Commercial Turf Equipment Set for Strong Growth Reaching $8.12 Billion at a CAGR of 5.6% By 2028
Commercial Turf Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Projected growth in the commercial turf equipment market size has seen a strong increase in recent years. From $6.19 billion in 2023, it is expected to reach $6.53 billion by 2024, an impressive compound annual growth rate CAGR of 5.5%. This growth trajectory can be largely attributed to a rise in disposable income, growth in the parks and recreation sector, economic expansion, increasing property values, and the flourish of various sports leagues.
What Major Factors Will Drive The Commercial Turf Equipment Market's Growth?
The commercial turf equipment market size is set to witness a significant surge in the near future, slated to peak at an estimated $8.12 billion in 2028 at a CAGR of 5.6%, with increasing commercial landscaping projects, urbanization surge, the growth of golf courses and recreational facilities, expanding awareness of turf health, and an overall increase in sports venues fueling this growth. Major trends expected in the forecasted phase include advancements such as GPS and autonomous systems, further innovation in turf technology, growing demand for sustainable practices, and the call for professional turf management services and smart equipment uptake.
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In sports, the maintenance of high-quality playing surfaces is a critical aspect to ensure optimal sporting performance, safety, and durability for both games and practices. This has substantially contributed to driving the commercial turf market growth. Participation in sports activities shows a rising trend due to the increasing awareness of health benefits, improved access to sporting facilities, and a growing emphasis on fitness and well-being society-wide. For instance, the US-based Sports and Fitness Industry Association SFIA published a report in February 2024 revealing that 78.8% of Americans, equivalent to 242 million people, participated in at least one sports activity in 2023, marking 2.2% increase from 2022.
Which Key Industry Players Are Operating in The Commercial Turf Equipment Market?
Major companies pushing forth the growth of the commercial turf equipment market include Honda Motor Co., Deere & Company, Kubota Corporation, Stanley Black & Decker Inc., Textron Inc., Husqvarna AB, The Toro Company, MTD Products Inc., Briggs & Stratton Corporation, among others. These companies are continually innovating and developing technologically advanced products such as spreader sprayers, designed to offer efficient and uniform distribution and application of fertilizers and chemicals over large land areas.
How Is The Commercial Turf Equipment Market Shaping Up With Emerging Trends?
In line with innovative trends, for instance, Turfco, a US-based company providing commercial lawn care, turf maintenance, and equipment launched the T3200 spreader sprayer in March 2024. The T3200 spreader sprayer, the largest in its class, stands out with its capacity to fit through a 36-inch gate. It can be paired with the T-Flex15 tank, providing up to 140,000 square feet of coverage per fill and offering the flexibility to spray two liquids either simultaneously or independently. This design reduces turf damage and enables precise alignment with each pass while the low maintenance requirements and on-demand electric pump enhance its usability.
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How Has The Commercial Turf Equipment Market Been Segmented?
The commercial turf equipment market in this report is segmented as:
1 By Products: Mowers, Turf Tractors, Aerators, Turf Sprayers, Bunker Rakes, Other Products.
2 By Fuel Type: Gas-Powered, Battery-Powered, Electric-Powered.
3 By End-User: Sports, Golf.
What Are The Regional Insights Into The Commercial Turf Equipment Market?
North America, in 2023, was the largest region in the commercial turf equipment market. On the other hand, Asia-Pacific is expected to register the fastest growth in the forecasted period. The regions accounted for in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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