The global gardening equipment market is expected to reach USD 102.3 billion by 2025, according to a new report by Grand View Research, Inc. Mounting investments in the novel gardening tools to replace the old equipment is expected to be a major factor spurring market growth. The rising housing activity capacity to meet the ever growing population’s demand is estimated to act as a key driver augmenting growth. Never the less, the seasonal variation witnessed by the manufacturers is estimated to challenge the industry over the near future.
The global gardening equipment market is anticipated to witness high growth over the forecast period. This may be accredited to the advent of technologically advanced products such as battery powered hand tools and robotic lawnmowers. Further, remote controlled and GPS-equipped lawnmowers are expected to gain traction in the near future, thereby spurring equipment sales.The rising espousal of gardening as a hobby is expected to further catapult equipment market growth over the next nine years.
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Further key findings from the study suggest:
- The lawnmowers segment captured over 30% of the total revenue in 2015 and is projected to exhibit a significant growth at a CAGR of over 4.0% from 2016 to 2025, whichis attributed to their extensive usage in the commercial complexes such asshopping centers, hospitals, churches and public parks.
- On account of the wide scope of purposes gardening equipment serve in trimming, cutting and shaping the plants & shrubs at the residential complexes, the residential segment is expected to gain prominence over the forecast period withan estimated CAGR exceeding2.0%.
- Asia Pacific emerged as the fastest growing market and is expected to grow at a healthy compound annual growth rate of over 3.0%, which is primarily due to the improved social lifestyle of the escalating base of wealthy middle-class population in the region.
- The key purveyors in this industry comprise Deere & Company, Toro, Bosch Power Tools, MTD Products, Honda and Husqvarna Group, as the international players hold a strong foothold in the market making it difficult for the local suppliers to compete.