Global Consumer Business Robots Market Supply, Sales, Revenue And Forecast From 2018 To 2023
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The global lawn mowers market size was valued at USD 31.18 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030. COVID-19 in 2020 led to a slight decline in market growth due to supply chain disruptions; however, over the forecast period, the market growth will be reasonably modest considering added consumer interest in home gardening activities. Apart from supply chain hiccups, uncertain economic conditions resulted in a temporary dip in consumer spending, impacting the demand in 2020. However, with work from home, consumers have time to engage in activities like gardening, paving the way for the residential lawn mowers segment growth. In addition to this, households with increased disposable income have also increased consumer spending power, with demand for lawn maintenance activities on a rise.
In 2021, the global market rebounded to pre-COVID levels due to increased demand for battery-powered lawn mowers, notably from North America and Europe. However, ongoing semiconductor shortage concerns, disruption in supply chain activities, rising raw material prices, and a surge in oil prices due to the Russian-Ukraine conflict are expected to slow down the market in 2022. Due to these unfavorable macroeconomic conditions, OEMs and dealers are expected to increase the Average Selling Prices (ASP) of lawn mowers in 2022. These developments are likely to be short-lived and are expected to come down by H2 2023.
Over the next few years, vendor focus will be introducing robotic mowers as the demand for tech-advanced mowers is gaining a foothold with consumers seeking convenience. GPS, Wi-Fi, and other technologies are making inroads in the lawn mowing business and will keep vendors upkeep market growth over the future. Remote-controlled lawn mower is also emerging as a popular choice among consumers in developed regions. In addition to the demand for advanced products, the demand from the affluent middle class taking gardening as a hobby also promotes law mowers market growth. The development of government backed or commercial spaces infrastructure projects will also play a crucial part in propelling the demand for lawn mowers in the commercial sector.
The electric-powered lawn mowers segment dominated the market and accounted for the largest revenue share of 29.18% in 2022. This growth is ascribed to ease of use and high torque to weight ratio, enabling these lawn mowers to cut tall grass. The segment captured a sizeable share in 2021 and is anticipated to register a steady CAGR exceeding 5.4% from 2023 to 2030. Furthermore, these lawn mowers are now one of the most often used alternatives among consumers due to innovation and development in battery-powered engines that have boosted their robustness and efficiency.
The residential segment dominated the market and accounted for the largest revenue share of over 59.0% in 2022. Lawn mowers are primarily used in a residential setting for gardening applications, whereas in commercial spaces, for large-scale landscaping applications and lawn maintenance. The demand for lawn mowers in the residential market witnessed an uptick post-2021 and exceeded USD 18 billion in 2022. This healthy demand is ascribed to the proliferation of remote working models worldwide, giving consumers time to engage in leisure activities such as gardening or DIY gardening from their homes. As consumers began to spend more time at home, the demand for products associated with gardening gained traction, a trend that is expected to go on for at least the next two years.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global lawn mowers market report based on product, end-use, and region:
Sales of professional service robots rose by an impressive 37% in 2021. By region, the strongest growth came from Europe with a market share of 38% followed by North America with 32% and Asia with 30%. At the same time, sales of new consumer service robots grew by 9%.
The global medical devices market size was valued at USD 488.98 billion in 2021. The market is projected to grow from USD 495.46 billion in 2022 to USD 718.92 billion by 2029, exhibiting a CAGR of 5.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with medical devices experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -1.4% in 2020 as compared to 2019.
Additionally, technological advancements in surgical robots and their increasing usage by healthcare providers are key factors expected to drive the Minimally Invasive Surgery (MIS) segment growth during the forecast period. However, the segments of the orthopedic and cardiovascular devices are anticipated to grow at a significant pace, owing to a globally increasing patient pool suffering from different cardiac-related and orthopedic disorders.
One of the markers that channel firms will be looking for in the year ahead is growth potential of their own business in relation to the tech industry at large. Many are bullish that growth potential is strong. Forty-five percent of respondents said they expect their own revenue and profitability numbers in 2023 to exceed those of 2022 if the tech sector flourishes. A more cautious 44% of respondents said they expect stable results on par with the year previous, even if the tech sector does well. And finally, roughly 8% said they still expect a decline in revenue and profitability even if the tech industry performs on the positive side of the economic equation. Those predictions are correlated across all company sizes, from the smallest channel firm (fewer than 10 employees) to those with more than 500 staffers.
Offering intelligence from key technology vendors and detailed technology market forecasts, IDC helps combine local analyst insights with global technology opinion, giving you the full picture needed to increase awareness and knowledge-sharing.
The company's previous long-term forecast had projected adjusted earnings per share growth of 10% to 12%, revenue growth of 8% to 10% and global same-store sales growth of 4% to 5% for 2023 and 2024. In May, Starbucks suspended its fiscal 2022 forecast, citing lockdowns in China, investments in its U.S. employees and high inflation.
Professional services robots will dominate the sector. Currently only a bare sliver of the market, professional services robots will have sales that may be more than double those of conventional and logistics robots. We expect the global robotics market to climb from about $25 billion this year to between $160 billion and $260 billion by 2030, with market share for professional services robots hitting up to $170 billion and industrial and logistics robot sales topping off at about $80 billion. (See Exhibit 1.)
The global FinFET market is expected to witness a significant growth during the forecast period (2018-2023) registering a CAGR of 16.10%. This growth in the FinFET technology market is due to the increasing IC industry which is providing ample growth opportunities to the FinFET technology market. Additionally, this high growth is also supported by the growing demand of smartphones from consumers, requiring enhanced processors which improves day-to-day functioning. However, designing challenges for the designers and higher wafer cost and gate cost of FinFET in comparison to FD-SOI are restraining the overall growth of the global FinFET technology market.
The FinFET technology market has been tracked along the lines of technology node (7nm, 10nm, 14nm, 16nm, 22nm), product, end user, and regions. Revenue generated from various end-user segments, namely, smartphones, computer and tablets, wearables, automotive, and high end networks, have been analyzed. The report also covers the FinFET technology market on a global scale and consequently provides revenue data of the key regions. A separate segment specifically has been dedicated to the key global regions: North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
On the basis of end user, the global FinFET technology market is segmented into central processing unit (CPU), micro control unit (MCU), system on chip (SoC), field-programmable gate array (FPGA), network processors, and graphics processing unit (GPU). SoC segment is the highest revenue generating segment among all the applications of FinFET technology; whereas FPGA is expected to grow at the highest rate during the forecast period.
FinFET technology market is used by various end users such as automotive, smart phones, wearables, computers and tablets, high-end networks, and others. Smart phones segment is the highest revenue generating segment among all the end users of FinFET technology owing to a high demand of smartphones from consumers for enhanced processors which improves day-to-day functioning. The wearables segment is expected to grow at the highest rate during the forecast period because of changing needs of the consumers for smart watches which can assist in tracking and monitoring human body for day to day functioning.
The market study by BIS Research has identified North America as the leading region in the global FinFET technology market accounting for almost 39.01% of the net revenue generated by the FinFET technology, and has estimated that the region will continue its dominance during the forecast period as well. APAC is also anticipated to be a promising market with a multi-fold rise in demand expected from China, South Korea, Japan, and other Asian nations in the coming future.
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