Tool Storage Products Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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. 

Market Dynamics

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: 

• The latest study published by Astute Analytica analyses the Global Tool Storage Products Market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and challenges; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 15 chapters distributed across 176 pages with 36 lists of tables and 83 lists of figures.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material suppliers, manufacturers, distribution channels, end-user, and regulations.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Tool Storage Products Market Report

• Based on product type, the job site boxes hold the largest market share in 2021 owing to a variety of products available under the category. For instance, the boxes are available in a variety of sizes and shapes and can be used based on the application type. Whereas, the tool trolley/carts are projected to have the highest CAGR during the forecast period as they are movable and have applications across almost all the industries such as residential, automotive, gardening & agriculture among others.
• On the basis of application, the professional grade holds the highest share in 2021 and is expected to grow at the highest CAGR during the forecast period due to the constant demand for the products in the market. Additionally growing automotive and construction industry in the Asia Pacific region has paved way for higher opportunities in the tool storage products market.
• In terms of distribution channels, e-commerce is the maximum shareholder in the tool storage products market in 2021 and is also projected to grow at the highest CAGR during the forecast period due to the flexible supply chain available across the world. Additionally, e-commerce is projected to be a widely accepted channel after the hit of pandemics across the world.
• By industry, the construction industry is the major shareholder of the tools storage products market in 2021 as it is a flourishing vertical across all the regions. Additionally, tools and accessories used in the construction site are more as compared to other industries.
• Based on region, North America is the dominating region in the tool storage products market in 2021 owing to the increased spending in the construction sector coupled with the high adoption rate of advanced technology. Whereas, Asia Pacific is expected to capture the highest CAGR over the forecast period as construction industries and manufacturing industries are expanding rapidly in the region which creates demand for tool storage products.

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. 

Competitive Landscape

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.

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