North America Professional Grade Tool Chests Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

North America Professional Grade Tool Chests Market is estimated to witness a rise in revenue from US$ 1,986.0 Mn in 2021 to US$ 3,021.6 Mn by 2030. The market is registering a CAGR of 5.0% during the forecast period 2022-2030. In terms of volume, the market is registering a CAGR of 3.9% during the forecast period. 

Professional grade tool chest come in a variety of shapes and sizes, and are used to store, organize, carry different types and sizes of tools for range of applications. Any mechanic's garage is incomplete without a professional grade tool chest. Professional grade tool chest is gaining huge acceptance among industry verticals due to the benefits offered by range of tool storages by boosting worker’s efficiency and by providing a safe place to store all the valuable tools. Moreover, if tools are not kept in a proper place, then items will be destroyed or, in the worst-case scenario, lost forever. Also, one of the most major elements contributing to the rising demand for professional grade tool chest is DIY trends on social media as it provides easy accessibility to the user to do things on their own.

Professional Grade Tool Chests can help to-

• Save Money
• Easy Movability
• Reduce time wastage
• Longer Production Time
• Physiological Factor

The market is majorly driven by factors such as increasing manufacturing & construction work and growth in residential & commercial places. The growing interest in building rehabilitation, carpentry and construction, has increased the demand for professional tool storage devices. Moreover, continuous developments in technology crates a lucrative growth opportunity for the market. However, raw material quality and workflow management restricts the market growth as items stored inside tool chest tend to get jumbled up sometimes. 

Report Summary

The study of the North America Professional Grade Tool Chests Market considers various market determinants, industry value chain analysis and competitor analysis of the market. The report discusses the analysis of the professional grade tool chests industry for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the North America Professional Grade Tool Chests Market across 12 Chapters and 166 pages. The report includes data presentation across 31 tables and 56 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and competitive rivalry is less.

The subsequent section provides details of the market analysis based on different segments such as tools chest type, distribution channel, End User and country. The report includes detailed study of value chain of the industry. It includes raw material provider, manufacturer, distributor/provider and end user. The report also covers extensively about the key competitors in the market for professional grade tool chests.

Impact of COVID-19 on North America Professional Grade Tool Chests Market 

The COVID-19 crisis had an adverse effect on the North America grade tool chests market as operations were stopped due to pandemic related restrictions. Moreover, the manufacturing and supply chain infrastructure of grade tool chest market have been impacted negatively with facility closures due to government restrictions during the COVID pandemic. However, it is expected to see a positive economic recovery and response to after effects of Covid-19 impact due to more online purchases and developing technology. 

Key Takeaways from the North America Professional Grade Tool Chests Market Report

• Based on tools chest type, the tool cabinets & chest combinations hold the largest market share in 2021 and expected to project the highest CAGR during forecast period. Due to variety of products available under the category as they come in variety of different styles and sizes. 
• In terms of distribution channel, direct sales segment holds the highest market share in 2021 and is projected to grow at the highest CAGR of 5.25% over the forecast period. In direct sales segment, tools can be examined carefully before purchasing.
• By end user, the non-residential users are the major shareholder in the professional grade tool chest market in 2021. The commercial workbench is a must-have for any professional mechanic or carpenter in order to keep their tools and equipment safe. Moreover, the residential segment users are projected to grow at the highest CAGR of 5.8% over the forecast period owing to increasing garages in homes.

Regulations/Standard of Professional Grade Tool Chests Market

• The Consumer Product Safety Commission- 

This commission lays down regulation in order to ensures proper safety and training of workers in factory. Only qualified personnel will operate chain saws. Proper training gives chain saw operators the skills to perform their work efficiently and safely. Training must include specific work procedures, practices and requirements of the work site, including the recognition, prevention and control of general safety and health hazards.

• 29 CFR Part 1926 - SAFETY AND HEALTH REGULATIONS FOR Tools-Hands & Power-

All hand and power tools and similar equipment, whether furnished by the employer or the employee, shall be maintained in a safe condition. Also, employers must comply with all applicable regulations and standards. 

Competitive Landscape

The key players in the North America Professional Grade Tool Chests Market are Clarke Tools, CURT Manufacturing LLC (UWS), Draper Tools, Halfords Tools, Husky Tools, Kennedy, Milwaukee Tools, Moduline, Pioneer Steel USA, Sealey American, Snap On, Sonic Tools, Stanley Black and Decker Group, Sunex Tools and Techtronic Industries among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

North America Professional Grade Tool Chests Market is segmented based on tools chest type, distribution channel, end user and country. The industry trends in the professional grade tool chests market are sub-divided into different categories in order to get a holistic view of the North America marketplace. 

Following are the different segments of the North America Professional Grade Tool Chests Market:

By Tools Chest Type segment of the North America Professional Grade Tool Chests Market is sub-segmented into:

• Rolling Tool Cabinets
• Side Cabinets & Lockers
• Tool Cabinets & Chest Combinations
• Top Chests, Intermediate Chests & Hutches

By Distribution Channel segment of the North America Professional Grade Tool Chests Market is sub-segmented into:

• Direct Sales
• Distributors
• Online
  • Brand Websites
  • E-commerce Platforms
• Offline
  • Specialty Stores
  • Supermarket/Hypermarket

By End User of the North America Professional Grade Tool Chests Market is sub-segmented into:

• Residential
• Non-residential
  • Automotive
  • Aeronautical
  • Oil & Gas and Mining
  • Transportation
  • Utility Services (Electricity, Plumbing)
  • Others

By Country segment of the North America Professional Grade Tool Chests Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico