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Turf Care Equipment Market 2024 - Growth by Regional Segments, Upcoming Business Strategies, Industry Revenue And Forecast by 2033
Turf Care Equipment Market
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According to The Business Research Company's, The turf care equipment market size has grown strongly in recent years. It will grow from $12.69 billion in 2023 to $13.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to growth in the number of golf courses, limitations of playing grounds, rising demand for DIY landscaping projects, growth in commercial lawn and sports facilities, and growing popularity among people for golf.
The turf care equipment market size is expected to see strong growth in the next few years. It will grow to $20.20 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to increasing construction activities, an increase in outside garden or lawn parties, growing public encouragement for sports, a rising number of luxury hotels and resorts, and the growing popularity of battery-operated ergonomic design tools. Major trends in the forecast period include technological development, innovative products, the development of commercial turf equipment, effective product development, and lawnmowers with machine-to-machine communication capabilities.
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Market Drivers and Trends:
The rising popularity of golf is expected to propel the growth of the turf care equipment market going forward. The popularity of golf is rising due to its appeal as a socially distant outdoor activity that promotes wellness and provides a leisurely yet competitive experience. Turf care equipment is essential in golf for maintaining the pristine condition of fairways, greens, and roughs, ensuring an optimal playing surface, and enhancing the overall golfing experience. For instance, in December 2023, according to the National Golf Course Owners Association Canada, a Canada-based not-for-profit trade association, there was a 2.2% increase in rounds played in 2023 compared to 2022, maintaining a remarkable 23.9% above pre-pandemic levels. Therefore, the rising popularity of golf is driving the growth of the turf care equipment market.
Major companies operating in the turf care equipment market are focusing on developing technologically advanced solutions, such as residential and commercial lawn care equipment, to enhance precision, efficiency, and user convenience. Residential and commercial lawn care equipment refers to a range of tools and machines designed for the maintenance and upkeep of lawns and green spaces in both private and public settings. For instance, in October 2022, The Toro Company, a US-based company that designs and manufactures lawn mowers, introduced several innovative residential lawn care products. These include a new robotic mower with vision-based navigation and a smartphone app for customized mowing schedules, as well as the Flex-Force Impulse Endeavor Inverter, which is designed to power electronic devices. In addition, Toro unveiled a 60V Max Attachment Capable Trimmer System, offering various attachments and optimized performance through a brushless motor. These products highlight Toro's commitment to innovation and sustainability in outdoor maintenance solutions, demonstrating the company's dedication to meeting the ever-changing needs of homeowners and professionals in the outdoor power equipment market.
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Major Key Players of the Market:
Deere & Company, Kubota Corporation, BLACK+DECKER Inc., Textron Inc., Husqvarna AB, The Toro Company, MTD Products Inc., Briggs & Stratton Corporation, Honda Power Equipment, Ventrac, Schiller Grounds Care Inc., Smithco Inc., Brinly-Hardy Company, Redexim North America Inc., Salsco Inc., Turfco Manufacturing Inc., Scag Power Equipment, Greenman Golf & Turf Solutions, Spraying Devices Inc., Protea Turf Equipment CC, Tru-Turf Pty Ltd, TurfTime Equipment
Turf Care Equipment Market 2024 Key Insights:
• The turf care equipment market size is expected to see strong growth in the next few years. It will grow to $20.20 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Growing Popularity Of Golf Drives Expansion In The Turf Care Equipment Market
• Technological Advancements In Turf Care Equipment Drive Market Innovation And User Convenience
• North America was the largest region in the turf care equipment market in 2023
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