PUBLISHER: Frost & Sullivan | PRODUCT CODE: 1920932
PUBLISHER: Frost & Sullivan | PRODUCT CODE: 1920932
Electrification and Automation are Driving Transformational Growth
The lawn and garden equipment segment of the off-highway equipment industry has grown significantly in recent years, with a global market size of $29.63 billion in 2024. Frost & Sullivan projects a compound annual growth rate of 22.1%, reaching $98.02 billion in revenue over the 2024 to 2030 period. Factors driving industry growth include demand for lawn care from both commercial and residential users, growth in golf areas, technological innovation in smart equipment and robotics, and sustainable lawn care practices.
Frost & Sullivan forecasts that lawn and garden equipment unit sales will register a CAGR of 11.9% between 2024 and 2030. Equipment in operation will increase 5.2% over the same period. The market is highly competitive, with many manufacturers wanting a piece of the action. Toro, John Deere, Stanley Black and Decker, Husqvarna, Honda, Robert Bosch, Kubota, Makita, and Emak Group are present across multiple markets and offer a range of products. There is increased demand for more sustainable and efficient equipment, with a focus on reducing emissions and improving fuel efficiency. This is propelling innovation, with manufacturers developing electrification and autonomous technologies. Major innovations will likely be in electrification, battery and energy storage systems, robotics, and automation with autonomous equipment.