July 20, 2022 09:19 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, July 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Tool Storage Products Market finds that the increasing popularity of DIY activities is expediting market growth. Primarily driven by the rising adoption of advanced technologies, The Global Market revenue stood at a value USD 1,541.3 Million in 2021. The Global Market revenue stood at a value USD 1,541.3 Million in the year 2021.
The Global Tool Storage Products Market size is forecasted to reach USD 2,089.2 Million by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period; states Vantage Market Research, in a report, titled “Tool Storage Products Market Size, Share & Trends Analysis Report by Product Type (Chest Combos, Mobile Work Benches, Garage Storage, Tool Boxes), by Material Type (Wood, Metal, Plastic, Steel), by Distribution Channel (Online, Offline), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
Increased Popularity of DIY Activities to Stimulate the Market Growth
The Global Tool Storage Products Market is expected to grow substantially during the forecast period owing to the popularity of DIY activities concerning home improvement and automotive care and maintenance. Tool storage devices facilitate the transport and storage of tools and are suitable for several activities such as gardening, repair and maintenance, and home improvement. The use of storage boxes and bags increases work efficiency. Furthermore, keeping equipment and tools in the proper order or conveniently can save significant time and energy. With technological advancements such as AI and automation, the DIY market appears to be steadily growing, as young people desire to own their tool kits and equipment. In addition, people prefer to live in visually appealing homes. As a result, tool storage and toolkits are in high demand for home improvement applications. In March 2021, home improvement projects in the U.S. increased by 77%, with the kitchen being the most improved room. In addition, the growth of home renovation activities in developing countries such as India is also driving the market for tool storage goods.
Availability of Low-Cost Alternatives to Hamper the Growth of the Market
The availability of low-cost alternatives is a restricting factor limiting market growth over the projection period. Metal storage containers for tools storage, such as Racks, Shelves, Buckets, Jobsite Boxes, Portable Workstations, Tool/Service Carts, and Kitchen/Garage Cabinets, are readily accessible in the market at low prices as an alternative to tool chests and cabinets.
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Segmentation of the Global Tool Storage Products Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the consumer goods industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
e. Middle East & Africa
The Report on Tool Storage Products Market Highlights:
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Tool Storage Products Market Size, Share & Trends Analysis Report by Product Type (Chest Combos, Mobile Work Benches, Garage Storage, Tool Boxes), by Material Type (Wood, Metal, Plastic, Steel), by Distribution Channel (Online, Offline), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
North America Dominated the Global Tool Storage Products Market
North America held the largest shares in 2021 and is likely to continue the same trend during the forecast period. The U.S. has the largest market share in the region. This is owing to the presence of established players, the adoption of advanced technologies, the rising popularity of DYI among consumers, and an increase in home improvement activities. Further, the increase in the number of DIY home improvement projects in the U.S. is also likely to support the regional growth of the market. Manufacturers are also focusing their efforts on creating new products that are simple for residents and commercial workers to use.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period due to the rising construction industry, automotive assembly, woodworking tool exports, and new tool storage facilities.
List of Prominent Players in Tool Storage Products Market:
November 2021: DeWalt launched three new mechanics sets with TOUGH SYSTEM 2.0 trays, which allow mechanics to connect, carry, and store tools in various ways. Due to this launch, DeWalt has expanded its product line and provided innovative products to its customers.
April 2021: Ridgid Tool launched a professional tool storage system. This product line is used by professionals and allows them to have all the necessary tools at their fingertips whenever needed. In addition, it will enable users to arrange and store tools without wasting space or time neatly.
Key questions answered in the report:
This market, titled “Tool Storage Products Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
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