LONDON, Dec. 15, 2015 /PRNewswire/ -- Market outlook of the garden tractor market
Technavio's market research analyst predicts the global garden tractor market to grow at a CAGR of around 6% during the forecast period. The growing importance of green spaces due to health and environmental benefits is driving the growth of this market. Rapid urbanization has led to an imbalance in resource use and pollution raising concerns among urban planners and city officials. Numerous projects have been taken up by non-profit organizations to increase the green space in cities. For instance, in Dubai, the municipality has projected the addition of green space through landscaping and horticulture projects as a part of its 'Dubai 2020' vision.
The expansion of golf courses worldwide is expected to contribute to the market growth during the forecast period. For instance, in China, the number of golf courses have nearly tripled from 2004 to 2011 due to the initiatives that were taken by the Chinese government to boost local property and land prices. The growth of golf tourism in Asia, the Caribbean, and Africa is also anticipated to boost the market growth until the end of 2020.
Geographical segmentation and analysis of the garden tractor market
• North America
North America accounted for 51% of the market share during 2015. The rising trend of homegrown fruits and vegetable in this region is the key driver for the market growth. Moreover, the upkeep of the already existent public gardens and golf spaces is also projected to contribute to the growth of the backyard tractor market. This research report predicts this region to retain its market leadership until the end of 2020, growing at a rate of 5%.
Competitive landscape and key vendors
The garden tractor market is moderately concentrated with a small number of large and small-sized players. The report predicts the competitive environment of this market to intensify further with an increase in R&D and mergers and acquisitions until the end of 2020.
The key vendors in the market are -• Briggs & Stratton • Cub Cadet• Deere• Husqvarna• Sears• Toro
The other prominent vendors of the market include Ariens, The Emak Group, Erkunt Traktor Sanayii, International Tractors, Shandong Weifang Luzhong Tractors, Shibaura, and Vmax.
Key questions answered in the report• What are the key factors driving the garden tractor market?• What are the key market trends impacting the growth of the garden tractor market?• What are the various opportunities and threats faced by the vendors in the garden tractor market?• Growth forecast for the key segments of the garden tractor market?• Trending factors influencing the market shares for APAC, Europe, North America and ROW?• Key outcome of the market analysis of the leading countries in the garden tractor market?• Key outcome of the five forces analysis on the garden tractor market?
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