CLEVELAND, May 21, 2021 /PRNewswire/ — Deere & Co., a top-three leading supplier of the US power lawn and garden equipment market, reported higher-than-anticipated earnings for the second quarter of 2021, indicating that despite increased supply-chain pressures – such as the global chip shortage – lawn and garden equipment suppliers are poised for another summer of strong sales, in part due to trends driven by the COVID-19 pandemic.
COVID-19 Pandemic Is Producing More DIY Consumers in the Short Term
The COVID-19 pandemic has had varying effects on the market for power lawn and garden equipment, according to the Freedonia Group. While commercial end users are limiting their capital investment, consumers have shown an uptick in equipment purchases:
- The pandemic has forced people across the US to stay home, and many have diverted funds from leisure activities to home improvement, including upgrading landscaping and outdoor areas.
- Consumers have simultaneously made purchases of power lawn and garden equipment to complete these tasks.
Additionally, less time spent commuting is allowing consumers more time for other tasks, including yard maintenance. Yards and gardens are seeing investment as areas that can act as additional living spaces for household members and as safer places to entertain visitors during the pandemic – adding to their intrinsic value.
US Power Lawn & Garden Equipment Market to Expand 3.4% Annually Through 2024
A new Freedonia Group analysis projects demand for power lawn and garden equipment to exceed $14 billion in 2024. Sales will be supported by:
- an increase in home sales and new housing construction, as more millennials purchase their first homes and require power lawn and garden equipment to maintain their outdoor spaces
- product development that results in higher value equipment, such as more advanced battery-powered options, robots, and more products with more efficient internal combustion engines
The desire to reduce the amount of labor involved in maintaining lawns and gardens, especially among the aging population, will lead to two trends:
- the purchase of lighter, easy-to-use equipment for DIY maintenance
- greater reliance on professional services to provide DIFM (do-it-for-me) landscaping, which will spur long-term sales in the commercial market
Want to Learn More?
Power Lawn & Garden Equipment examines the US market for power lawn and garden equipment. Historical data for 2009, 2014, and 2019 and forecasts for 2024 and 2029 for manufacturers’ shipments, demand, imports, and exports are provided in current dollar terms (which are not adjusted for inflation). Demand is also provided in unit terms. Product types, major power sources, markets, and regional trends are also analyzed.
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
View original content to download multimedia:http://www.prnewswire.com/news-releases/freedonia-group-comments-on-deeres-quarterly-earnings-exceeding-expectations-signals-continued-strength-for-power-lawn–garden-equipment-301297135.html
SOURCE The Freedonia Group