CLEVELAND, May 21, 2021 /PRNewswire/ — Deere & Co., a top-three leading supplier of the US power lawn and garden equipment market, reported higher-than-anticipated earnings for the second quarter of 2021, indicating that despite increased supply-chain pressures – such as the global chip shortage – lawn and garden equipment suppliers are poised for another summer of strong sales, in part due to trends driven by the COVID-19 pandemic.
COVID-19 Pandemic Is Producing More DIY Consumers in the Short Term
The COVID-19 pandemic has had varying effects on the market for power lawn and garden equipment, according to the Freedonia Group. While commercial end users are limiting their capital investment, consumers have shown an uptick in equipment purchases:
- The pandemic has forced people across the US to stay home, and many have diverted funds from leisure activities to home improvement, including upgrading landscaping and outdoor areas.
- Consumers have simultaneously made purchases of power lawn and garden equipment to complete these tasks.
Additionally, less time spent commuting is allowing consumers more time for other tasks, including yard maintenance. Yards and gardens are seeing investment as areas that can act as additional living spaces for household members and as safer places to entertain visitors during the pandemic – adding to their intrinsic value.
US Power Lawn & Garden Equipment Market to Expand 3.4% Annually Through 2024
A new Freedonia Group analysis…