Lawn Mower Market to Reach $14.59 Billion, Globally, by 2026 at 5.1% CAGR, Says Allied Market Research
Rise in consumer interest in gardening activities, surge in adoption of cordless lawnmowers, and emergence of remote-controlled and GPS-equipped products are expected to propel the growth of the global lawn mower market
PORTLAND, Oregon, Dec. 3, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Lawn Mower Market by Type (Ride-On Mower, Push Mower, and Robotic Mower), End User (Residential, and Non-Residential), and Fuel Type (Electronic and Non-Electronic): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global lawn mower industry was pegged at $9.75 billion in 2018 and is projected to reach $14.59 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026.
Prime determinants for growing market
Rise in consumer interest in gardening activities, increase in adoption of cordless lawnmowers, and usage of lawnmowers equipment to maintain public facilities have boosted the growth of the global lawn mower market. However, high adoption of artificial turf hampers the market growth. On the contrary, emergence of remote-controlled and GPS-equipped products is expected to create lucrative opportunities in the near future.
Robotic mowers segment to portray the fastest growth
The robotic mowers segment is expected to register the fastest CAGR of 10.1% during the forecast period, owing to rapid launches of new products by market players to improve product portfolio and intense competition. However, the ride-on mowers segment held the largest share in 2018, contributing to nearly three-fifths of the global lawn mower market, owing to the factors such as fuel cost-saving and energy-efficient.
Residential segment dominated the market
The residential segment held the lion's share in 2018, contributing to more than three-fifths of the global lawn mower market, owing to increase in personal disposable income, changing lifestyle, and increase in DIY activities. However, the non-residential segment is projected to manifest the fastest CAGR of 6.1% during the forecast period, owing to rise in the construction of government-owned offices and properties in developing countries such as Brazil, India, and China.
The global lawn mower market across North America dominated in 2018, contributing to nearly half of the market, owing to increase in popularity of green spaces and green roofs and rise in demand for backyard beautification among the residential sector. However, the Asia-Pacific region is anticipated to register the fastest CAGR of 9.5% during the study period, owing to annual events in Asia such as IPL and other sports activities that boost the need to enhance sports fields and stadium.
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