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The global tool storage products market is expected to experience a steady increase in revenue over the next few years. The market is projected to grow from US$ 3,091.4 million in 2022 to US$ 4,040.6 million by 2031, representing a compound annual growth rate (CAGR) of 2.8% from 2023-2031. This suggests that the demand for tool storage products will continue to remain lucrative for businesses operating in this sector.
This growth can be attributed to several factors, including the increasing adoption of power tools and hand tools in various industries such as construction, automotive, and manufacturing. Additionally, the rise in do-it-yourself (DIY) activities among individuals and the growth of the e-commerce industry have contributed to the expansion of the tool storage products market.
Furthermore, the demand for tool storage products that offer high durability, portability, and convenience is expected to drive the growth of the market. Manufacturers are focusing on developing innovative and technologically advanced tool storage solutions that cater to the specific needs of end-users. For instance, some tool storage products come with features such as lockable drawers, built-in power outlets, and weather-resistant coatings to provide added protection to tools and equipment.
Growing Demand for High-Quality and Durable Tool Storage Products
The growing demand for high-quality and durable tool storage products is another significant driver of the tool storage products market. With the rise of the DIY trend, consumers are looking for tool storage solutions that offer versatility, durability, and portability. Additionally, the increasing adoption of power tools and hand tools in various industries such as construction, automotive, and manufacturing, has led to a growing demand for tool storage products that can withstand heavy usage and provide secure storage solutions. Manufacturers are responding to this demand by developing innovative and durable tool storage solutions that offer added features such as lockable drawers, built-in power outlets, and weather-resistant coatings.
Rapid Industrialization and Infrastructure Development
The rapid industrialization and infrastructure development in emerging economies such as India, China, and Brazil are driving the growth of the tool storage products market. With the expansion of manufacturing capabilities and infrastructure, there is a growing need for efficient and secure tool storage solutions. Additionally, the increasing use of power tools and hand tools in these industries is further driving the demand for high-quality tool storage solutions.
Emerging economies such as India, China, and Brazil are expected to be the primary drivers of the tool storage products market. These countries are investing heavily in their infrastructure and expanding their manufacturing capabilities, which is expected to drive the demand for efficient and secure tool storage solutions. Moreover, with the rise of the middle class in these countries, there is an increasing demand for high-quality and durable tool storage products.
Segmental Analysis Global Tool Storage Products Market
By Product Type
The job site boxes continue to dominate the tool storage products market in 2022 due to their versatile nature. These boxes come in a variety of shapes and sizes, catering to the needs of different applications. For example, they can be used to store heavy-duty tools as well as small hand-held equipment. Meanwhile, the tool trolley/carts segment is expected to grow at the highest CAGR during the forecast period due to their mobility and applicability across various industries such as automotive, gardening, and agriculture. These trolleys are widely used to carry tools and equipment from one place to another, making them ideal for on-site tasks.
The professional-grade tool storage products segment continues to hold the highest market share in 2022. The segment is projected to grow at the highest CAGR during the forecast period due to the increasing demand for high-quality, durable products. Moreover, the growing construction and automotive industries in the Asia Pacific region have opened up new opportunities for the tool storage products market. The need for efficient storage and easy access to tools in these industries is driving the growth of this segment.
By Distribution Channel
E-commerce is currently the largest distribution channel for tool storage products and is expected to grow at the highest CAGR during the forecast period. The flexible supply chain available across the world is a major factor contributing to the growth of e-commerce in this market. Furthermore, the COVID-19 pandemic has accelerated the shift towards e-commerce, as consumers and businesses increasingly prefer the convenience of online shopping.
The construction industry remains the largest shareholder of the tool storage products market in 2022. The industry's continuous growth and expansion across all regions are driving the demand for storage solutions for tools and accessories. Additionally, the construction site requires a wide range of tools and equipment for various tasks, making the industry a major contributor to the growth of the tool storage products market. Other industries such as automotive, gardening, and agriculture are also expected to contribute to the growth of this market due to the increasing need for efficient tool storage solutions.
Based on region, North America continues to dominate the global tool storage products market in 2022. The region's construction sector has been experiencing significant growth, and this has led to increased spending on storage solutions for tools and equipment. Moreover, the high adoption rate of advanced technologies, such as cloud-based storage solutions and mobile applications, is driving the growth of the tool storage products market in the region.
On the other hand, the Asia Pacific region is expected to witness the highest CAGR during the forecast period. The construction industry and manufacturing sector in the region have been expanding rapidly, leading to an increased demand for tool storage products. The growing demand for efficient tool storage solutions in industries such as automotive, aerospace, and construction is driving the growth of the market in the region.
China, Japan, and India are expected to be the major contributors to the growth of the tool storage products market in the Asia Pacific region. China is the largest producer of tools and equipment in the world, and the country's construction industry is experiencing rapid growth, creating a significant demand for tool storage products. Similarly, Japan has a well-established manufacturing industry, and the demand for efficient tool storage solutions is growing in the country. India's construction industry is also expanding, and this is driving the demand for tool storage products in the country.
In terms of consumption, North America and Europe are currently the largest consumers of tool storage products. However, the Asia Pacific region is expected to surpass these regions in the coming years due to the increasing demand from the construction and manufacturing sectors. In terms of production, China is the largest producer of tool storage products in the world, followed by the United States and Germany.
List of Key Companies Profiled:
• Stanley Black & Decker acquires Waterloo Industries: In 2017, Stanley Black & Decker, a leading manufacturer of hand tools and power tools, acquired Waterloo Industries, a company that specializes in manufacturing tool storage products. This acquisition helped Stanley Black & Decker expand its portfolio of storage solutions for tools and equipment.
• The Home Depot acquires HD Supply: In 2020, The Home Depot, a leading home improvement retailer, acquired HD Supply, a company that specializes in providing maintenance, repair, and operations (MRO) products to businesses. This acquisition helped The Home Depot expand its offerings of MRO products, including tool storage products.
• Apex Tool Group merges with Bain Capital: In 2021, Apex Tool Group, a leading manufacturer of hand and power tools, announced its merger with Bain Capital Private Equity. This merger will help Apex Tool Group expand its presence in the global market for tools and storage solutions.
• Husky Toolboxes acquires Waterloo Industries: In 2022, Husky Toolboxes, a manufacturer of tool storage products, acquired Waterloo Industries from Stanley Black & Decker. This acquisition will help Husky Toolboxes expand its product line and increase its presence in the global tool storage products market.
Global tool storage products market is segmented based on product type, application, distribution channel, industry and region.
Following are the different segments of the Global Tool Storage Products Market:
By Product Type:
By Distribution Channel:
|Market Size Value in 2022||US$ 3,014.1 Mn|
|Expected Revenue in 2031||US$ 4,040.6 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, Taparia, Apex Tools Group, K-Tool International, Huot Manufacturing, Stahlwille, SAM Outillage, Prokit's Industries, 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 2018-2031.
The growth rate of the global tool storage products market is 2.8%, with an estimated value of US$ 4,040.6 Million by 2031.
North America held the major share in terms of revenue in the global tool storage products market in 2022.
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 2022 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.