Outlook on the World’s Commercial Turf Equipment Market (2019-2024) by Product, Fuel Type, End-user & Geography - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2019--
The “Commercial Turf Equipment Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The commercial turf equipment market is expected to grow at a CAGR of over 5% during the forecast period 2018-2024.
Key Market Insights
The commercial turf equipment market is witnessing significant growth across the world. With the increase in consumer spending toward landscaping services and other recreational activities, the demand for turf equipment is expected to grow. Activities, such as golf, are becoming mainstream consumer leisure destinations, thereby witnessing high growth in Europe, North America, and APAC.
Golf is geographically concentrated, with approximately 78% of the supply of courses located in the countries, such as Australia, Scotland, Canada, Japan, the US, France, England, Sweden, Germany, and South Korea. Nearly 20% of the golfing countries enumerated growth in the course supply, during the period 2017-2018. Hence, an increase in the development of golf and other recreational activities is expected to impact the demand for lawn mowers and machines favorably.
Market Growth Enablers
Market Growth Restraints
Market Opportunities and Trends
Commercial Turf Equipment Market: Segmentation
This research report includes detailed segmentation by products, fuel type, end-user, and geography.
Turf Tractors have profound usage in harrowing, plowing, and performing other heavy-duty tasks; the segment is likely to witness growth during the forecast period. Latin America is expected to witness healthy growth both in terms of revenue and unit shipment. However, the segment is likely to undergo several modifications to cater to strict emission regulations to meet environmental standards.
The maintenance of thick, healthy, and greener turf is one of the important tasks to be focused upon while maintaining the condition. Therefore, the use of aerators becomes crucial to achieve well-manicured areas and maintain proper fertilization and watering processes. Hence, the increasing trend in machinery includes varied multifunctional equipment aligned with sensors, enabling users to increase their proficiency in work. Vendors engaged in providing lawn aerators offer features such as rear-wheel control, easy maneuverability, enhanced versatility, and proper storage handling. Therefore, increasing technological innovations are projected to lead the development of cost-efficient aerator equipment in professionals and semi-professionals sectors.
The gas-powered segment is expected to dominate the market during the forecast period. This can be attributed to the growing demand for yard and lawn landscaping services. Gas-powered tools are likely to observe high demand among other tools because these are powerful, thereby proving an ideal option for more robust and challenging maintenance jobs. The electric-powered segment is expected to witness growth at a considerable rate during the forecast period.
Electric cutting units are also likely to find their applications in golf courses. While air-cooled engines are popular, liquid-cooled engines are gaining traction in mowers. Electric machines are expected to witness an increase in demand. The battery-powered segment is expected to witness slower growth. The preferred source of power in such equipment depends on the size of the land to be mowed and the environment. The segment is in the nascent stage of growth.
The adoption of robotic lawn mowers in several stadiums in Europe and North America, along with Japan, is expected to bode well for the market. Vendors offer several tools for sports fields or arenas such as precision mowing and ground care equipment, which provide enhanced mowing experience to professional users. The demand for high-quality playing field surfaces is increasing the competition among major players.
Lawn and garden equipment are finding major applications in golf courses. The maintenance of golf courses accounts for a major usage due to the expansion of lawns. The increased participation in sports activities and increased government spend to support golf-grass roots development efforts are leading to a rapid expansion of golf courses across the world, thereby driving the market.
Market Segmentation by Products
Market Segmentation by Fuel Type
Market Segmentation by End-user
Commercial Turf Equipment Market: Geography
In North America, turf equipment has a profound usage on golf courses and sports fields. The growing number of under construction and upcoming golf courses in the region is expected to impact the demand significantly. The market is expected to witness a substantial rise in demand due to the increasing commercial and residential property development. The increasing number of sports fields, golf courses, as well as public parks, is also expected to witness a significant rise in the region.
Technological innovations in the product line-up characterize the European market. In the current scenario, professional users are likely to shift toward the adoption of sustainable solutions. This is mainly due to the growing environmental issues and the growing awareness of the negative effects of fuel leakages, greenhouse gas (GHG) emissions, and global warming. Hence, vendors in the region are emphasizing on factors such as sustainability, with a significant target to reduce CO2 emissions.
Key Vendor Analysis
With increasing technological innovations, the competition in the global commercial turf equipment market is expected to intensify. Changing market conditions and shifting consumer demands across the world are increasing the competition.
Further, the growing trend of efficient utilization of capital resources is likely to gain significance. Currently, the market is highly concentrated, with many local and global players. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in the domain. The vendors emphasize the adoption of energy-efficient products due to the increasing awareness of carbon emission in the atmosphere. Manufacturers are emphasizing on identifying different opportunities, thereby setting up certain goals to achieve productivity and efficiency. The present scenario is driving vendors to alter and refine their unique value proposition to achieve a strong market presence.
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PUB: 11/20/2019 05:33 AM/DISC: 11/20/2019 05:33 AM