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DUBLIN, Feb. 6, 2023 /PRNewswire/ -- The 'lawn and garden tractor market - global outlook & forecast 2022-2027' report has been added to
The global lawn and garden tractor market is expected to reach $3,473.49 Million in 2027 from $2,596.94 Million in 2021, growing at a CAGR of 4.97% during 2022-2027.
The market is witnessing significant growth, mainly driven by the launch of new product models with higher efficiency, enhanced battery power, and increased mowing capabilities. Vendors are increasingly focussing on constant innovation to sustain themselves in the market.
Apart from mowing grass, garden and lawn tractors are used for mowing snow, cleaning leaves, applying fertilizer, and others. Moreover, the increasing government initiatives & activities to expand green acreage are boosting the lawn and garden tractor market growth. Furthermore, the garden equipment industry prospects in the North American region have improved. In addition, tractors are becoming a mainstream product, which has increased the end-user adoption rate in the lawn and garden market.
The garden and lawn tractors are compact utility tractors with a heavy-duty design used for mowing garden yards, green cover areas, and others, which are highly influenced by the weather conditions. The demand for lawn and garden tractors arises in summer and spring, increasing time spent on lawn care activities.
On the other hand, golf courses are becoming more popular across developed and developing countries. The golf courses require regular ground maintenance and upkeep of the field, which necessitates using lawn and garden tractors.
The constant development of lawn and garden tractors is to maintain a sustainable presence in the market. There have been considerable developments in tractors regarding features and models. For instance, high-capacity lawn and garden tractors are expanding as plantation areas are developed, lawns are replaced, new landscapes are designed, and the installation of residential buildings and malls, theme parks, and others boosts the lawn and garden tractor market demand.
These factors will likely propel the lawn and garden tractor product demand in developing economies such as India, Vietnam, China, and Brazil.
MARKET TRENDS AND OPPORTUNITIES
Incorporate Lawn And Garden Tractor With Technology
Rapid technological advancements in recent years have led to the emergence of new technologies for lawn care equipment. These technologies help enhance the effectiveness and efficiency of lawn care machines. Such as the, AI technology enables electric drive tractors to make decisions and figure out the best path for mowing, till gardens, and grade driveways.
The smart autonomous lawn tractor is inbuilt with a Global Positioning System (GPS) that allows the equipment to move automatically throughout the facility. The equipment also uses smart technology for mapping the facilities, with increased capabilities for computing power in a small footprint that can be controlled using a smartphone in combination with low-cost optics and sensors.
Thus, incorporating such technology with the equipment will drive product sales in the lawn and garden tractor market during the forecast period.
Growth In Commercial Construction
In 2020, there was a steep decline in the commercial sector due to the hard-hit hotel & motel industry and sports & convention centers. The commercial sector has been witnessing constant growth since 2021 with the reopening of the economy.
The construction of hotels, amusement parks, private & government offices, and sports & convention centers is growing, supporting the commercial sector's lawn and garden tractor market. Hotels and resorts are also key contributors to the demand for lawn and garden tractors. The construction of various hotels and office spaces is expected to support market growth in the coming years.
Such as, in Manhattan, 12 million square feet of new office space are expected to be available by 2022. Hence, expanding office spaces is expected to boost the green acreage across large office buildings, supporting the market's demand for lawn and garden tractors.
North America's lawn and garden tractor market was valued at USD 1 billion in 2021 and accounted for the largest global revenue share of 39.16% in 2021. A large residential sector and numerous golf courses across the region support the demand for the equipment. North America has the largest number of golf courses worldwide.
Europe is expected to be one of the fastest-growing geographical segments at a CAGR of 5.61% (by revenue) in the global lawn and garden tractor market during the forecast period.
Factors such as rising urbanization, increasing regional investments, and the rapidly growing construction of residential & commercial spaces with a green cover drive the demand for lawn and garden tractors. Europe, considered one of the largest and leading markets in the gardening equipment segment, is mainly expected to be driven by residential end-users that are profoundly increasing their usage.
Companies are expected to use robust ground management equipment, increasing the need for landscaping services in the area. A growing number of commercial spaces, along with the number of public parks and lawn areas, are also boosting the demand for garden tractors in the region.
The global lawn and garden tractor market is moderately fragmented, with many local and international players. As consumers expect constant advancements and upgrades in garden equipment, the increasingly changing economic environment may have a negative impact on vendors.
The current situation pushes vendors to adjust and improve their value proposition to attain a good business presence. While the market is characterized by the presence of diversified international vendors and a few regional vendors, as foreign players will expand their market footprint, it would be increasingly difficult for regional vendors to compete with them, particularly in terms of technology and customer base.
AriensCo, Deere & Company, Honda Motor Company, Husqvarna Group, and Kubota Corporation are the key vendors in the global lawn and garden tractor market. A rise in product/service expansions, technical advancements, and M&As are expected to exacerbate industry competitiveness further.
Vendors are using innovative market models to accelerate growth and concentrate on expanding their organization's portfolio. During the forecast period, many foreign players are expected to expand their presence worldwide, particularly in the APAC and Latin American regions' fast-developing countries, to gain more lawn and garden tractor market share. In addition, improving global economic conditions will boost demand expansion, making it an enticing time to introduce new products.
Market Opportunities & Trends
Technological Advancements in Lawn & Garden Tractors Growing Landscaping Industry Increasing Adoption of Green Spaces & Green Roofs
Market Growth Enablers
Growing Demand from Golf Courses Rising Demand for Home Ownership & Home Improvement Growth in Commercial Construction
Growing Usage of Artificial Grass Shortage of Skilled & Qualified Labor Increased Competition from Chinese Vendors
AriensCo Deere & Company Honda Motor Company Husqvarna Group Kubota Corporation
Other Prominent Vendors
Stanley Black & Decker The Toro Company STIGA S.p.A Briggs & Stratton AGCO Corporation Emak S.p.A AL-KO Gardentech BOB CAT FARMTRAC TRACTORS EUROPE ISEKI & CO., LTD. GRASSHOPPER COMPANY COBRA TEXTRON INCORPORATED Yangzhou Weibang AS-Motor VICTA LAWNCARE PTY LTD CHERVON Generac Power Systems IHI Shibaura Machinery Corporation Masport
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