Connected robotic lawn mowers market set to grow almost four-fold
GPS and Bluetooth-enabled robotic lawn mowers are gaining rapid interest, and the market is set to grow to 3.6 times its current size by 2029, according to research by Future Market Insights.
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, the robotic lawn mower market is projected to progress at high annual growth rates of around 12.5 percent and reach a valuation of $2 billion by the end of the forecast period of 2019-2029.
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 and robust growth is predicted for manufacturers to sell their robotic lawn mowers through online channels / retail partners such as Amazon, eBay, Alibaba, The Home Depot, and so on.
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.
An analyst at FMI says: “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.
“Companies in the market are positioning themselves to enter the professional/commercial market where requirements for technology and reliability are even higher.”
The global robotic lawn mower market is significantly consolidated, with a few players holding a prominent share of nearly 50 percent in the market space.
Some of the key players operating in the global robotic lawn mower market are:
- Husqvarna;
- MTD Products;
- STIGA;
- Kyodo; and
- Bosch, 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 and Pacific.