Technavio's market research analyst predicts the global electric lawn mower market to grow at a CAGR of around 5% during the forecast period. The increase in the number of landscaping services is driving the growth of this market. The increase in the need to provide aesthetic appeal to residential and commercial properties around the world has driven the popularity of landscaping. Landscaping can increase the value of the property by nearly 12% along with giving an aesthetic appeal.
The introduction of technologically advanced equipment has also been contributing to the market growth. Vendors have started introducing robotic and battery-powered outdoor lawn mowers due to environmental concerns and the high fuel prices associated with equipment powered by ICEs. For instance, Toro's the TimeCutter SW Series zero-turn tractor is equipped with a steering wheel giving better maneuverability and steering control to users.
Product segmentation of the electric lawn mower market
The market was dominated by the walk-behind segment during 2015, accounting for 80% of the market share. This segment is expected to lead the market until the end of 2020 due to the low prices of these mowers over ride-on mowers.
Geographical segmentation of the electric lawn mower market
• North America
• ROW (Latin America and MEA)
North America accounted for around 57% of the market share during 2015. The US is the market leader in this region. The landscaping of yards and outdoor spaces has gained considerable momentum in the region. The report anticipates this region to retain its market leadership until the end of 2020, growing at a rate of 5%.
Competitive landscape and key vendors
The global electric lawn mower market is dominated by global suppliers. The introduction of energy-efficient electric lawn mower technologies in developing countries is spurring market growth. The competitive environment in this market is expected to intensify further due to an increase in product/service extensions, technological innovations, and M&A. The report anticipates the global players to expand their presence worldwide by acquiring regional or local players during the forecast period.
The leading vendors in this market are –
• Deere and Company
• MTD Products
• The Toro Company
The other prominent vendors in the market include Briggs & Stratton, Emak, GreenWorks Tools, Hitachi, Honda, Makita, Stanley Black and Decker, STIHL, Textron, and Zomax.
Source of the materials: http://www.prnewswire.com