LONDON, March 21, 2016 /PRNewswire/ -- Study coverage
This report presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by material, product, market, and US region. This study also considers market environment factors, assesses industry structure, evaluates company market share and profiles 36 competitors in the US industry.
US demand to reach $11.7 billion in 2019
US demand for power lawn and garden equipment is expected to rise to approximately $11.7 billion by 2019. Growth is forecast to slow somewhat, compared to the gains seen over the 2009-2014 period, when the more rapid advances reflected the beginning of a recovery from a sharply reduced 2009 base. Through 2019, gains will be supported by an acceleration in construction expenditures and housing completions, resulting in increased demand for both residential power lawn and garden equipment and landscaping services. Sales will also benefit from ongoing technological innovations, including those involving battery powered products in both the residential and commercial markets. Furthermore, improvements in characteristics, such as fuel economy, noise reduction, and rider comfort, as well as the introduction of more types of lawnmower robots will support sales of higher value products.
Turf & grounds equipment among fastest growing
Turf and grounds equipment (e.g., turf tractors, commercial mowers, and other turf care products) will see above average gains as the number of landscaping establishments continues to climb and existing establishments expand their fleets. Gains for consumer-type lawnmowers are expected to trail the rapid growth seen in turf and grounds equipment sales; nonetheless, lawnmowers will remain the largest product segment, accounting for a significant share of additional sales through 2019. Smaller segments such as chainsaws, blowers, vacuums, and sweepers are also projected to register above average growth as landscaping establishments grow and replace their equipment. Rising sales of more expensive electric types will also boost gains.
Commercial market to outpace residential segment
The residential market accounts for the majority of power lawn and garden equipment sales. Gains in this market will be supported by an expanding potential market as residential construction expenditures grow at a double digit pace and the housing stock increases. In addition, an ongoing focus on outdoor spaces will continue to aid demand for a variety of power lawn and garden equipment. Gains in the commercial market are expected to outpace those in the resi dential market, driven by the increasing number of landscaping establishments. Furthermore, sales will continue to benefit from the ongoing economic recovery, bolstering demand for replacement and upgrade products. In addition, rising acceptance of higher value electric products will boost value gains. However, additional advances in the commercial market will be restrained to a degree by weakness in the golf industry.
South to remain largest regional market
Although sales of power lawn and garden equipment rebounded in all regions during the 2009-2014 from the low 2009 base, demand in the West was restrained by drought conditions, resulting in below average gains. Despite adverse conditions in some areas of the South, the region saw the fastest regional gains benefiting from its generally warm climate and rapid growth in the population and housing stock. The South, which has the largest number of golf courses, will remain the largest regional market through 2019 and beyond.
Download the full report: https://www.reportbuyer.com/product/702381/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-power-lawn--garden-equipment-market-freedonia-300239275.html