is intended to increase significant investments in R&D, technology, and new product development. KPS has also announced to provide resources for Briggs & Stratton to pursue strategic acquisitions.
Bosch’s new Indego robotic lawn mower comes with built-in technology to map and mow a lawn or garden area intelligently. This product comes with a varied product line up, suitable for both, residential and commercial areas.
Online Sales of Gardening Equipment
Retail Sales of Gardening Equipment
Distributor Sales of Gardening Equipment
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Fact.MR, in its new offering, presents an unbiased analysis of the global gardening equipment market, presenting historical demand data (2016-2020) and forecast statistics for 2021 to 2031.
The study divulges essential insights on the market based on product (hand tools, cape cod weeders, paving weeders, fishtail weeders, shears and snips, lawnmowers and trimmers, and edgers), end use (residential gardening equipment and commercial gardening equipment), and distribution channel (online sales, retail sales, and distributor sales), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
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