Global Tool Storage Products Market is Expected to Reach 3,558.5 million by 2027 – Astute Analytica
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Tool storage systems are used across residential, automotive, construction, aviation, gardening, and other spaces, to carry, protect, and organize all the tools in a single space. The major benefit of tool storage is that it increases productivity as everything is organized. Moreover, the growing trend of DIY, small construction, and repairing is further shaping the scope of tool storage products.
Based on product type, the job site boxes segment leads with the highest market share due to the presence of a broad variety of products under the category. Moreover, the tool trolleys/carts segment will grow at the highest growth rate due to the extensive applications of tool trolleys in residential, automotive, gardening & agriculture, and other domains. The professional grade segment, on the basis of application, leads with the lion's share and will maintain its lead by registering the highest CAGR. On the basis of distribution channels, the e-commerce segment has emerged as the largest shareholder and will maintain a strong foothold in the first place by registering the highest CAGR. The construction industry, based on industry, leads in the tool storage products market with the highest market share.
Market Dynamics and Trends
Drivers
Worker efficiency plays an important role in every task, which is driving the demand for tools storage products to organize tools efficiently. Moreover, the emerging trend of DIY activities, majorly in residential spaces, will open doors of opportunities for the tool storage products industry. Tool storage products are essential as unorganized tools can result in a waste of time spent on locating them. An organized tool set can save the time and energy of workers by offering everything in hand, thereby increasing the overall efficiency of workers. Moreover, social media is playing an important role in driving the trend of DIY methods, which will wrap off significant opportunities for the global tool storage products market.
Restraints
The availability of a wide variety of low-priced alternatives may restrict the growth of the tool storage products market. Various low-cost alternatives to tool chests and cabinets, like metal storage containers, are present in the market. Metal storage containers, such as racks, portable workstations, tool/service carts, shelves, buckets, Jobsite boxes, etc., are gaining significant traction in the market, which will limit the demand for tool storage products.
Opportunity
The rising number of residential spaces is expected to bring ample growth opportunities for the global tool storage products market as it will enforce significant demand for tool storage products.
Tool Storage Products Market Analysis By Region
Germany to register the highest CAGR in Europe Tool Storage Products Market-
In the Europe Tool Storage Products Market, Germany will grow at the highest CAGR, while the UK leads with the highest market share due to the reason such as the presence of leading industry players.
Based on application, the professional grade segment holds the first place with the lion's share and will register the highest CAGR due to various supporting reasons, such as increasing demand for these products in the Europe tool storage products market.
North America Tool Storage Products Market-
In North America tool storage products market, the US holds the lead with the highest market share in 2021 and will register the highest CAGR during the study period. On the basis of product type, job site boxes hold the leading place in 2021. However, the tool bags segment will spark unprecedented growth in the industry by registering the highest CAGR in the North America tool storage products market.
Asia Pacific Tool Storage Products Market-
In the Asia-Pacific tool storage products market, China leads with the highest market share and will also register the highest CAGR during the forecast period. It is due to the steadily growing construction industries and manufacturing industries. Additionally, on the basis of distribution channels, e-commerce will lead in the Asia-Pacific tool storage products market and will register the highest growth rate owing to its flexible supply chain.
The UAE market leads in the Middle East & Africa Tool Storage Products Market-
In the Middle East & Africa tool storage products market, the UAE leads with the highest market share and will grow at the highest CAGR during the forecast period. The construction industry, based on end-use industries, will hold the largest share in the MEA tools storage products market and will wrap off untapped growth opportunities as it will grow at the highest CAGR in the MEA tool storage products market.
South America Tool Storage Products Market-
In the South America tool storage products market, Brazil will maintain a strong foothold by registering the highest CAGR. On the basis of product type, the job site boxes segment holds lion's share in the South America tool storage products market.
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Competitive Insight
Some of the leasing industry players in the tool storage products market include Taparia, Apex Tools Group, Snap-on Inc., Griffon Corporation, Techtronic Industries, K-Tool International, Stanley Black & Decker, Huot Manufacturing, SAM Outillage, Prokit's Industries, Stahlwille, and others.
Market Segmentation
Following are the different segments of the Global Tool Storage Products Market:
By Product Type:
Job Site Boxes (Tool organizers)
Tool Bags
Belts & Pouches
Chests & Cabinets
Tool Trolleys/ Carts (mobile units)
Accessories
By Application:
Professional Grade
Consumer Grade
By Distribution Channel:
Direct Sales (B2B)
Wholesale Distributors
Retail Stores
Hardware Stores
Home Centers
E-commerce
By Industry:
Residential (Individuals)
Automotive
Trades (carpentry, electrical, plumbing)
Construction
Gardening & Agriculture
Aviation
Heavy Industry
Machine Shops
Mining, Oil & Gas
Medical
MROs (maintenance, repair, and overhauls)
Railroad
Manufacturing
By Region:
North America
The U.S.
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia and New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Egypt
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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