Power Lawn & Garden Equipment

Transcription

1 Freedonia Industry Study #1386 Power Lawn & Garden Equipment Study Publication Date: March 2001 Price: $3,700 Pages: 254 Power Lawn & Garden Equipment, a new study from The Freedonia Group, provides you with an in-depth analysis of major trends in the industry and the outlook for product segments and major markets -- critical information to help you with strategic planning. This brochure gives you an indication of the scope, depth and value of Freedonia's new study, Power Lawn & Garden Equipment. Ordering information is included on the back page of the brochure. Brochure Table of Contents Study Highlights...2 Table of Contents and List of Tables and Charts...4 Sample Pages and Sample Tables from: Market Environment...6 Products...7 Markets & Regional Trends...8 Industry Structure...9 Company Profiles List of Companies Profiled Forecasting Methodology About the Company Advantages of Freedonia Reports About Our Customers Other Titles From Freedonia Ordering Information... 16

2 Study Highlights US demand for power lawn and garden equipment is projected to rise 2.9 percent annually (including price increases) through 2005, reaching $9.2 billion. Although gas-powered equipment will remain dominant, electric powered products are expected to post significantly stronger gains through Turf and grounds equipment is expected to post strongest gains through 2005, because of continuing growth in the professional landscaping services industry, due in part to the rising number of older citizens. The residential market will continue to dominate power lawn and garden equipment sales, representing nearly 80 percent of the total in The South will remain the largest regional market for power lawn and garden equipment, accounting for one-third of total demand in The five leading suppliers -- Deere & Company, Electrolux, Toro, MTD Products and Murray -- accounted for over 60 percent of the US power lawn and garden equipment market in Freedonia Industry Study 2

3 Study Highlights Power Lawn & Garden Equipment Shipments, 2000 Lawnmowers 40.7% Other 22.5% Turf & Grounds Equipment 17.0% Garden Tractors & Rotary Tillers 8.5% Snow Throwers 3.5% Trimmers & Edgers 7.8% Power Lawn & Garden Equipment Supply & Demand (million dollars) % Annual Growth Item /95 05/00 Households (mil) $ equip/household SUMMARY TABLE Lawn & Garden Equipment Demand net exports Lawn & Garden Equip Shipments Lawnmowers Turf & Grounds Equipment Garden Tractors & Rotary Tillers Trimmers & Edgers Snow Throwers Other* Copyright by The Freedonia Group, Inc. Order form on last page 3

4 List of Contents, Tables and Charts I. EXECUTIVE SUMMARY Summary Table... 3 II. III. MARKET ENVIRONMENT General... 4 Macroeconomic Outlook... 4 Table - Macroeconomic Trends... 6 Personal Income & Expenditure Patterns... 6 Table - Personal Income Patterns... 8 Demographic & Employment Trends... 8 Table - Population & Employment Trends...10 Housing Outlook...11 Household Formations & Housing Stock Patterns...11 Table - Household Patterns...12 Housing Starts...12 Table - Housing Starts...14 Pricing Patterns...14 Table - Lawn & Garden Equipment Pricing Trends...15 Market Trends...16 Table - Power Lawn & Garden Equipment Market Trends, Chart - Power Lawn & Garden Equipment Market Trends, Regulatory & Environmental Issues...18 Air Emissions...19 Noise Pollution...21 Yard Waste...22 Technology...22 World Power Lawn & Garden Equipment Market...24 US Foreign Trade...25 Table - Power Lawn & Garden Equipment Foreign Trade...26 Exports...26 Chart - Power Lawn & Garden Equipment Exports, Imports...28 Chart - Power Lawn & Garden Equipment Imports, MATERIALS General...30 Table - Power Lawn & Garden Equipment Material Trends...31 Metals...31 IV. Table - Power Lawn & Garden Equipment Metal Consumption...33 Plastics...33 Other Materials...35 MARKETS General...36 Table - Power Lawn & Garden Equipment Markets...37 Residential...37 Table - Residential Market: Power Lawn & Garden Equipment Demand...39 Commercial...39 Table - Commercial Market: Power Lawn & Garden Equipment Demand...40 Landscape Firms...40 Landscape Services Outlook...41 Table - Landscape Firms...42 Lawn & Garden Equipment Demand...42 Table - Landscape Market: Power Lawn & Garden Equipment Demand...43 Golf Courses...43 Golf Course Industry Outlook...44 Table - Golf Courses & Facilities...45 Lawn & Garden Equipment Demand...45 Table - Golf Courses: Power Lawn & Garden Equipment Demand...46 Government...46 State & Municipal Government Outlook...47 Table - State & Local Government Expenditures...47 Lawn & Garden Equipment Demand...47 Table - Government Market: Power Lawn & Garden Equipment Demand...48 V. PRODUCTS General...49 Table - Lawn & Garden Equipment Supply & Demand...51 Lawnmowers...51 Table - Lawnmower Supply & Demand...53 Riding...54 Table - Riding Lawnmower Shipments...55 Front Engine...56 Table - Front Engine Riding Mower Shipments by Type...57 Rear Engine...57 Table - Rear Engine Riding Mower Shipments by Type...58 Non-Riding...59 Table - Non-Riding Lawnmower Shipments...60 Self-Propelled...61 Push...61 Foreign Trade...62 Table - Lawnmower Foreign Trade...63 Exports...63 Imports Freedonia Industry Study

5 Turf & Grounds Equipment...65 Table - Turf & Grounds Equipment Supply & Demand...67 Mowers...67 Table - Turf & Grounds Mower Shipments...69 Riding...69 Table - Riding Turf & Grounds Mower Shipments...70 Non-Riding...71 Table - Non-Riding Turf & Grounds Mower Shipments...72 Other...73 Table - Other Mowing Equipment Shipments...73 Turf Tractors & Related Equipment...73 Table - Turf Tractor & Related Equipment Shipments...75 Miscellaneous Turf Care Equipment...75 Table - Miscellaneous Turf Care Equipment Shipments...77 Foreign Trade...77 Table - Turf & Grounds Equipment Foreign Trade...78 Exports...78 Imports...79 Garden Tractors & Rotary Tillers...79 Table - Garden Tractor & Rotary Tiller Supply & Demand...81 Garden Tractors...81 Table - Garden Tractor Shipments...83 Rotary Tillers...83 Table - Rotary Tiller Shipments...84 Trimmers & Edgers...85 Table - Trimmer & Edger Supply & Demand...87 Wire Blades...87 Table - Wire Blade Trimmer & Edger Shipments...89 Fixed Blades...89 Table - Fixed Blade Trimmer & Edger Shipments...90 Blowers, Vacuums & Sweepers...90 Table - Blower, Vacuum & Sweeper Supply & Demand...93 Snow Throwers...93 Table - Snow Thrower Supply & Demand...95 Dual-Stage...95 Table - Dual-Stage Snow Thrower Shipments...97 Single-Stage...97 Table - Single-Stage Snow Thrower Shipments...98 Foreign Trade...98 Chipper/Shredders & Other...99 Table - Chipper/Shredder & Other Supply & Demand Parts & Attachments Table - Parts & Attachments Supply & Demand Power Sources Table - Lawn & Garden Equipment Shipments by Power Source Gas Equipment Table - Gas-Powered Lawn & Garden Equipment Shipments Electric Table - Electric & Other Lawn & Garden Equipment Shipments VI. VII. REGIONAL TRENDS General Table - Power Lawn & Garden Equipment Demand by Region Regional Demographic & Economic Trends Regional Population Outlook Table - Population by Region Economic Outlook Table - GDP by Region Northeast Table - Northeast Lawn & Garden Equipment Demand Midwest Table - Midwest Lawn & Garden Equipment Demand South Table - South Lawn & Garden Equipment Demand West Table - West Lawn & Garden Equipment Demand INDUSTRY STRUCTURE General Industry Composition & Market Share Chart - Power Lawn & Garden Equipment Market Share, Table - US Power Lawn & Garden Equipment Sales by Company, Residential Chart - Residential Lawn & Garden Equipment Market Share, Commercial Chart - Commercial Lawn & Garden Equipment Market Share, Competitive Strategies Research & Product Development Manufacturing Marketing Distribution Residential Distribution Channels Chart - Residential Power Lawn & Garden Equipment Sales by Retail Outlet, Home Centers Specialty Stores Department Stores Mass Merchandisers Hardware & Other Commercial Distribution Channels Financial Issues Table - Selected Financial Ratios: Selected Power Lawn & Garden Equipment Manufacturers Mergers & Acquisitions Table - Selected Acquisitions & Divestitures Cooperative Agreements Table - Selected Cooperative Agreements Company Profiles Order form on last page 5

6 Market Environment The Market Environment Section discusses factors influencing power lawn and garden equipment demand, including housing starts and environmental issues. This information provides you with an understanding and an analysis of the climate in which the power lawn and garden equipment industry operates. MARKET ENVIRONMENT Technology Although most types of lawn and garden equipment are relatively basic in design (compared to products such as consumer electronics, for example), technology continues to play a role in the industry. Producers seek product innovations as a means to differentiate their products, as well as to improve pricing gains. Key areas of technological development include improving environmental performance and lower noise levels. For example, Ariens introduced the ECOBUG line of lawnmowers in August These mowers have completely covered motors that operate with less emissions and noise and greater safety than traditional walk-behind mowers. Improved maneuverability in riding units is also SAMPLE PAGE an area of technological focus, as evidenced by Deere's 2001 introduction of SPIN- STEER technology for its lawn tractors. This technology allows consumers to reduce their mowing time by as much as 50 percent. Originally introduced by Blount, zero-radius technology is becoming more common throughout the industry. The growing importance of the professional landscaping market has prompted lawn and garden equipment producers to develop new technologies that solve specific groundskeeping problems. For example, new types of grasses such as ultradwarf Bermuda pose problems for golf course groundskeepers. In 2000 Toro developed the GREENSMASTER FLEX 21 non-riding greens mower that features separate traction and cutting units which are joined at two pivot points above the cutting unit. This allows for better handling of undulations, as well as lower cuts. Among the more advanced new products being developed are self-operating robotic products. For example, Toro is introducing its imow robotic lawnmower, which cuts grass within a designated area without an operator. Robotic products are 6 Freedonia Industry Study

7 Products The Products Section provides demand for historical years and forecasts growth to 2005 and This information helps you: Analyze your company's growth potential in the industry. Outline your strategic plans for five and ten years out. PRODUCTS Power Sources - Electric Shipments of electric- and battery-powered lawn and garden equipment are SAMPLE PAGE projected to rise five percent annually through 2005, reaching $1.3 billion. Advances will continue to result from consumer preferences for products that offer lower noise levels. In addition, these products will benefit from their environmentally favorable image. Product improvements in both electric engine and battery technology will generate further opportunities. Electric power sources are divided into two categories: cordless and plug-in (or corded). Cordless products receive their power from a sealed rechargeable battery that is built into the product. Battery-powered items include walk-behind mowers, trimmers, edgers, blowers and other miscellaneous products. Corded and battery limitations generally exclude their use in commercial applications. Establish sales goals. Garden Tractor Shipments Plug-in lawn and garden equipment shipments are forecast to rise 3.2 percent annually to Advances will lag those for battery units, which are convenient and eliminate the need for an electrical outlet. Cord length and concerns over cutting the cord will also hinder advances in this product segment. However, plugin units will remain the dominant type in terms of shipments, and will continue to benefit from relatively high power levels and unlimited operating time compared to cordless models. Battery and other powered equipment shipments are expected to increase 9.5 Item percent annually through 2005, reaching $410 million. Like plug-ins, gains will result from the favorable environmental profile of electrical products. The Tractor & Tiller Shipments (000 units) convenience of the cordless technology will boost gains well above the industry % garden tractors average. In addition, they appeal to women which account for a growing portion Garden Tractor Shipments of equipment (000 units) sales and use. 160 Improvements 230 in battery 200 technology 215 will 240 also provide opportunities. $/unit Garden Tractor Shipments (mil $) hp & over hp to 19.9 hp under 16 hp Copyright by The Freedonia Group, Inc. SAMPLE TABLE Order form on last page 7

8 Markets & Regional Trends These Sections analyze trends and consider the threats and opportunities in each of the major markets for power lawn and garden equipment. The information presented will help you: Golf Courses - Lawn & Garden Equipment Demand MARKETS Focus your sales and marketing efforts on high growth areas. Propose new areas for development. Demand for power lawn and garden equipment in the golf course market is projected to rise 6.6 percent annually through 2005, reaching $730 million. SAMPLE PAGE Advances will reflect the continued healthy outlook for the golfing industry. In particular, gains will be driven by the healthy outlook for golf course construction and growing numbers of golfers. The rising number of younger golfers, as well as the growing popularity of the sport among women, will boost gains. Advances will continue to benefit from the development of equipment specifically designed for golf course applications. However, heavy reliance on weather conditions, which are extremely unpredictable, can result in market volatility. Producers of power lawn and garden equipment for the golf course market include Deere & Company, Kawasaki, Textron, LESCO, MTD Products, Textron and Toro. In addition to a favorable outlook in the US, manufacturers of power lawn and garden equipment for golf courses will continue to benefit from strong international golf markets. Western Europe, including France, Germany and the United Kingdom, will continue to provide growth opportunities for US equipment exporters. Midwest Lawn & Garden Equipment Demand (million dollars) Item Resident Population (mil persons) $ lawn & garden equip per capita SAMPLE TABLE Midwest Lawn & Garden Equip Demand Residential Commercial Copyright by The Freedonia 192 Group, 336Inc Copyright by The Freedonia Group, Inc. 8 Freedonia Industry Study

9 Industry Structure Sample page from Freedonia Industry Study Gain #1117 a better Fractional understanding Horsepower of your Motors competition and analyze your company's position in the industry with information about: industry composition & market share INDUSTRY STRUCTURE competitive strategies research & product development manufacturing marketing distribution financial issues mergers & acquisitions financial issues Residential Distribution Channels - Home Centers Home centers, including The Home Depot and Lowe's, accounted for 30 percent of retail sales for power lawn and garden equipment in Home centers, which SAMPLE PAGE represent the fastest growing retail outlet in this market, benefit from a wide variety of home improvements products, including lumber, fixtures, furniture, hardware, appliances, paint, and lawn and garden equipment. This type of retail outlet, which carries similar brands to mass merchandisers, provides limited sales assistance and after sales service and therefore typically is able to ensure very low prices. Home centers are projected to represent an increasingly important portion of the power lawn and garden equipment retail market. Many home center chains are relocating lawn and garden power products to the front of stores, and are expanding sales space dedicated to such products. As home centers become increasing important to the industry, manufacturers will continue to seek agreements to sell through these chains. For example, Garden Way recently reached an agreement with Lowe's to sell its TROY-BILT products at its stores. Specialty Stores The specialty store distribution channel is comprised of stores devoted to either exclusively supplying lawn and garden equipment or offering both lawn and garden equipment and agricultural products. These stores generally carry a wide range of products including outdoor power equipment, landscaping equipment, hand tools, sprinklers and hoses, fertilizers, grass seed and plant food, as well as flowers, plants, trees and shrubs. Specialty stores, the largest source of retail sales, accounted for an estimated 23 percent of power lawn and garden equipment sales in These stores have Copyright by The Freedonia Group, Inc. Order form on last page 9

10 Company Profiles The Profiles Section analyzes 37 companies active in the U.S. power lawn and garden equipment market. These profiles represent a sampling or cross-section of the types of companies involved in the industry. Divisions, subsidiaries, joint ventures, etc., are discussed under appropriate parent companies. Toro Company 8111 Lyndale Avenue South Bloomington, MN COMPANY PROFILES Sources for profiles included: Information provided by key staff members in the respective companies Annual reports 10-K reports Security analysts reports Corporate product literature Toro Company designs, manufactures and markets consumer and professional turf maintenance equipment, snow removal products and irrigation systems, and provides landscaping and turf maintenance services. The Company operates in three segments: Professional, Residential and Other. Sales in FY 2000 were $1.3 billion, of which $1.1 billion were to the US. Toro employed 4,750 in FY SAMPLE PAGE The Company participates in the US lawn and garden equipment industry through its Professional and Residential segments. Toro's Professional segment produces products for professional landscapers, golf course maintenance staffs and agricultural customers. These products include riding and walk-behind mowers, utility vehicles, irrigation systems, cultivators and turf care equipment. The Company's manufacturing facilities for these products are located in Tomah, Wisconsin; Evansville, Indiana; Beatrice, Nebraska; El Paso, Texas; El Cajon and Madera California; and Juarez, Mexico. Additionally, Toro manufactures component parts in Shakopee, Minnesota. The Company's professional products are sold both directly to customers and through a distribution network. Toro considers Electrolux AB (Sweden), Deere & Company and LESCO Incorporated to be among the Company's main competitors in the commercial landscaping business. Professional Landscaping Lawnmowers -- The Company's commercial-use lawnmowers include TORO PROLINE, TORO PROLINE MID-SIZE and LAWN- BOY walk-behind models and Z-MASTER riding models. These mowers all use Toro's RECYCLER mulchers fitted with ATOMIC blades to reduce freshly cut Copyright by The Freedonia Group, Inc. 10 Freedonia Industry Study

11 Companies Profiled Alamo Group Incorporated Fuerst Brothers Corporation Servis-Rhino Corporation Tiger Corporation Allied Products Corporation Ariens Company Gravely Stens Incorporated Black & Decker Corporation Blount International Incorporated Dixon Industries Incorporated Briggs & Stratton Corporation Brinly-Hardy Company Bush Hog LLC Country Home Products Incorporated Dana Corporation Spicer Outdoor Power Equipment Components Deere & Company Electrolux AB Bluebird International Husqvarna North America Yazoo-Kees Power Equipment Excel Industries Incorporated Fuji Heavy Industries Limited Robin America Incorporated Garden Way Incorporated Hoffco Incorporated Honda Motor Company Limited Jenn Feng Industrial Company Limited McCulloch Corporation Kawasaki Heavy Industries Limited Kohler Company Kubota Corporation LESCO Incorporated Makita Corporation McLane Manufacturing Incorporated Metromedia International Group Incorporated Snapper Incorporated Mitsui & Company Limited Echo Incorporated MTD Products Incorporated Ryobi Outdoor Products Incorporated Murray Incorporated Ohio Steel Industries Incorporated Ryobi Limited Sears, Roebuck and Company Simplicity Manufacturing Incorporated Ferris Industries Incorporated Giant-Vac Manufacturing Stihl (Andreas) AG & Company Tecumseh Products Company Textron Incorporated E-Z-GO-Textron Jacobsen-Textron Ransomes-Textron Tomkins plc Toro Company Order form on last page 11

12 Forecasting Methodology Freedonia does not just collect and reprint data; Freedonia develops data. Our analysts thoroughly investigate an industry by extensively interviewing key industry participants and analyzing information from sources such as associations, government and trade literature. Once this research is complete, Freedonia establishes one set of forecasts. All writing, editing and forecasting is done in-house to assure quality and consistency. In cases where data does not exist, Freedonia develops the data based on input/output ratios, bills of materials and flow charts. The following chart summarizes Freedonia's methodology: The Freedonia Economics Group Consistent framework of economic indicators on... Resident Population US Golf Courses Gross Domestic Product (GDP)... and many others Freedonia In-house Research Quantitative forecasting Industry structure & market share analyses Product analyses & forecasts Methodology for Power Lawn & Garden Equipment Extensive Interviews Key participants Industry experts End-users Proprietary Electronic Database Trade publications Government reports Corporate literature Online databases... and many others 12 Freedonia Industry Study

13 About The Freedonia Group The Freedonia Group, Inc. is a leading international industry study/ database company. Since 1985, Freedonia has published over 1,600 titles covering areas such as chemicals, coatings and adhesives, building materials, plastics, industrial components and equipment, health care, packaging, household goods, security, and many other industries. Freedonia has produced a wide variety of titles, including: Power & Hand Tools Batteries Electric Power Equipment Lawn & Garden Equipment - Private Companies Report Because Freedonia is a reliable information source, our forecasts are cited in numerous publications such as The Wall Street Journal, The Financial Times and Appliance Manufacturer. Advantages of Freedonia Reports In-house operations Because all of our staff work at the same location, interaction between analysts and departments provides a strong system of checks and balances. Consistency Our Economics Group develops indicators that are used by all analysts. Therefore, every Freedonia study is based on a consistent set of economic assumptions (GDP, number of US golf courses, resident population, etc.) Reliable forecasts Because all of our forecasts consider the environment in which a product or industry is operating, as well as threats and opportunities to the market, Freedonia forecasts are reliable indicators of future performance. One-on-one interviews All studies are produced by conducting interviews with key industry participants and end-users. Proprietary electronic database Freedonia s analysts can tap into an extensive in-house electronic database containing corporate literature (including private company information), trade publications, government reports and many other sources of information. Order form on last page 13

14 About Our Customers Freedonia's clients include major US and international companies in the manufacturing, services, consulting and financial sectors. Typical purchasers of Freedonia studies : Key Executives Corporate Planners Market Researchers Financial Analysts Information Centers New Product Developers Merger & Acquisition Specialists Since 1985 we have provided research to customers ranging in size from global conglomerates to one person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia research to help with their strategic planning. Some of Freedonia's customers in the power lawn and garden equipment market include: Deere & Company, Murray Incorporated and The Toro Company. 14 Freedonia Industry Study

15 Other Titles From Freedonia For more information about these or other Freedonia titles, please contact us at: The Freedonia Group, Inc. Phone: (440) (800) Fax: (440) Gears US demand for gears will grow 4% annually, driven by opportunities in smaller and quieter gearmotors as well as a healthy outlook for the aerospace and marine sectors. However, the ongoing implementation of continuously variable transmissions (CVTs) for motor vehicles poses a long term threat to gear demand, since CVTs operate without the use of gears. This study analyzes the $24 billion US gears industry to 2004 and 2009 by product, material and market. It also evaluates market share and profiles key firms. # / $3,500 World Agricultural Equipment World demand for agricultural equipment will grow over 4% annually, driven by stronger demand for crops and some firming in prices. Developing Asia and Latin America will grow the fastest as increased industrialization attracts capital for farm sector investments. Breakthroughs in electronic monitoring and control will also support demand. This study analyzes the $48 billion agricultural equipment business to 2004 and 2009 in 38 countries and 6 regions. It also details market share and profiles key firms. # / $4,600 Power & Hand Tools US demand for power and hand tools will grow over 4% annually to $13.5 billion in Consumer upgrades to more powerful, high-end power tools, and the continuing development of improved cordless products, will partially offset slowing household formations. Professional users will continue to comprise over two-thirds of the market. This study analyzes the $11 billion US power and hand tool industry to 2004 and 2009 by product and market. It also presents market share data and profiles key firms. # / $3,600 Gaskets & Seals US demand for gaskets and seals will rise over 5% annually, with maintenance/repair/operations (MRO) market growth outpacing most original equipment manufacturer (OEM) segments. The motor vehicle market will continue to be the largest end-use, due to the wide range of applications involved. The aerospace market will provide the highest growth rate. This study analyzes the US gaskets and seals industry to 2003 and 2008 by product and market. It also evaluates market shares and profiles key producers. # / $3,400 Batteries US demand for batteries will grow over 6% annually. The secondary (rechargeable) segment will lead growth, driven by sustained healthy demand for consumer-oriented portables and replacement demand in motor vehicles and backup power supplies. Primary battery gains will be fueled by expanding applications for higher-end lithium and zinc-air types. This study analyzes the $9.4 billion US battery industry to 2003 and 2008 by type and application. It also details market share and profiles key producers. # / $3,600 Diesel Engines & Parts US demand for diesel engines and parts will grow over 5% annually, driven by rising environmental standards which will promote the use of more costly low emission engines. Parts for routine repair and engine rebuilding will continue to provide over a third of total revenue. Trucks will remain the largest market and one of the fastest growing. This study analyzes the $15 billion US diesel engine and part industry to 2003 and 2008 by product and market. It also evaluates market shares and profiles key firms. # / $3,300 Fractional Horsepower Motors Growth in US demand for fractional horsepower motors will be limited by slowing production in key end-use markets. However, technological advances such as smaller and quieter motors will provide opportunities. Brushless DC motors will benefit from their quieter operation, relative sturdiness and declining price of necessary electronic controls. This study analyzes the US fractional horsepower motors industry to 2003 and 2008 by product and market. It also presents market share and profiles key firms. # / $3,300 Order form on last page 15

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