NEW YORK, March 23, 2021 /PRNewswire/ -- Global turf care equipment sales are set to be valued at US$ 12.6 Bn in 2021, with a stable long-term projection, according to latest insights from Persistence Market Research. The report estimates the global turf care equipment market to expand at a steady CAGR of over 4% during 2021-2031.
As far as all the types of turf care equipment are concerned, mowers are the most sought-after across facilities and regions. Demand for energy-efficient and advanced equipment is also rising, with many small- and medium-sized business emerging, especially in developing regions. This is the reason why commercial lawns and turfs hold a high market share, with the trend expected to continue throughout the period of forecast.
Key Takeaways from Study
- The global lawn equipment industry has experienced significant growth in recent years, especially in emerging markets, and this trend is expected to continue during the forecast period.
- Demand from the commercial sector has been increasing in recent years as a result of new technological advancements by various players, which have had a positive impact on the turf care equipment market.
- The global turf care equipment market is expected to be more competitive in the regional segment, with countries in East Asia, for example, experiencing substantial growth over the forecast period, attributable to rapid industrialization and urbanization.
- Mowers hold the largest market share because of the fact that more number of small businesses are switching to advanced options in order to expand their businesses.
- Golf turfs account for bulk of demand for turf care equipment, globally.
- Diesel is the more preferred fuel type used in these equipment, holding a market share of over 50%.
- North America leads the global market by a long way with over half the market share, followed by Europe with one-fourth market share.
- The markets in Germany, the U.K, and U.S. are all projected to expand at a CAGR of over 4% each through 2031.
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"Upsurge in demand for lawn mowers in recent years from various end-use segments is expected to provide an impetus to turf care equipment sales. Substantial increase in the penetration of autonomous and connected mowers technology has brought about a shift from conventional lawn mowers to high-tech equipment, says a Persistence Market Research analyst.
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The market is moderately consolidated in nature, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Husqvarna AB, Honda Motor Co., Deere & Company, The Toro Company, MTD Products, Inc., Kubota Corporation, Briggs & Stratton Corporation, and BLACK+DECKER Inc.
The market is likely to grow at a moderate pace during 2021-2031. However, as it is a much concentrated market, companies are expected to focus more on development of markets in different regions across the globe and expand their business. Moreover, there is also an observed major trend of many manufacturers around the globe who are focusing more on acquisitions in order to gain a larger market share and fervent their sales figures egregiously.
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The research report analyzes demand for turf care equipment. The market has been analyzed with the COVID-19 impact, macroeconomic factors, market trends, and market background. As per Persistence Market Research's research scope, the market has been analyzed on the basis of equipment type, fuel, end use, and region. The report gives qualitative and quantitative information on various players in this market. It also tracks the market by both, supply side and demand side.
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