dublin, March 22, 2024 /PRNewswire/ — “Global Tool Storage Products Market – Outlook and Forecast 2024-2029” report added ResearchAndMarkets.com Recruitment.
The global tool storage products market is $2.31 billion by 2029, growing at a CAGR of 5.14% from 2023 to 2029.
The rise of smaller, more specialized tools is also contributing to the demand for compact storage. As technology advances, tools are becoming more compact without sacrificing functionality. Compact tool storage products are designed to hold these small tools, providing tailored compartments and a secure space to organize and protect them.
DIY activities are considered an important hobby. France, Germany, Italy, and England. This trend is also gaining momentum in developing countries such as: India, Braziland South Africa. Housing consumers often take on repair and enhancement projects that improve their skills and prove cost-effective. Tool storage equipment facilitates the transportation and storage of tools and is suitable for a variety of tasks such as gardening, repair and maintenance, home improvement, etc. Utilizing storage boxes and storage bags will increase work efficiency. Additionally, keeping equipment and tools in the right order or conveniently can save you a lot of time and energy. As a result, tool storage and tool kits are in high demand for home improvement applications, and the market for tool storage products is rapidly expanding.
Market opportunities and trends
- Growing landscape industry
- Vertical gardening is gaining popularity
- The advent of DIY gardening culture
- Transition to ergonomic design
Factors enabling market growth
- Increase in indoor plantations
- Sustainable city development
- Growing prospects for native gardening
market constraints
- The rise of power tools
- Aesthetic use of artificial plants
- Changing consumer preferences
- Limited innovation and product differentiation
Segmentation insights
Insights by category type
The global tool storage products market by category type is segmented into stationary and portable. Stationery products segment accounted for the largest share of the industry in 2023. The stationery products segment is made of durable materials such as steel. These cabinets often have locking mechanisms to protect your valuable tools. The demand for fixed tool storage is primarily due to heavy use by large manufacturing industries such as automotive, oil and gas, and mining. It is also used in DIY activities as most vendors offer easy-to-use tool storage products as a convenient and efficient tool storage solution.
Insights by product type
The global tool storage products market by product type is segmented into tool boxes, tool barrows, chests and cabinets, bags, belts and pouches, and other tool storage products. In 2023, the toolbox sector dominated the market. The toolbox sector is widely available and available in a variety of materials such as wood, steel, and metal. Steel tool boxes are popular because they are sturdy and safe. Increasing demand for toolboxes in various automotive, construction, and manufacturing industries is the main driver of sectoral growth.
Furthermore, the construction industry is expanding in emerging countries and other countries. India and China Sales of toolboxes are expected to increase. Asia Pacific region. The increasing demand for residential buildings is a key driver supporting the growth of the construction sector. Therefore, this expansion has increased the workforce on construction sites, resulting in a surge in demand for toolboxes in the APAC region.
Insights by material
The global tool storage products market is segmented by material into steel, plastic, wood, and other materials. The steel segment is the largest segment of the market. In 2023 he will account for more than 30% of the total market. Several factors that reflect the evolving needs of industries and businesses are driving the demand for steel storage solutions. One of the main factors is its robust and durable nature, making it an ideal solution for storing tools in manufacturing facilities. Additionally, they are versatile and come in a variety of formats such as shelving units, cabinet racks, and pellets. This versatility allows manufacturing facilities and other industries to choose storage options that meet their small part organization and bulk storage requirements. However, the plastic segment is growing at a high CAGR due to its convenience, cost-effectiveness, and quick resolution nature in storing equipment for daily use. With the increasing prevalence of homeownership, customers often seek storage alternatives that make it easier to organize and move equipment.
Insights by application
The global tool storage products market is segmented into professional grade and consumer grade based on application. Professional grade dominated the market in 2023 due to its durability and safety. These products are designed with durable materials, often using high-quality steel and reinforced plastics, to withstand the rigors of demanding work environments. Additionally, the integration of innovation and technology further differentiates our professional-grade tool storage products. Some models include built-in power strips, USB ports, or connectivity options that allow professionals to charge tools or connect electronic devices directly within their storage unit. Technology integration increases the functionality and convenience of storage solutions to meet the evolving needs of today's professionals.
Insights by distribution channel
In 2023, the global tool storage products market was dominated by offline distribution channels. Due to the high cost of tool storage products, the preference for offline channels remains high to minimize the risk of receiving damaged products. Its popularity in regions lacking connectivity and high consumer trust is associated with experiencing product quality, which drives the growth of this segment. However, online channel has a relatively lower share of the global tool storage products market but is expected to witness the highest growth during the forecast period. The proliferation of e-commerce and growing awareness of the benefits of online purchasing, such as deep discounts, occasional offers, and convenience, are driving the growth of the online sector.
geographical analysis
North America It is expected to capture the largest share and maintain its dominance in the global tool storage products market. $617 million The large market share can be attributed to the early adoption of advanced technology in the United States and the United States. Canada, continued investment in the construction sector, and the extensive presence of major manufacturers in the region. Additionally, increasing aerospace and industrial activities in the region are supporting the demand for several tool storage products. Additionally, significant R&D investments by manufacturers to introduce innovative and more efficient products are likely to open up new opportunities and lead to significant market growth during the forecast period.
competitive environment
The global tool storage products market is highly competitive with many vendors. Rapid technological change negatively impacts market vendors as consumers increasingly expect continuous innovation and upgrades of existing products. In the current scenario, vendors need to change and improve their unique value proposition to increase their presence in the market. Some of the global tool storage products market vendors are: stanley black & Decker, Apex Tools Group (JOBOX), Kennedy MFG, Techtronics Industries, Macto Tools Corporation, and others. The presence of diverse global and regional vendors characterizes this market.
Many vendors have enhanced several product features by using lightweight and compact materials. Such efforts will allow vendors to gain a competitive edge over other vendors in the market. Additionally, as international players continue to expand their footprint in the global tool storage products market, regional vendors may find it increasingly difficult to compete with global players. Competition is based solely on quality, materials and price. Market competition is expected to further intensify as the frequency of product expansions, technological innovations, and mergers and acquisitions increases.
Main company overview
- stanley black and decker
- Apex Tool Group (JOBOX)
Other notable vendors
- kennedy manufacturing
- Tektronic Industries (TTI)
- Emerson Electric Co., Ltd.
- Rubbermaid commercial products
- Vertex Engineering Works
- STAHLWILLE Eduard Wille GmbH & Co. KG
- Urin
- Matsuko Tools Co., Ltd.
- Shutter Enterprise Co., Ltd.
- Merchan International Co., Ltd.
- Hanel storage system
- GT line
- FACOM
- Blumetal Products Co., Ltd.
- Acromills
- elite toolbox
- Boxo united states of america
- New Pig Co., Ltd.
- knipex
- Montezuma
- Paxshell Private Limited
- eastman group
Split report
Segmentation by category type
Segmentation by product type
- tool box
- tools wheelbarrow
- chest & cabinet
- bags, belts, pouches
- Other tool storage products
Segmentation by material
- steel
- plastic
- wood
- Other materials
Segmentation by application
- professional grade
- consumer grade
Segmentation by distribution channel
Segmentation by geography
- North America
- Europe
- Asia Pacific
- latin america
- middle east & Africa
For more information about this report, please visit https://www.researchandmarkets.com/r/ik3z3c.
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