Strong Growth Forecast For Garden Tools
The global garden and lawn tools market accounted for $6.66 billion in 2018 and is expected to reach $13.32 billion by 2027, growing at a compound annual growth rate (CAGR) of eight per cent during the forecast period, says Stratistics MRC. Rising commercial and residential construction projects across the globe and increasing number of the sports field, public parks, and golf courses in developed and developing countries are the major factors propelling the market growth. However, increasing preference for sports turf and synthetic grass is restraining the market growth. Based on the application, the residential segment will have lucrative growth during the forecast period due to increasing popularity of outdoor landscaping which helps to raise the demand for power lawn and garden tools. By geography, North America will have strong growth during the forecast period due to increasing number of golf courses, rising demand for homemade fresh fruits and vegetables, and the growing popularity of gardening.