Global Tool Storage Products Market Size is Estimated to Reach US$ 3,558.5 Million by 2027, at 2.8% CAGR: Astute Analytica

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NEW DELHI, April 19, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a growth in revenue of the market for global tool storage products market from US$ 3014.1 Million in 2021 to US$ 3558.5 Million by 2027. The market is anticipated to grow at a CAGR of 2.8% during the forecast period 2022-2027. A tool storage is a storage system or box which is used with the purpose to organise, carry, keep, protect tool in one box in order to increase productivity by arranging it in an organized manner. Due to the rising demand of DIY, small construction and repairing at home, people prefer to have a tool storage set at home. Therefore, companies are focusing on offering portable tool storage products which are easy to carry and move anywhere.

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On the basis of product type, the job site boxes segment holds the major share in 2021 owing to variety of products available under the category. Moreover, tool trolleys/carts segment is expected to project the highest CAGR in the global tool storage products market due to its applications across various industries such as residential, automotive, gardening & agriculture among others. Moreover, based on application, the professional grade segment holds the largest market share in 2021 and is expected to grow at the highest CAGR during forecast period due to the constant demand of the products in the market. Furthermore, in terms of distribution channel, E-commerce is the largest shareholder in the tool storage products market in 2021 and is also projected to grow at the highest CAGR during forecast period due to its flexible supply chain availability across the world. In addition to this, based on industry, the construction industry in the major shareholder of the tools storage products market in 2021.

Market Dynamics and Trends

Drivers

The increase in worker's efficiency and increasing adoption of DIY activities will boost the global tool storage products market growth during the forecast period. Tool storage products help to carry and organize tools and are also highly beneficial for any kind of facility. Unorganized tools can contribute in unintentionally time wastage by wondering or locating them.

Storage boxes and bags allow increased efficiency during work. Moreover, a significant amount of time and energy can be saved when tools and materials are kept in the sequence or in an easily reachable place. Furthermore, growing DIY trend on social media significantly contribute to the increasing demand for tool storage products. With the increasing tech world and advancements towards AI and automation, the growth of the DIY markets seems to grow progressively as young population wants to own tool kits and equipment of their own.

Restraints

Availability of alternatives at low-prices is a restraining factor which inhibits the growth of the market during the forecast period. The alternative to tool chests and cabinets are easily available in the market at low prices such as metal storage containers for tools including racks, shelving, buckets, jobsite boxes, portable workstation, tool/service carts and kitchen/garage cabinets.

Opportunity

Growing number of households is anticipated to offer a lucrative growth opportunity for the tools market, which is anticipated to enforce the demand for tool storage products, given their superior storage coupled with convenience and easy usage.

Tool Storage Products Market Region Wise Insights

• North America Tool Storage Products Market-
  US holds the major share in terms of revenue in the North America tool storage products market in 2021 and is also projected to grow with the highest CAGR during the forecast period. Moreover, in terms of product type, job site boxes hold the largest market share in 2021 owing to variety of products available under the category. Whereas, tool bags are expected to project the highest CAGR in the North America tool storage products market.

• Europe Tool Storage Products Market-
  Germany is expected to project the highest CAGR in the Europe tool storage products market during forecast period. Whereas, UK held the major share in the Europe market in 2021 owing to the presence of leading players in the marketplace. Moreover, in terms of application, the professional grade segment holds the largest market share in 2021 and is expected to grow at the highest CAGR during forecast period due to the constant demand of the products in the Europe tool storage products market.

• Asia Pacific Tool Storage Products Market-
  China is the highest share holder region in the Asia Pacific tool storage products market in 2021 and is expected to project the highest CAGR during the forecast period as construction industries and manufacturing industries are expanding rapidly in the region which creates demand for tool storage products in the marketplace. Moreover, based on distribution channel, e-commerce is the largest shareholder in the Asia Pacific tool storage products market in 2021 and is also projected to grow at the highest CAGR during forecast period due to its flexible supply chain availability across the world.

• Middle East & Africa Tool Storage Products Market-
  UAE is the highest share holder region in 2021 and is projected to grow with the highest CAGR during the forecast period. Moreover, in terms of industry, construction industry in the major shareholder of the MEA tools storage products market in 2021 and is also projected to grow at the highest CAGR over forecast period.

• South America Tool Storage Products Market-
  Brazil is projected to grow with the highest CAGR in the South America tool storage products market over the forecast period. Furthermore, based on product type, job site boxes segment holds the major share in 2021 in the South America tool storage products market.

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Global Tool Storage Products Market: Scope of the Report

Competitive Insight

Global Tool Storage Products Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global tool storage products market include Stanley Black & Decker, Techtronic Industries, Snap-on Inc., Griffon Corporation, Taparia, Apex Tools Group, K-Tool International, Huot Manufacturing, Stahlwille, SAM Outillage and Prokit's Industries among others.

Segmentation Overview

Global Tool Storage Products Market is segmented based on product type, application, distribution channel, industry and region. The industry trends in the global tool storage products market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Tool Storage Products Market:

• By Product Type segment of the Global Tool Storage Products Market is sub-segmented into:
  - Job Site Boxes (Tool organizers)
  - Tool Bags
  - Belts & Pouches
  - Chests & Cabinets
  - Tool Trolleys/ Carts (mobile units)
  - Accessories

• By Application segment of the Global Tool Storage Products Market is sub-segmented into:
  - Professional Grade
  - Consumer Grade

• By Distribution Channel segment of the Global Tool Storage Products Market is sub-segmented into:
  - Direct Sales (B2B)
  - Wholesale Distributors
  - Retail Stores
       - Hardware Stores
       - Home Centers
  - E-commerce

• By Industry segment of the Global Tool Storage Products Market is sub-segmented into:
  - 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 segment of the Global Tool Storage Products Market is sub-segmented into:
  - 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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