Rockville, June 22, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the Gardening Equipment Market is valued at US$ 109.64 billion in 2023, and it is expected to reach US$ 200 billion by 2033. Over the next ten years, sales of gardening equipment are expected to grow at a CAGR of 6.2% globally.
Many people like gardening as a pastime and leisure activity, which keeps the demand for gardening equipment very strong. Due to a trend among millennials who are turning outdoor spaces into relaxing getaways with lounges, outdoor kitchens, entertainment areas, and lively party spots, sales of gardening equipment are growing quickly. The demand for gardening tools and equipment is being fueled by a shift in lifestyle choices towards designing comfortable, multipurpose outside spaces.
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Key Driving Forces Accelerating the Market Growth
- There has been a rising interest in gardening and horticulture activities among individuals. Many people are now actively participating in gardening as a hobby, which has increased the demand for gardening equipment.
- Moreover, urban gardening, including rooftop gardens, community gardens, and vertical gardening, has gained popularity in North America. The limited space in urban areas has led to the adoption of gardening equipment that is suitable for small-scale gardening, such as portable pots, compact tools, and innovative planters.
- There is a growing awareness and emphasis on sustainable gardening practices, including organic gardening, water conservation, and reducing the use of chemical pesticides. This has fueled the demand for eco-friendly gardening equipment, such as composters, rainwater harvesting systems, and efficient watering systems.
- The aging population in North America has contributed to the growth of the gardening equipment market. Gardening is considered a therapeutic and leisure activity, providing physical exercise and mental well-being. As the population ages, the demand for gardening equipment, including ergonomic tools and mobility aids, has increased.
Vital indicators shaping the future of the industry
- The demographic composition of North America, including factors such as population growth, age distribution, and urbanization rates, will play a crucial role in shaping the gardening equipment market. Changes in demographics, such as an aging population or an increase in urban dwellers, can impact the demand for specific types of gardening equipment.
- The overall economic conditions, including factors such as GDP growth, employment rates, and disposable income, will impact the gardening equipment market. Higher disposable incomes and economic prosperity can lead to increased consumer spending on gardening equipment and accessories.
- Consumers are increasingly seeking eco-friendly and sustainable gardening solutions, such as energy-efficient tools, organic fertilizers, and water-saving irrigation systems. The market will need to adapt to these preferences and offer environmentally conscious products.
- Ongoing technological advancements and innovations in gardening equipment will have a significant impact on the market's future. The introduction of smart gardening devices, Internet of Things (IoT) integration, automation, and advanced materials will influence consumer preferences and drive demand for more efficient and user-friendly gardening tools.
- Climate change and shifting weather patterns can impact gardening practices and, consequently, the demand for gardening equipment. Extreme weather events, changes in rainfall patterns, and temperature variations can influence the types of gardening equipment required, such as drought-resistant plants, frost protection tools, or irrigation systems.
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Challenges hindering the market growth
- Gardening activities are highly seasonal, with peak demand occurring during the spring and summer seasons. This seasonality poses a challenge for manufacturers and retailers to maintain consistent sales and revenue throughout the year. The market's growth is constrained by the limited time frame for sales and the need to manage inventory during off-peak seasons.
- The gardening equipment market faces competition from alternative leisure activities that consumers may choose to engage in. Activities such as travel, sports, and other hobbies compete for individuals' time and discretionary spending. This diversion of attention and resources can impact the growth of the gardening equipment market.
- Gardening equipment, especially larger and more specialized tools, can involve a significant initial investment for consumers. The cost of purchasing equipment like lawnmowers, tillers, and irrigation systems can deter some potential customers, particularly those on a limited budget or with limited gardening space. The high upfront costs can act as a barrier to entry and limit market growth.
How competition influences the market
- Competition encourages manufacturers to innovate and differentiate their gardening equipment to gain a competitive edge. For instance, demand for gardening tools in the US is expected to witness a CAGR of 5.9% during the forecast period.
- Companies have been investing in research and development to introduce new features, materials, and technologies that improve the performance, durability, and user-friendliness of their products. This competition-driven innovation benefits consumers by offering a wider range of choices and more advanced gardening equipment. For instance, Husqvarna, a lawnmower in 2022 launched an app used to link the battery-operated mower.
Key Companies Profiled
- Stanley Black & Decker, Inc.
- Blount International Inc.
- Robert Bosch GMBH
- Deers and Co
- The Toro Co
- Kubota Corp
- Alamo Group Inc.
- Briggs and Stratton Corp
- The Ames Companies Inc.
- Estwing Manufacturing Company Inc
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Key Segments of Gardening Equipment Industry Research
- By Product:
- Hand Tools
- Cape Cod Weeders
- Paving Weeders
- Fishtail Weeders
- Shears & Snips
- Lawnmowers & Trimmers
- Edgers
- By End Use:
- Residential
- Commercial
- By Distribution Channel:
- Online
- Retail
- Distributors
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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