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As per the report published by Astute Analytica, titled ‘North America Garage Furniture Market’ the market is expected to add an opportunity of US$ 115.4 Mn over the forecast period 2021 – 2027.
The garage furniture market in North America is projected to grow at an annual growth rate of 2.4% during the forecast period 2021-2027. As per the research study, the market expansion is attributed to various growth factors such as increasing number of garages in North America, majority of homes equipped with garages increases the scope of garage furniture which can range from tool and tool storage to office chairs in case of space availability and usage. As per the analysis, most of the garage share is dominated by 2-car garages on an average, which means a larger scope for garage furniture. Furthermore, garage furniture prevents the equipment and tools from rust, garages are occupied with tool and garage equipment, these expensive garage tools, and such big investment in business and/or hobby requires the utmost care, selecting where to store tools and equipment is the key factor preventing them from rusting. Furniture like tool storage, shelves & racks protects tools from moisture from ground which can cause rust, especially if tools are covered with dust.
Increasing Trend of Managing Garage Interior Creates a Productive Opportunities
Garages are usually underutilized, messy and generally doesn't match the standard and design of living space and house. Increasing trend of interior customization and rising customer demand for designing solutions leads to growth opportunity in garage furniture. With a wide range of garage interior products now available in the market everyone can transform their garage into a stylish, playful, and practical space all at once. The interiors are mainly covered with wall storage solutions, garage flooring, garage cabinets and others. Commercially, workers and customers can enjoy the benefits of arranged and handy space to work in, vehicle service centers/ garages and automotive OEMs, interiors are in demand by every end-use industry.
As per the study, in 2019, it was found that about 108 million linear feet of closet and garage storage were installed in U.S. homes, the total number of purchasing households increased by 8%. Ceiling storage perhaps the last frontier when all viable wall space is occupied saw the biggest growth in terms of percentage. Approximately 40% of garage storage systems were built from prefabricated components such as natural lumber, manufactured wood, or plastic. The remaining storage elements were assembled from traditional building materials.
The US Garage Furniture Market: Leading North America Market
Regionally, North America garage furniture market includes the US, Canada, and Mexico. The US holds the dominance in the garage furniture market across North America, holding a highest share of 73.2% when compared to Canada and Mexico, because of high preference of garages among residential segments. As per the research study, around 55% of Americans spend their many hours every week for various activities such as DIYs, repairing, or performing their hobbies. In 2020, Canada held the second position by following US in the market, Canadian market is witnessing lucrative opportunities, owing to increasing demand for garages. It has been founded that nationwide, a functional 2 car garage ranked in the top ten features that Canadians look for when buying a home. Further, Mexico account for least market share holder among all the other regions but it is forecasted to grow with a higher rate of 2.7% after the US.
COVID – 19 Impact on North America Garage Furniture Market
It is expected to see a positive economic recovery from aftereffects of Covid-19, because of uncertainty shift in consumer behavior and increasing adoption of online distribution channels is estimated to keep the pace of the market in the forecast period.
Covid – 19 and the pandemic disrupted the supply chain related to the delivery of the garage furniture to the end-users, supplies or assemblers. The increasing demand for garage furniture and stoppage of supply led to increased expenses which in turn affects the price margins and overall market growth trend. However, the market pace is estimated to catch in, along with various hurdles such as increased product prices, changed trade regulations and other political factors.
Market Competitors in North America Garage Furniture Market
The market has a few garage furniture suppliers, while the market is majorly operated and dominated by retailers in the supply chain, with a smaller number of suppliers, the industry leads the market observed to lose oligopoly nature and is projected to shift towards monopolistic nature in the forecast period.
Key players like Stanley Black & Decker, Intro-Tech Automotive, Apex Tools Group, Homak Manufacturing Company, Inc. holds the highest share in the market with a cumulative ratio of 27.8%. As per the study of the market, it is observed that top 15-20 players in the market hold more than 65% of the market share, remaining share is captured by domestic small-scale companies.
Segmentation Overviewof North America Garage Furniture Market
Segmentations covered in the research study of North America garage furniture market includes analysis based of different categories, for instance, the tool storage holds the highest market share among other types of products used in garage furniture such as storage solution, shelves & racks, work benches, etc. because of it its easy affordability and smaller in size as compared to other product types. It is expected that shelves & rack category has the highest annual growth rate of 2.5% during the forecast period.
North America garage furniture market is divided into five segments which are: By Product Type; By Material; By Application; By Distribution Channel; and By End User.
By Product Type
By Distribution Channel
By End User
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