The lawn & garden equipment market involves products that aid in maintaining and managing lawns, gardens, and landscapes by activities including mowing, pruning, trimming, planting, and watering. Major equipment categories include lawn mowers, trimmers, pruners & shears, leaf blowers, and snowblowers. Corded electric, gas-powered, and battery-powered variants are available for residential and commercial use. Battery-powered equipment sales are growing rapidly due to their ease of use, low noise and vibration levels, and zero emissions. The global lawn & garden equipment market is estimated to be valued at US$ 33.97 billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the lawn & garden equipment market 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. Product innovations with upgraded battery technologies are enabling manufacturers to improve run-time and charge durations. Rising awareness about air pollution and noise control is boosting demand for zero-emission electric variants. Growth opportunities lie in turf and landscaping services for commercial properties such as sports stadiums, golf courses, and municipal parks.
Market drivers
The key driver for the Lawn & Garden Equipment Market is the rapid urbanization and rising residential construction activities globally. This is leading to increased spending on lawn and garden maintenance equipment for housing communities, townships, and public parks in cities and suburbs. Battery innovation is another major factor fueling market growth. Advances in lithium-ion battery chemistry are delivering longer-lasting, lightweight power sources for garden tools. This is making cordless electric equipment more convenient and affordable versus gas alternatives. Growing environmental awareness about reducing carbon footprint and noise pollution from gas-powered tools will further accelerate demand shifts to electric variants in the coming years.
Challenges in the Lawn & Garden Equipment Market
The lawn and garden equipment market faces several challenges including rising raw material costs, labor shortages, supply chain issues and changing consumer preferences. Raw material costs for steel, plastics, aluminum and fuel have been increasing steadily, putting pressure on manufacturers’ margins. Finding skilled labor for production and assembly is also getting difficult. The Covid-19 pandemic disrupted global supply chains, creating delays and rising transportation costs. Consumers are also shifting towards more eco-friendly equipment with lower emissions and requiring less maintenance. Competition in the market is intense with many regional and global players vying for market share.
SWOT Analysis
Strength: Variety of products available for both commercial and residential use. Established brands with strong distribution networks.
Weakness: High research and development costs to develop new technologies. Seasonal nature of demand leads to fluctuation in cash flows.
Opportunity: Growing focus on landscaping services presents scope for expanding product offerings. Adoption of battery powered equipment can tap into rising environmental awareness.
Threats: Entry of low-cost Asian manufacturers affects pricing. Strict emission norms may require upgrades to existing product lines.
Geographical Regions
North America accounts for the largest share currently due to high consumer spending on lawn and garden maintenance services. The US market alone is estimated at over US$ 20 Bn in revenue. Europe is the second largest region dominated by Germany, France and the UK. Asia Pacific is witnessing the fastest growth led by countries like China, India and Japan where rising incomes are boosting discretionary expenditure.
Fastest Growing Region
Asia Pacific region is projected to see the highest CAGR in the lawn and garden equipment market during the forecast period. Factors such as rapid urbanization, growth in housing sector and expansion of commercial landscaping industry are driving sales across developing nations. Rising affluence is also influencing consumers to spend more on outdoor living and recreational activities related to gardening and sports. Countries like China, India and Southeast Asian markets offer immense untapped potential for market players.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.