LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global cordless garden equipment market to grow at a CAGR of close to 5% during the period 2018-2022, according to their latest report.
This market research report segments the global cordless garden equipment market into the following products (lawn mower, chainsaw, trimmer and edger, brush cutter, and leaf blowers), by distribution (offline and online), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight product innovation and product line extension leading to product premiumization as a key factor contributing to the growth of the global cordless garden equipment market:
Product innovation and product line extension leading to product premiumization
Manufacturers are using price as a differentiating factor for the launch of premium versions of their existing product lines. The improving global economic conditions and growing spending capability of individuals is increasing the demand for premium products. Through enhancements in material and technology, marketers have been adding value to their products and thus demanding a higher price. To cater to the growing demand among consumers, the competitors in the market are continuously striving to develop innovative products.
According to a senior analyst at Technavio for home, kitchen, and large appliances, “Technological advancements have enabled the development of improved product features and allowed the market competitors to manufacture multifunctional products that offer more utility. For example, Bosch has introduced Indego 350, an electric powered cordless robotic lawn mower which comes with the mulching system. Such advances in technology and innovative products are expected to drive the market during the forecast period.”
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Global cordless garden equipment market segmentation
Of the five major products, the lawn mower segment held the largest market share in 2017, accounting for nearly 41% of the market.
The Americas was the leading region for the global cordless garden equipment market in 2017, accounting for a market share of nearly 60%. By 2022, APAC is expected to witness the highest growth rate in terms of market share.
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