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North America garage furniture market was valued at US$ 708.9 Million in 2021 and as per the research study, the market is projected to be at a CAGR of 2.4% during the forecast period of 2022-2027. The market is holding an opportunity of US$ 107.4 Million over the forecast period. The research report of the North America garage furniture market provides the growth opportunity of the market in the forecast period, covering the market challenges during the Covid-19 pandemic and its recovery. The report provides a detailed and comprehensive study of the garage furniture industry across 12 chapters, totaling 130 pages, with 23 data tables and 46 insightful figures.
As per the study, nearly 62% of Americans are crowded, disorganized, and messed with tools, lawnmowers, sports equipment, and more. An efficient storage system is the easiest way to keep the garage clean and tidy. Garage furniture helps to store everyday tools in a systematic and organized manner.
An increasing number of garages across North America drives the demand for garage furniture in the region. As per the 2018 Census Bureau Survey of Construction data, in the United States, 64% of homes offered a two-car garage, 7% of newly built homes had a one-car garage and another 21% of homes possessed a garage large for hold three or more cars.
The report published by Astute Analytica provides a detailed study of the garage furniture market, including all the growth factors and opportunities related to the market such as managing garage interiors and covering vehicle service centers/ garages and automotive OEMs, interiors are in demand by every end-use industry, it helps to attract customers and workers can enjoy the benefits of arranged and handy space to work in.
The report also provides a thorough study of the market based on the following segments – By Product type, in 2020, tool storage holds the highest share of 33.5%, while other types of products are cumulatively holding 66.5% of the market share; In the material segment, metals are holding the highest share in the garage furniture industry; In application segment, heavy-duty uses are projected to grow with a CAGR of 3.0%; By Distribution Channel, e-commerce holds the highest share when compared with channels; and in End User segment, mostly residential people have the major use as compared to automotive OEMs and vehicle service centers.
The report of the North America garage furniture market provides a spiral view of the market, including recent developments of the market, market competition, growth opportunity, concentration rate to get a complete overview of the regional marketplace.
The analysis shows that the U.S. holds the highest market share and is estimated to grow at a CAGR of 2.4%. The reason behind the regional dominance is attributed to the high preference for garages among residential segments. As per the studies, on average 55% of Americans spend 1-2 hours per week for various activities such as DIYs, repairing, or performing their hobbies. The report also provides the challenges faced by the market such as technological advancement in automobiles, with the upcoming new cars based on new features and servicing these cars will be equally challenging, old garage tools with traditional applications and their storage pattern are outdated. The region is witnessing an increasing adoption of autonomous vehicles, adoption of advanced connectivity features, use of sensor data for preventive maintenance, and other technically advanced advancements, which act as a major challenge for store cabinets, storage solutions, Shelves & Racks, and others.
The report further provides the price analysis which compares different types of prices of the major product type. The storage solution segment holds the significant segment share with 23.6%, while the tools and storage are at the lowest point in the shared ranking with 6% of the total segment share.
The report further provides readers with Covid-19 impact and recovery during the forecast period.
Covid-19 Impact on North America Garage Furniture Market
As per the analysis, Covid-19 adversely affected the garage furniture market, as the graphical representation shows a downflow in late 2020 in the manufacturing and supply of garage furniture.
During the pandemic the production of furniture went down because of a lack of workers, the disruptions in the supply chain have increased the overheads related to the delivery of the garage furniture to the end-users, supplies, or assemblers. However, owing to the improved situation of Covid-19, the market is gaining a high adoption of online distribution channels is estimated to keep the pace of the market in the forecast period.
Competitors in the Market
The report provides a detailed analysis of the existing competitors in the market, covering the company’s business overview, strategical outlook, product listing, recent developments, and company financials to get a brief overview of the key players. Key players included in the market report are Homak Mfg Co. Inc., Intro-Tech (Pitstop furniture), ATD Tools, Inc., Connected Automotive Systems (OEMTools.com), Apex Tool Group (Gear Wrench), Black and Decker, Dura Ltd., Cipher Auto Inc., OMP Group and Harwal Group of Companies (Duramax).
The study of the market is observed that the North American garage furniture market is an Oligopoly in nature and is projected to shift towards monopolistic competition nature in the forecast period. Companies like Stanley Black & Decker, Intro-Tech Automotive, Apex Tools Group, Homak Manufacturing Company, Inc. hold a major share in the market, and the rest of the market is held by local players.
North America garage furniture market is divided into five segments which are: By Product Type, By Material, By Application, By Distribution Channel, By End User, and By Country.
By Product Type
By Distribution Channel
|Market Size Value in 2021||US$ 708.9 Mn|
|Expected Revenue in 2027||US$ 816.3 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product Type, By Material, By Application, By Distribution Channel, By End-User, and Country|
|Key Companies||Homak Mfg Co. Inc., Intro-Tech (Pitstop furniture), ATD Tools, Inc., and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The North America garage furniture market valued US$ 708.9 Mn in 2020.
The US holds the highest share of 73.3% in 2020.
Tool storage holds the highest share by 33.5% in 2020.
North America Garage Furniture Market size is expected to grow to US$ 816.3 Mn by 2027.
Increasing number of garages and rising demand related to protection of garage equipment are the factors influencing the growth of the garage furniture market in North America.
Stanley Black & Decker, Intro-Tech Automotive, Apex Tools Group, Homak Manufacturing Company, Inc. are some of the top market players.
Metal, wire, plastics, wood are some of the materials used in garage furniture.
Plastic has registered the highest growth at a CAGR of 3.0% during 2021-2027.
Direct sales (B2B), wholesale distribution, retail stores, and e-commerce.
Technological advancement in automobiles is one of the challenges faced by garage furniture market.
No, the North America garage furniture market is observed to have loose oligopoly for the current period.
Intensity of rivalry is expected to increase gradually, considering modernization of garage outlook and the type of tools used in place coupled with innovative strategies taken by prominent players present in the market.