Artificial Intelligence
AcuityAds Reports Third Quarter 2022 Financial Results
illumin Revenue Up 78.4% YOY and 29.4% sequentially
Generated $29.0 million in Total Revenue
(All monetary figures are expressed in Canadian dollars unless otherwise stated)
TORONTO and NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) — AcuityAds Holdings Inc. (TSX:AT) (NASDAQ:ATY) (“AcuityAds” or “Company”), a Journey Advertising technology company that empowers marketers to make smarter decisions about communicating with online consumers, today announced its financial results for the three and nine months ended September 30, 2022.
Third Quarter 2022 Highlights
- Total revenue for the three months ended September 30, 2022, was $29.0 million, up 2.5% sequentially and 5.5% on a year over year basis as we began to realize the benefits of our recent investments in sales, marketing, and product development. Despite significant macro-economic headwinds, we believe we will see continued benefits from these investments over the ensuing quarters.
- illumin third quarter revenue rose 78.4% year over year and 29.4% sequentially to $13.2 million, or 46% of total revenue. On a YTD basis, illumin revenue is $31.3 million.
- illumin self-serve revenue increased 20% sequentially to $1.2 million, while illumin self-serve clients grew 42% sequentially. The significant increase in illumin self-serve clients should bode well for continued growth in this very strategic segment of the business.
- Third quarter 2022 gross margin was 51.4%, compared to 51.9% for the same period in 2021.
- Net revenue or gross profit (revenue less media costs) for the three months ended September 30, 2022, was $14.8 million, compared to $14.3 million for the same period in 2021.
- Adjusted EBITDA was $1.6 million for the third quarter of 2022, compared to $4.4 million in the prior year. The decline of Adjusted EBITDA was fully anticipated, as management made the strategic decision to increase our investments in R&D, sales and marketing given the early success of illumin.
- Q3 2022 net income was $2.8 million, compared to $3.4 million in Q3 2021.
- During the third quarter of 2022, the Company repurchased 1,811,400 of its common shares at an average price of $3.23 per share for total consideration of $5,859,678. As of November 5, 2022, the Company has repurchased 4,080,880 of its common shares (7.1% of shares outstanding) for total consideration of $12,999,975.
- At September 30, 2022, the Company had cash and cash equivalents of $88.2 million, compared to $102.2 million as of December 31, 2021, reflecting share repurchases during the previous quarters.
- During the quarter, two significant hires were made. Nadeem Ahmed joined Acuity as Chief Revenue Officer, bringing with him over 25 years of revenue-building experience, including 10 years at Salesforce building their Healthcare and Life Sciences vertical. Tony Vlismas joins as VP of Marketing, having spent most of his career leading and scaling ad-tech companies in senior marketing roles.
“We continued to see excellent traction for illumin during the third quarter, with year over year revenue growth from this Journey Advertising platform of 78.4% and strong sequential revenue growth of 29.4%,” said Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. “Now standing at 46% of total company revenue, we believe illumin is well on its way to eclipsing our stated goal of comprising over half of total company revenue run rate by year end. The continued rapid growth in illumin adoption is further proof that it is breaking the mold with its incredible simplicity and deep advertiser insights.”
Mr. Hayek continued, “When I evaluate where we are as a company, I know we are creating something revolutionary given the overwhelming positive feedback we are receiving from our clients about illumin. We are constantly monitoring internal customer data and it’s clear both new and existing clients are recognizing the value of this intuitive Journey Advertising platform, which enables them to differentiate themselves and take control of their own advertising journeys. Our results tell the story, with 81% more clients using the platform year over year for the third quarter, while illumin self-serve revenue rose 20% from just the second quarter.”
Elliot Muchnik, AcuityAds’ Chief Financial Officer, commented, “While management remains attuned to the challenging macro-economic environment, we are seeing solid customer demand as customers appreciate the importance of brand strength and we continue to anticipate year-over-year revenue growth in the fourth quarter of 2022. We firmly believe that the investments we made in R&D, sales and marketing coming into and during this fiscal year has positioned the Company well for future growth. Should the macro-economic forces be more serious than we anticipated on our business, management will take the appropriate actions to reduce spend and optimize our cost structure.”
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods ended:
| Three months ended | Nine months ended | |||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Net income (loss) for the period | $ | 2,802,622 | $ | 3,362,127 | $ | (776,989 | ) | $ | 8,087,580 | |||
| Adjustments: | ||||||||||||
| Finance costs | 158,453 | 263,220 | 429,557 | 797,074 | ||||||||
| Foreign exchange gain | (5,835,813 | ) | (1,864,926 | ) | (7,228,072 | ) | (2,599,487 | ) | ||||
| Depreciation and amortization | 1,124,790 | 1,172,334 | 3,527,168 | 3,816,994 | ||||||||
| Income taxes | 1,378,607 | – | 1,432,242 | 231,600 | ||||||||
| Share-based compensation | 1,893,845 | 1,465,706 | 5,447,830 | 3,954,217 | ||||||||
| Severance expenses | 115,832 | 20,875 | 398,263 | 111,633 | ||||||||
| Other expenses | – | – | 79,132 | – | ||||||||
| Total adjustments | (1,164,286 | ) | 1,057,209 | 4,086,120 | 6,312,031 | |||||||
| Adjusted EBITDA | $ | 1,638,336 | $ | 4,419,336 | $ | 3,309,131 | $ | 14,399,611 | ||||
Conference Call Details:
Date: Thursday, November 10, 2022
Time: 8:30AM Eastern Time
To register for the conference call webcast and presentation, please visit
https://illumin.com/investors/earnings-call/
Please connect at 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investors/.
Non-IFRS Measures
This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “revenue less media costs”, “revenue less media costs margin”, “Adjusted EBITDA” and “Adjusted Net Income (Loss)” (as well as other measures discussed elsewhere in this press release).
The term “revenue less media costs margin” refers to the amount that “revenue less media costs” represents as a percentage of total revenue for a given period, while the term “revenue less media costs” refers to the net amount of revenue after deducting direct media costs. Revenue less media costs is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly the Company believes it is useful supplemental information.
“Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs, impairment loss, fair value gain, income taxes, foreign exchange gain (loss), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and also prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.
“Adjusted Net Income (Loss)” refers to net income (loss) after adjusting for non-cash items such as impairment loss, fair value gain, depreciation and amortization, share-based compensation, and foreign exchange gain/loss. The Company believes that Adjusted Net Income (Loss) is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities on a cash basis. It is another key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.
These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures in particular are relevant to their analysis of the Company.
Unaudited Interim Financial Statements
This press release contains our unaudited condensed interim consolidated statements of financial position, of income (loss) and cash flows for the three and nine months ended September 30, 2022. These statements should be read in conjunction with our unaudited interim financial statements which contain certain explanatory notes, and our accompanying management discussion and analysis for the three and nine months ended September 30, 2022, in each case as filed on sedar.com
About AcuityAds:
AcuityAds is a leading technology company that provides marketers a one-stop solution for omnichannel digital advertising with best-of-category return on advertising spend. Its journey automation technology, illumin™, offers planning, buying and real-time intelligence from one platform. With proprietary Artificial Intelligence, illumin™ brings unique digital advertising capabilities to close the gap between planning and execution. The Company brings an integrated ecosystem of privacy-protected data, inventory, brand safety and fraud prevention partners, offering trusted solutions with proven, above-benchmark outcomes for the most demanding marketers.
AcuityAds is headquartered in Toronto with offices throughout Canada, the U.S., Europe and Latin America. For more information, visit https://illumin.com.
Disclaimer in regards to Forward-looking statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. These statements may relate to the Company’s future financial outlook, financial position, anticipated events, results, success of its work from home policies, the Company’s strategy with respect to the illumin platform, or the effect of the COVID-19 pandemic on the Company’s business and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Also, given the evolving circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the Company’s clients and the business, operations, and financial position of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the “Risk Factors” section of the Company’s Annual Information Form dated March 10, 20221 for the fiscal year ended December 31, 2021 (the “AIF”) and the Company’s Management Discussion and Analysis for the three months ended September 30, 2022 dated November 10, 2022 (the “MD&A”). A copy of the AIF, MD&A and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. In addition, the effects of COVID-19, including the duration, spread and severity of the pandemic, create additional risks and uncertainties for the Company. In particular, the impact of the virus and government authorities’ and public health officials’ responses thereto may affect: the Company’s actual results, performance, prospects, or opportunities; domestic and global credit and capital markets and its ability to access capital on favourable terms, or at all; and the health and safety of its employees. The Company cautions that the list of risk factors and uncertainties described in the AIF and the MD&A are not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties, and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information.
Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statement to reflect, in particular, new information or future events.
For further information, please contact:
| Daniel Gordon Investor Relations Manager AcuityAds Holdings Inc. 416-218-9888 ext. 5313 [email protected] |
Babak Pedram Investor Relations – Canada Virtus Advisory Group Inc. 416-644-5081 [email protected] |
David Hanover Investor Relations – U.S. KCSA Strategic Communications 212-896-1220 [email protected] |
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited)
| September 30, 2022 $ |
December 31, 2021 $ |
|||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 88,231,834 | 102,208,807 | ||
| Accounts receivable | 28,448,325 | 30,972,608 | ||
| Prepaid expenses and other | 3,172,384 | 3,278,624 | ||
| 119,852,543 | 136,460,039 | |||
| Non-current assets | ||||
| Deferred tax asset | 81,803 | 81,803 | ||
| Other assets | 360,836 | – | ||
| Property and equipment | 6,950,092 | 5,369,619 | ||
| Intangible assets | 4,557,717 | 3,044,278 | ||
| Goodwill | 4,869,841 | 4,869,841 | ||
| 136,672,832 | 149,825,580 | |||
| Liabilities | ||||
| Current liabilities | ||||
| Accounts payable and accrued liabilities | 20,204,928 | 24,853,497 | ||
| Income tax payable | 558,690 | 910,165 | ||
| Borrowings | 4,800,272 | 2,946,150 | ||
| Lease obligations | 1,866,511 | 2,058,161 | ||
| 27,430,401 | 30,767,973 | |||
| Non-current liabilities | ||||
| Borrowings | 214,590 | 3,852,891 | ||
| Lease obligations | 4,362,910 | 2,148,708 | ||
| 32,007,901 | 36,769,572 | |||
| Shareholders’ equity | 104,664,931 | 113,056,008 | ||
| 136,672,832 | 149,825,580 | |||
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Expressed in Canadian dollars)
(Unaudited)
| Three months ended September 30, 2022 $ |
Three months ended September 30, 2021 $ |
Nine months ended September 30, 2022 $ |
Nine months ended September 30, 2021 $ |
|||||
| Revenue | ||||||||
| Managed services | 20,424,781 | 19,320,662 | 54,337,640 | 65,197,665 | ||||
| Self-service | 8,522,515 | 8,164,158 | 26,690,889 | 20,026,969 | ||||
| 28,947,296 | 27,484,820 | 81,028,529 | 85,224,634 | |||||
| Media costs | 14,102,830 | 13,232,069 | 39,601,460 | 40,798,761 | ||||
| Gross profit | 14,844,466 | 14,252,751 | 41,427,069 | 44,425,873 | ||||
| Operating expenses | ||||||||
| Sales and marketing | 5,904,181 | 5,260,944 | 16,745,908 | 14,982,171 | ||||
| Technology | 4,243,954 | 2,581,090 | 11,764,959 | 9,716,514 | ||||
| General and administrative | 3,173,827 | 2,012,256 | 10,084,466 | 5,439,210 | ||||
| Share-based compensation | 1,893,845 | 1,465,706 | 5,447,830 | 3,954,217 | ||||
| Depreciation and amortization | 1,124,790 | 1,172,334 | 3,527,168 | 3,816,994 | ||||
| 16,340,597 | 12,492,330 | 47,570,331 | 37,909,106 | |||||
| Income (loss) from operations | (1,496,131 | ) | 1,760,421 | (6,143,262 | ) | 6,516,767 | ||
| Finance costs | 158,453 | 263,220 | 429,557 | 797,074 | ||||
| Foreign exchange gain | (5,835,813 | ) | (1,864,926 | ) | (7,228,072 | ) | (2,599,487 | ) |
| (5,677,360 | ) | (1,601,706 | ) | (6,798,515 | ) | (1,802,413 | ) | |
| Net income before income taxes | 4,181,229 | 3,362,127 | 655,253 | 8,319,180 | ||||
| Income taxes | 1,378,607 | – | 1,432,242 | 231,600 | ||||
| Net income (loss) for the period | 2,802,622 | 3,362,127 | (776,989 | ) | 8,087,580 | |||
| Basic net income (loss) per share | 0.05 | 0.06 | (0.01 | ) | 0.14 | |||
| Diluted net income (loss) per share | 0.05 | 0.05 | (0.01 | ) | 0.14 | |||
| Exchange (gain) loss on translating foreign operations | (224,097 | ) | (331,401 | ) | 10,238 | 671,363 | ||
| Comprehensive income (loss) for the period | 3,026,719 | 3,693,528 | (787,227 | ) | 7,416,217 | |||
AcuityAds Holdings Inc.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)
For the nine months ended September 30, 2022, and 2021
| 2022 $ |
2021 $ |
|||||
| Cash provided by (used in) | ||||||
| Operating activities | ||||||
| Net income (loss) for the period | (776,989 | ) | 8,087,580 | |||
| Adjustments to reconcile net income (loss) to net cash flows | ||||||
| Depreciation and amortization | 3,527,168 | 3,816,994 | ||||
| Finance costs | 429,557 | 797,074 | ||||
| Share-based compensation | 5,447,830 | 3,954,217 | ||||
| Foreign exchange gain | (7,228,072 | ) | (2,599,487 | ) | ||
| Change in non-cash operating working capital | ||||||
| Accounts receivable | 2,637,300 | 7,333,843 | ||||
| Prepaid expenses and other | 106,237 | (1,209,249 | ) | |||
| Other assets | (360,836 | ) | – | |||
| Accounts payable and accrued liabilities | (4,296,278 | ) | (3,390,866 | ) | ||
| Income tax payable | (351,475 | ) | – | |||
| Interest paid, net | (328,332 | ) | (695,976 | ) | ||
| (1,193,890 | ) | 16,094,130 | ||||
| Investing activities | ||||||
| Additions to property and equipment | (161,646 | ) | (779,828 | ) | ||
| Additions to intangible assets | (2,650,031 | ) | (964,636 | ) | ||
| (2,811,677 | ) | (1,744,464 | ) | |||
| Financing activities | ||||||
| Repayment of term loans principal | (1,679,881 | ) | (1,818,053 | ) | ||
| Proceeds from international loans | 1,135,985 | 852,486 | ||||
| Repayment of international loans | (1,406,950 | ) | (1,410,960 | ) | ||
| Addition to leases | – | 358,644 | ||||
| Repayment of leases | (1,535,249 | ) | (2,345,510 | ) | ||
| Net proceeds from equity financing | – | 63,955,491 | ||||
| Repurchase of shares for cancellation | (12,999,975 | ) | – | |||
| Proceeds from the exercise of warrants | – | 61,723 | ||||
| Proceeds from the exercise of stock options | 374,037 | 1,056,189 | ||||
| (16,112,033 | ) | 60,710,010 | ||||
| Increase (decrease) in cash and cash equivalents | (20,117,600 | ) | 75,059,676 | |||
| Impact of foreign exchange on cash and cash equivalents | 6,140,627 | 2,599,487 | ||||
| Cash and cash equivalents – beginning of period | 102,208,807 | 22,638,300 | ||||
| Cash and cash equivalents – end of period | 88,231,834 | 100,297,463 | ||||
| Supplemental disclosure of non-cash transactions | ||||||
| Additions to property and equipment under leases | 3,809,403 | 447,869 | ||||
Artificial Intelligence
Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
About Belgium
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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DUBAI, UAE, Dec. 9, 2023 /PRNewswire/ — The simplicity and lax requirements of digital nomad visas have made them easily accessible, and countries like Portugal and Spain, which have excellent infrastructure, great internet connection, and an outstanding standard of living, draw in more digital nomads by the day, according to experts at Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A recent research quoted by the company estimates that there are 16.9 million digital nomads roaming the globe. This is a whopping 162% increase from 2019, just four years earlier.
As soon as Portugal introduced its digital nomad visa in October of 2022, the applications started pouring in. While the government hasn’t announced the number of applications it has received, Portugal’s Labour Minister did announce that the country approved 550 applications within the first six months.
Two months after launching its visa in September of 2021, Greece received 2,918 applications, approving an astonishing 1,693 applicants. The government is yet to release any new statistics, but going off that outstanding start it is safe to assume it is still garnering massive attention.
Germany also boasts impressive numbers, having issued a total of 3,638 visas in just one year since the introduction of its visa in 2018.
According to Residency Malta, the government branch responsible for the digital nomad visa, it has issued 1,041 visas to date, with an average approval rate of 78%.
Croatia, one of the first countries to introduce a pure digital nomad visa in early 2021 as a response to the rise in remote workers, has approved 680 applications, while 672 are still pending approval.
Not just Europe
“It’s not just Europe but even Barbados’ digital nomad visa, dubbed the Welcome Stamp, has been doing outstandingly well, receiving a total of 3,511 applications between 2020 and 2022”, a digital nomad specialist at Savory & Partners reports.
While digital nomads typically use visa-free access or visas to stay in countries for a few months at a time before moving on to the next, digital nomad visas provide a sense of comfort and stability that aligns perfectly with their lifestyle, giving them ample time to enjoy the country they are in before moving on to the next.
Unsurprising demand
The rapid growth in application numbers and the surging demand for digital nomad visas isn’t surprising. They are extremely simple to apply to, have fast processing times ranging from a few days to a couple of months, and they do not require any business establishment or investment.
Portugal’s digital nomad visa, for example, only requires applicants to prove a monthly income of €3,040 per month, while Spain’s visa has a lower threshold of just €2,160 per month.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
To know more about Savory & Partners, visit www.savoryandpartners.com.
For more information, please send an email to [email protected] can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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Artificial Intelligence
Robotic Lawn Mower Market to Reach $2.4 Billion, by 2032 at 10.9% CAGR: Allied Market Research
The increasing demand for smart appliances for garden maintenance by global consumers, along with the development of IOT enabled features is fueling the growth of the robotic lawn mower market.
WILMINGTON, Del., Dec. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Robotic Lawn Mower Market by Range (Low-Range Robotic Lawn Mower, Medium-Range Robotic Lawn Mower, and High-Range Robotic Lawn Mower), End User (Residential User and Commercial User), and Distribution Channel (Retail and Online): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global robotic lawn mower market size was valued at $838.5 million in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
Request Sample Copy of Report: https://www.alliedmarketresearch.com/request-sample/5117
Prime determinants of growth
The robotic lawn mower market is driven by factors such as increase in demand for automation, rise in advancements for technology, and increase in popularity of online platforms. However, the rise in regular maintenance and repair costs restricts market growth. Moreover, the increase in demand for rental robotic lawn mowers offers new opportunities in the coming years.
Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$838.5 million
Market Size in 2032
$2.4 billion
CAGR
10.9 %
No. of Pages in Report
250
Segments covered
Range, End User, Distribution Channel, and Region
Drivers
Increase in demand for automation
Rise in advancements for technology
Reduction in the labor costs
Opportunities
Increase in demand for rental robotic lawn mowers
Growth in the adoption of internet of things
Declining Cost of Batteries/Fuel Cells
Restraints
Less adoption in developing markets
Regular maintenance and repair costs
Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/64e274edbc38210d8eac6958c5995e56
The medium range robotic lawn mower segment to maintain its leadership status throughout the forecast period
Based on range, the medium range robotic lawn mower segment dominated the market in 2022 accounting for more than half of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, owing to the increase in residential and commercial spaces such as buildings, corporate spaces, sports centers, and public parks, which has fueled the requirement for medium range robotic lawn mowers.
The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment dominated the market in 2022 accounting for less than three-fourths of the market share and is expected to dominate the market during the forecast period. This segment is projected to manifest the highest CAGR of 10.7% from 2023 to 2032, owing to the increase in the demand for low and medium range robotic lawn mowers in the residential sector due to the increased requirement for lawn care and maintenance.
The retail segment to maintain its lead position during the forecast period
On the basis of the distribution channel, the retail segment dominated the market in 2022 accounting for less than half of the market share and is expected to maintain its dominance during the forecast period. The increased demand for ecologically friendly and sustainable robotic lawn mowers, which is being driven by the rising awareness of environmental challenges, is one of the main factors boosting retail sales.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the market share and is expected to maintain its dominance during the forecast period. The growing popularity in artificial intelligence for performing day-to-day activities with higher efficiency is among the primary factors driving the Europe robotic lawn mower market.
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Leading Market Players: –
Robert Bosch GmbHHusqvarna ABHonda Motor Co., Ltd.Zucchetti Centro Sistemi S.p.A.Stiga C S.a.r.l.Andreas Holding AG & Co. KGPositec Tool CorporationWiper S.R.L.Suzhou Cleva Electric Appliance Co., Ltd.Stanley Black & Decker, Inc.The report provides a detailed analysis of these key players in the robotic lawn mower market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2023-2032Canada Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032Mexico Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032Europe Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032France Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032Germany Lawn and Garden Water Equipment Market Opportunity Analysis and Industry Forecast, 2022-2032About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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