Global Tool Storage Products Market Research Report: Forecast (2023-2028)

Market Definition

Tools storage products are used mainly for organizing, transporting, & protecting different tools in a hassle-free manner. These units may include pouches, bags, toolboxes, and wall hangers, among other products. By organizing all the crucial tools in one place, tool storage products help optimize storage space and keep the garage clean.

Market Insights & Analysis: Global Tool Storage Products Market (2023-28)

The Global Tool Storage Products Market size is valued at around USD 1.8 billion in 2022 & is expected to grow at a CAGR of about 5.6% during the forecast period, i.e., 2023-28. The growth of the market is projected to be driven by the rapidly rising construction activities across different regions worldwide, the emergence of DIY trends, especially among the young generation, coupled with the increasing consumer spending on home renovation activities, and the introduction of various innovative products by the leading manufacturers.

More & more millennials are showing active interest in owning kits & equipment that help them do things on their own and thus tend to seek storage options that make organizing & transporting different tools easier. The world is witnessing burgeoning sales of value-added feature products, such as customized accessories, light bars, & lockable lids for security, i.e., creating lucrative prospects for the tool storage products industry.

Moreover, to cater to the ever-growing consumer requirements for these storage units, the leading manufacturers operating in the industry are actively working on improving their supply channels, expanding their product range, and bringing technologically advanced products, which all indicate a notable expansion of the global tool storage products market in the forecast years.

Global Tool Storage Products Market Recent Developments 

• In November 2021, DeWalt, a leading provider of complete Jobsite solutions, launched three new mechanics sets with ToughSystem 2.0 trays to allow mechanics to connect, transport, & store tools in various ways.
• The same year in April, RIDGID introduced a high-quality Tool Storage System for professionals to conveniently have all the right tools at their hands whenever required. It enables easy and efficient organization & storage of tools without space or time wastage.

Global Tool Storage Products Market Key Driver:

Increasing Proliferation of DIY Activities - The rise in DIY activities associated with home improvement, especially after the advent of Covid-19, has provided a strong impetus to the Global Tool Storage Products Market. Tool storage units enable the easy transportation & storage of different tools used for activities like gardening, repair & maintenance, home improvement, etc., and, consequently, enhance work efficiency while saving both time & energy. DIY tools & kits are being upgraded constantly with advanced technologies like AI & automation to cater to young people's desire to own their tool kits & equipment. As a result, tool storage units are in high demand worldwide for home improvement & other maintenance activities, and the same trend is likely to be followed in the coming years.

Global Tool Storage Products Market Growth Restraint:

Rising Availability of Cheaper Alternatives to Tool Chests & Cabinets - The readily available & low-cost tool storage containers like racks, shelves, buckets, portable workstations, and kitchen/garage cabinets in the market are easy alternatives to the expensive tool chests & cabinets and, in turn, likely to act as prominent growth restraints for the Global Tool Storage Products Market during 2023-28.

Global Tool Storage Products Market (2023-28): Segmentation Analysis

The Global Tool Storage Products Market study from MarkNtel Advisors analyses the major trends in each sub-segment and includes predictions for the period 2023–2028 at the global, regional, and national levels. The market has been segmented in our analysis based on product type, material, and distribution channel.

Based on Product Type:

• Tool Boxes
• Jobsite Boxes
• Tool Push Carts/Trolleys
• Tool Bags
• Belts & Pouches
• Tool Cabinets & Chests
• Others (Hooks & Wall Hangers, etc.)

Of them all, Jobsite boxes held the largest share of the Global Tool Storage Products Market in the previous few years, and the same trend is likely during 2023-28. It owes to the availability of a variety of products in different shapes & sizes under this category of storage units that can be used for numerous purposes. Moreover, the demand for tool trolleys/carts is rising at a considerable growth rate globally and, consequently, is boding well for the overall market expansion. It owes to their extensive application in almost all end-user verticals like automotive, agriculture, & residential, among others.

Based on Material:

• Wood
• Plastic
• Metal

Here, plastic is expected to acquire a sizeable market share in the forecast years. A plastic tool storage unit is a cost-effective, convenient, and quick solution to store high-end equipment for everyday use. With the rapidly increasing prevalence of house ownership, especially in developing nations, more & more consumers are seeking storage alternatives for the easy organizing & transportation of different tools and hence purchasing plastic-based tool storage products, owing to their portability & an extensive range of choices, thereby stimulating the overall market growth.

Based on Distribution Channel:

• Online
• Offline

Among both, online sales channels are gaining traction worldwide and are likely to acquire a notable share in the Global Tool Storage Products Market during 2023-28. It owes to their benefits like convenient shopping, hassle-free product search, a wide range of product choices, doorstep deliveries, heavy discounts, multiple payment options, etc. With the massive boom in the e-commerce sector, especially after the Covid-19 pandemic, coupled with the rising penetration of the internet & social media, the leading industry players have started adopting Omni-retail channels to garner a broader consumer base & generate significant revenue streams.

Global Tool Storage Products Market Regional Projection

• North America
• South America
• Asia-Pacific
• Europe
• The Middle East & Africa

Of all regions globally, North America is projected to attain a significant share of the Tool Storage Products Market during 2023-28. It owes to the early adoption of advanced technologies in the US & Canada, ever-increasing investments in the construction sector, and the extensive presence of leading manufacturers across the region. Moreover, massive R&D investments by manufacturers to introduce innovative & more-efficient products to the market and cater to a wider consumer base are also projected to create new avenues for the North America Tool Storage Products Market to witness noteworthy expansion in the coming years.

On the other hand, Asia-Pacific Tool Storage Products Market is likely to grow at a notable CAGR of around 5.6% in the coming years. It attributes to the rapidly expanding manufacturing & construction industries across the region owing to improving disposable incomes and ever-rising population levels, i.e., amplifying the demand for different tools and, consequently, their storage units. Moreover, the easy availability of cheap labor, the rising establishment of residential buildings, and the overall low production costs are other prominent aspects augmenting the market growth for tool storage products across Asia-Pacific.

Gain a Competitive Edge with our Global Tool Storage Products Market Report

1. Global Tool Storage Products Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Tool Storage Products Market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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