Rapid industrialization & urbanization, surge in middle-class population along with increase in disposable income, and technological advancements in the gardening equipment industry drive the growth of the global gardening equipment market
PORTLAND, Ore., Aug. 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gardening Equipment Market by Product Type (Lawn Mowers, Handheld equipment, Others), by End-User (Residential, Commercial), by Sales Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global gardening equipment industry generated $40.40 billion in 2021, and is anticipated to generate $74.97 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.
Prime determinants of growth
Rapid industrialization & urbanization, surge in middle-class population along with increase in disposable income, and technological advancements in the gardening equipment industry drive the growth of the global gardening equipment market. However, seasonal variations are the major restraining factors that hinder the market growth. Moreover, product developments such as lightweight tools along with the growth in popularity of using smartphone apps for gardening can attract the public to buy these tools. This is expected to boost the gardening equipment market opportunity during the forecast period.
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The outbreak of the Covid-19 pandemic had a negative impact on the global gardening equipment market. Various key manufacturers in the market had to stop their business in countries such as China, the U.S., and India, especially in the initial period.
Construction activities were delayed due to lack of raw materials, supply chain disruptions, unavailability of manpower, which, in turn, had directly impacted the global gardening equipment market.
Sale of gardening equipment was also hampered, owing to decline in disposable income.
However, reopening of production facilities and introduction of vaccines for coronavirus are anticipated to lead to re-opening of gardening equipment companies.
The lawn mowers segment to maintain its leadership status throughout the forecast period
Based on product type, the lawn mowers segment held the highest market share in 2021, accounting for more than three-fourths of the global gardening equipment market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031, due to advancement in technology to save energy, time, and cost. The report also analyzes handheld equipment and others.
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The residential segment to maintain its lead position during the forecast period
Based on end user, the residential segment accounted for the largest share in 2021, contributing to around two-thirds of the global gardening equipment market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.5% from 2022 to 2031, owing to the rise in construction activities with rapid industrialization and the growth in population. The research also analyzes the commercial segment.
The offline segment to maintain its lead position during the forecast period
Based on sales channel, the offline segment accounted for the largest share in 2021, contributing to around two-thirds of the global gardening equipment market, and is projected to maintain its lead position during the forecast period. This is attributed to the adoption of technological advancements in the gardening equipment industry. However, the online segment is expected to portray the largest CAGR of 6.9% from 2022 to 2031, due to rise in construction activities in developing countries such as China, India, and Africa.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly half of the global gardening equipment market, owing to rise in population and increase in disposable income. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.2% from 2022 to 2031. This is attributed to increase in remodeling and repairing work in developing countries such as China, India, Vietnam, and Indonesia.
Leading Market Players: -
Stanley Black & Decker
Robert Bosch Power Tools GmbH
Excel Industries, Inc.
The Toro Company
STIHL Holding AG & Co. KG
Deere & Company
Honda Motor Co., Ltd
Falcon Garden Tools
Schiller Grounds Care, Inc.
The report provides a detailed analysis of these key players of the market. These companies have adopted several strategies such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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