According to a new report published by Allied Market Research, titled, " Lawn Mower Market by Type, End User, and Fuel Type: Global Opportunity Analysis and Industry Forecast, 2019-2026,"
The global lawn mower market was valued at $9,746.0 million in 2018, and is projected to reach $14,595.3 million by 2026, growing at a CAGR of 5.1% from 2019 to 2026. In 2018, by type, the ride-on mowers segment accrued the largest share in the lawn mower market. In addition, disposable income throughout the world has increased especially in emerging nations such as China and India. China’s per capita income increased by 9% from 2016 to 2017. Moreover, India’s disposable personal income increased approximately by 9.4% from 2016 to 2017. Therefore, these factors have led to the increase in buying power of people, enabling them to use advanced products, which, in turn, is expected to drive the growth of the market.
Moreover, busy lifestyles due to globalization and longer working hours tend to affect the leisure time and household work. Hence, this has encouraged people to find alternative ways to spare more leisure time by reducing or eliminating the time required to do household work, which is expected to boost the demand for household automation for daily chores such as cleaning, lawn mowing, and many more. Thus, leads to the rise in demand for lawn mower market globally.
Smartphone penetration throughout the world has increased drastically over the years. Rise in number of smartphones and other mobile devices leads to the development of robotic lawn mower and aids the adoption and growth of lawn mowers. However, the utilization of turfs for sports activities and residential lawns hinders the market growth.
Furthermore, the advancements in artificial intelligence (AI) technology has helped mobile robots to evolve past their limitations and perform their tasks at a greater efficiency. Thus, such greater efficiency coupled with the convenience of applying less human effort has led to widespread adoption of mobile robots such as robotic lawn mowers.
On the basis of end-user, the residential segment dominated the market with the largest share in 2018 and the non-residential segment is expected to exhibit significant growth during the forecast period. Proliferation of new residential and commercial properties in developing countries is expected to propel the demand for landscaping services, which, in turn, is anticipated to fuel the growth of the global lawn mower market. In addition, growth in retail infrastructure across developing nations is anticipated to boost the sales of lawn mowers and other lawn mowing equipment, especially through hypermarkets, specialty stores, and other channels.
In terms of value, North America and Europe collectively contributed around 82.5% in the lawn mower market 2018. For instance, in August 2018, Bosch launched New ProSilence Rotak series of cordless high-performance mowers. These new mowers feature 60% reduction in noise and have three models which have 550 to 750 square meters output. The leading players in the global lawn mower industry have focused on product launch and acquisition as their key strategy to gain a significant robotic lawn mower market share.
The key players profiled in the report include Andreas Stihl AG & Co. KG, Deere & Company, Hitachi, Ltd., Honda Motor Co., Ltd., Husqvarna Group, MTD Products, Robert Bosch GmbH, Stiga S.p.A, The Toro Company, and Textron.
Many players have adopted product development as their key developmental strategy to improve their product portfolio. For instance, in February 2019, Husqvarna launched new Automower 435X AWD, the Automower is AI enabled, robotic mower and features all-wheel drive. The mower has smart home connectivity and can work with Amazon Alexa, Google Home, and could be integrated with API for smart home applications. It can also be used on rough terrains and slopes with an inclination of up to 70%.
Key Findings of the Lawn Mower Market :
- The report provides an extensive analysis of the current and emerging lawn mower market trends and dynamics.
- Depending on type, the ride-on mowers segment dominated the market, in terms of revenue in 2018 and robotic mowers segment is projected to grow at a CAGR 10.1% during the forecast period.
- By end-user, the residential segment dominated the lawn mower market in 2018.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- Key market players within the lawn mower market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the lawn mower industry.
- The report provides an extensive analysis of the lawn mower market trends and emerging opportunities of the market.
- In-depth lawn mower market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global lawn mower market forecast analysis from 2019 to 2026 is included in the report.