Technological advancements and rising penetration of artificial intelligence have paved the way for increased sales of robotic lawn mowers, since they have become much more efficient. Rising dependency on automation in the commercial sector to decrease operating costs and increasing adoption of domestic robots for residential applications are major factors estimated to drive the growth of the robotic lawn mower market during the forecast period.
According to a recent market study by Future Market Insights, the robotic lawn mower market is projected to progress at a high compound annual growth rate (CAGR) of 12.5% and reach a value of US$ 2 billion by the end of the forecast period (2019-2029).
Key takeaways of the study include:
- In terms of segmental analysis, the sales of robotic lawn mowers are expected to remain concentrated to residential end use; nevertheless, sales in the commercial segment are projected to witness hefty growth over the coming years.
- e-Commerce growth across the globe squarely proliferates a robust outlook for manufacturers to sell their robotic lawn mowers through online channels/retail partners such as Amazon, e-bay, Alibaba, The Home Depot, etc.
- Demand in the Europe-based consumer market has grown rapidly in recent years, and still shows a substantial growth opportunity, as the robotic lawn mower market in the region is far from saturation.
- GPS and Bluetooth-enabled robotic lawn mowers and wireless mobile devices are potential investment options for manufacturers. Multiple voice interaction is also being provided in upcoming connected robotic lawn mowers.
“There is significant potential in the long-run as far as robotic lawn mowers are concerned for lawns in commercial areas, sports fields, hotels, and parks. Thus, companies in the market are positioning themselves to enter the professional/commercial market where requirements for technology and reliability are even higher,” states the report analysts.
Robotic Lawn Mower Market: Competitive Landscape
The global robotic lawn mower market is significantly consolidated, with a few players holding a prominent share of nearly 50% in the market space. Some of the key players operating in the global robotic lawn mower market are Husqvarna AB, MTD Products, STIGA S.p.A., KYODO CO., LTD., and Robert Bosch GmbH, among others.
Moreover, to win over market imponderables and shakeouts, manufacturers such as Husqvarna, MTD, and Honda are expanding their geographic reach to South East Asia & Pacific.