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Global Tool Storage Products Market is estimated to witness a rise in revenue from US$ 3,014.1 Mn in 2021 to US$ 3,558.5 Mn by 2027. The market is registering a CAGR of 2.8% during the forecast period 2022-2027. Tool storage products are used to store, organize, and carry different types and sizes of tools for a range of applications. Tool storage is gaining huge acceptance among industry verticals due to the benefits offered by a range of tool storage by boosting workers’ efficiency.
The market is majorly driven by factors such as an increase in workers' efficiency and increasing adoption of DIY activities. Tool storage products help to organize tools and are highly beneficial for any kind of facility. Tool organization can help to reduce time wastage, save money, easy movability, longer production time, and physiological factor. Moreover, the DIY trend is increasing at an exploding rate with a positive rate of adoption, the DIY market is anticipated to be a billion-dollar industry by the end of the year 2021. When it comes to DIY, people are creating and sharing at an unprecedented pace and also it enhances the desire to share the creation. Hence, the increasing demand for DIY home improvement activities boosts the growth of the tool storage products market. Furthermore, the growing number of households provides a lucrative growth opportunity in the global tool storage products market over the forecast period. However, the availability of alternatives at low prices is the main key factor that results in restraining the growth of the market. Alternative tool chests and cabinets are easily available in the market at low prices, some of them are metal storage containers for tools such as racks, shelving, buckets, bins, Jobsite boxes, portable workstations, tools/services carts, and kitchen/garage cabinets.
Key Insights of the Report:
Key Takeaways from the Global Tool Storage Products Market Report
COVID-19 impact on Global Tool Storage Products Market
The COVID-19 crisis had significantly impacted the tools storage product market when operations were stopped due to pandemic-related restrictions. The sales and distribution networks were severely impacted during the pandemic. However, E-commerce continued to register growth due to the flexible supply chain available across the world. Moreover, the manufacturing and supply chain infrastructure of the tools storage products market has been impacted negatively by facility closures due to government restrictions during the COVID pandemic. However, it is expected to see a positive economic recovery and response to the after-effects of the Covid-19 impact.
The key players in the Global Tool Storage Products Market are 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. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
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:
By Application segment of the Global Tool Storage Products Market is sub-segmented into:
By Distribution Channel segment of the Global Tool Storage Products Market is sub-segmented into:
By Industry segment of the Global Tool Storage Products Market is sub-segmented into:
By Region segment of the Global Tool Storage Products Market is sub-segmented into:
|Market Size Value in 2021||US$ 3,014.1 Mn|
|Expected Revenue in 2027||US$ 3,558.5 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product Type, Application, Distribution Channel, Industry, and Region|
|Leading players||Stanley Black & Decker, Techtronic Industries, Snap-on Inc., Griffon Corporation, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
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.
The global tool storage products market is studied from 2017-2027.
The growth rate of the global tool storage products market is 2.8%, with an estimated value of US$ 3558.5 Million by 2027.
North America held the major share in terms of revenue in the global tool storage products market in 2021.
Factors such as increase in worker’s efficiency and increasing adoption of DIY activities drives the growth in the global tool storage products market.
Availability of alternatives at low-prices is a restraining factor which inhibits the growth of the market during the forecast period.
Product type, application, distribution channel, industry and region are the different segments of the global tool storage products market.
Growing number of households is anticipated to offer a lucrative growth opportunity for the tools market, given their superior storage coupled with convenience and easy usage.
The job site boxes segment holds the major share in 2021 owing to variety of products available under the category. Also, the job site boxes are available as per the customized needs of the end-users.
China is expected to project the highest CAGR during the forecast period in the Asia Pacific tool storage products market.
The key players operating in the market include Stanley Black & Decker, Techtronic Industries, Snap-on Inc., Griffon Corporation, Taparia, Apex Tools Group, K-Tool International, SAM Outillage and Prokit's Industries among others.