The electric lawn mower market is subject to various limitations such as high costs of these lawn mowers which are unaffordable for the majority of the population all over the world. Additionally, mowing the yard in certain cases on a single battery charge may not be possible using electric lawn mowers, which would necessitate the requirement for keeping an additional battery readily available that is highly expensive or to wait for an hour at lease for the electric lawn mower to get recharged. This may cause annoyance and unease for the user. All these factors are anticipated to operate as major restraints to the growth of the market over the forecast period.
The electric lawn mower market is estimated to observe significant growth, on account of various factors such as decreased levels of noise present in electric lawn mowers as compared to other mowers and the user can mow the lawn much smoother in a planned way as compared to the others. Moreover, electric lawn mowers come with various benefits such as the levels of speed can be adjusted without the need to bring the mower to a halt, making it easier for the users to mow the lawn at their desired level of speed.
The electric lawn mower market is anticipated to grow at a significant CAGR over the forecast period i.e. (2020-2028). The market is segmented by product, type, application and blade type. The corded lawn mower falling under type segment is anticipated to occupy the highest market share, owing to the pricing of the equipment being comparatively cheaper and affordable as compared to a gasoline powered lawn mower, although the user is expected to handle an electric cable having wires that comes along with the equipment that could get stuck in the process of mowing, which requires careful supervision while mowing the lawn. Moreover, electric lawn mowers are simple as well as secure for use by a user comparatively weigh less as compared to gas-powered lawn mowers and the user is protected from any form of noise pollution, smell of gasoline and other hazardous problems that could occur out of use of gas. CLICK TO DOWNLOAD SAMPLE REPORT
Growing Number of Environment Conscious Individuals Throughout the World
The demand for products that are environment-friendly among the individuals globally have been rising over the last decade. The users are also concerned about the impact of using lawn mowers and their effects on the environment. More number of countries across the globe have been implementing several rules and regulations to control and regulate carbon emissions released by manufacturers over the past few years. The Environment Protection Agency (EPA) has stated that gasoline-powered lawn and garden equipment emit high levels of toxic and carcinogenic pollutants. Such regular usage has taken a toll on the health of individuals who are exposed to such pollutants for most of the time period during a year, as it is routinely used in neighbourhoods, schools, parks and other public spaces. These factors are anticipated to raise the demand for electric lawn mowers over the forecast period.
High Operating Costs of Gasoline-Powered Lawn Mowers
The operating costs of handling an electric lawn mower is cheaper compared to a gas-powered lawn mower that helps in reducing the carbon foot print. The cost of gasoline is subject to frequent fluctuations and is normally high as compared to electricity. In addition to the same, the high costs of maintenance can burn a hole in the pocket of users who are trying to fit their garden expenses within a budget. Moreover, the maintenance costs as well as the capacity to run as long as power is available is anticipated to drive the demand for electric lawn movers over the forecast period.
Our-in depth analysis of the electric lawn mower market includes the following segments:
By Blade Type
On the basis of regional analysis, the global electric lawn mower market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to register the leading market share, owing to the growing concerns for environment among the population in the region and steps being taken to reduce the CO2 emission levels to mitigate the damage caused to environment. Additionally, increasing preference for automation of garden equipment and growing number of individuals spending on lawn and garden equipment including lawn care in the region is anticipated to boost the demand for electric lawn mowers over the forecast period. On the other hand, the market in Europe region is anticipated to grow steadily over the forecast period, owing to the adoption of advanced technology as well as automation happening at a faster rate in the region. These factors are anticipated to drive the growth of the market in the region over the forecast period.
The electric lawn mower market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.