Kenneth Research, in its repository of market research reports, have recently added a report on Power Lawn and Garden Equipment Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Power Lawn and Garden Equipment Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Power Lawn and Garden Equipment Market were valued at USD 67.89 Billion in the year 2017. Global Power Law and Garden Equipment Market are further estimated to grow at a CAGR of 4.7% from 2019 to reach USD 97.88 Billion by the year 2025. The North America region holds the highest Market share in 2017 and the Asia Pacific is considered as the fastest growing Market in the forecasted period. At a country level, US, China and Hong Kong are projected to grow strongly in the coming years due to increasing density of population.
Major market players in Power Lawn and Garden Equipment Market are Andreas Stihl Ag & Co. KG., Black + Decker Inc., Briggs & Stratton, Deere & Company, Echo Incorporated, Husqvarna AB, Kohler Co., Makita Corporation, MTD Products Incorporated, Snow Joe LLC, Textron Incorporated, and brief overview of 11 companies is also provided in the report. Rising research and development expenses are catering to changing demand of end users. Similarly, growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
SWOT Analysis of Power Lawn and Garden Equipment Market:
Increasing indulgence in garden parties
Disruptions in retail Market
Unfavorable natural calamities
Partnerships with regional companies
Intense competition among the producers
The Global Power Law and Garden Equipment Market is segmented as By Equipment Type, Application and Region. The Equipment Type is segmented as mower, trimmer and edger, snow thrower/blower, rotary tiller, blower, vacuum and sweeper and others (sprayer, sprinkler) in which mowers hold the largest share in the Market due to increasing spending on garden equipment for residential use.
Power Lawn and Garden Equipment Market Segmentation:
By Equipment Type
*Trimmer and Edger
*Snow Thrower/ Blower
*Blower, Vacuum and Sweeper
*Others (Sprayer, Sprinkler)
*Rest of Europe
*Rest of Asia-Pacific
*Middle East & Africa
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