Demand to rise for outdoor power equipment
Consumer demand for lawnmowers, trimmers, edgers, rotary tillers and other outdoors power equipment will grow over the next several years as spending rebounds from the 2007 to 2009 recession, according to the Freedonia Group.
U.S. demand for power lawn and garden equipment will increase 5.7% yearly to $10.4 billion in 2015, the Cleveland-based market research group said. Improvement in U.S. housing activity, including both new construction and the sale of existing homes, will also benefit sales.
Sales to commercial sectors will grow more slowly than to residential markets through 2015, although higher value commercial equipment will boost demand. Over the longer term, equipment demand in the golf course segment will be inhibited by the declining number of courses, the Freedonia report said.
Although demand will pick up across all categories, the fastest growers will be turf and grounds equipment, garden tractors, and rotary tillers. Lawnmowers come next, with a projected annual growth rate of 6.5% through 2015.
The full report, “Power Lawn & Garden Equipment,” is available at freedoniagroup.com.