LONDON–(BUSINESS WIRE)–The global artificial grass turf market is expected to post a CAGR close to 13% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Several sports facilities such as athletics tracks, golf courses, and stadiums for soccer and basketball require water for the maintenance of grounds and tracks. However, various government bodies are imposing restrictions on landscaping services such as landscape irrigation owing to the shortage of water. In addition, global warming is responsible for nearly 20% of the global increase in water scarcity. These factors are propelling the demand for artificial grass. Thus, the increase in demand for artificial grass in landscape and sports applications will boost the growth of the artificial grass turf market during the forecast period.
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As per Technavio, the distribution channel expansion strategy by vendors, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Grass Turf Market: Distribution channel expansion strategy by vendors
Vendors in the global artificial grass turf market are adopting various strategies such as the expansion of distribution channels to extend their customer base and increase revenues. They are also partnering with brick-and-mortar stores and e-commerce retailers. For instance, Koninklijke Ten Cate acquired Synthetic Grass Warehouse, a supplier of synthetic turf for landscaping applications in the US in 2017. Through this acquisition, the company will focus on supplying artificial grass turf products for landscaping applications. Thus, with the increase in distribution channel expansion strategy, the market for artificial grass turf is expected to showcase a positive outlook during the forecast period.
“Increase in partnerships with sport clubs and stadiums and availability of hybrid grass are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Artificial Grass Turf Market: Segmentation Analysis
This market research report segments the global artificial grass turf market by application (sports, and leisure and landscaping), distribution channel (offline and online), and geographical regions (APAC, EMEA, and Americas).
The Americas led the market in 2018. During the forecast period, the Americas is expected to maintain its dominance over the global market.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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