CLEVELAND, May 27, 2021 /PRNewswire/ — The Freedonia Group projects demand for battery-powered lawn and garden equipment to continue to outpace the overall market and increase its share of sales through 2024, rising 10% annually:
- Sales of electric products have grown faster in recent years, spurred by technological advances that have made these products more competitive with traditional engine-driven equipment performance.
- New introductions in battery-powered equipment last longer, are more powerful, and charge faster than their predecessors. This, along with their strong environmental profile – no emissions, energy savings, and lower noise – is driving more consumers to invest in these products.
- As product development continues, more commercial end users will adopt electrically powered products for similar reasons as consumers – but the higher performance requirements of most professional applications remain a hurdle to broader penetration in the nonresidential market.
Competition from International Combustion Engine (ICE) Equipment
While battery-powered products are expected to become increasingly competitive with engine-driven equipment in many applications, this will be offset to an extent by technological improvements in engine-driven equipment, including innovations aimed at improving:
- fuel efficiency
- emissions reduction
- vibration levels
While demand growth for engine-driven products will trail that of electric equipment, ICE equipment will continue to account for the majority of sales in 2024. Rising demand for large, high-value commercial products such as riding mowers and turf and grounds equipment will benefit suppliers in this segment in particular, as commercial users generally require equipment that runs on gasoline or diesel to provide adequate power and run times.
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US demand for power lawn and garden equipment is expected to grow 3.4% per year through 2024 to $14.1 billion, according to a new Freedonia Group analysis.
Power Lawn & Garden Equipment examines the US market for power lawn and garden equipment.
Historical data for 2009, 2014, and 2019 and forecasts for 2024 and 2029 for manufacturers’ shipments, demand, imports, and exports are provided in current dollar terms (which are not adjusted for inflation). Demand is also provided in unit terms. Major power sources, markets, and regional trends are also analyzed.
Demand is presented by product:
- lawn mowers
- garden tractors and rotary tillers
- parts and attachments
Demand is also segmented by power source:
- internal combustion engine
- corded electric
- battery-powered/cordless electric
Market segmentation includes:
- golf courses
- government and other commercial (e.g., parks, athletic facilities, school grounds, government building grounds, roadside property)
Finally, demand is discussed in terms of US region: Northeast, Midwest, South, and West.
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group