According to Arizton’s latest research report, the global tool storage products market is growing at a CAGR of 5.14% during the forecast period.
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Report Scope
Market Size (2029): USD 2.31 Billion
Market Size (2023): USD 1.71 Billion
CAGR (2023-2029): 5.14%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Category Type, Product Type, Material, Application, Distribution Channel, and Geography
Regional Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
In recent years, tool storage products have become imperative for countless applications in the automotive, industrial machinery, aerospace, electrical appliances, rail, and marine sectors. With rising concerns about preventing contamination as well as improving the efficiency of equipment, engines, and precision-engineered goods, vendors in the market are turning their focus toward innovations and the adoption of newer technologies. Further, rising accidents at production sites and factories, government regulations, and the concern toward workers to protect against hazardous injuries are expected to fuel market growth.
Offline Distribution Channels Gain Sales Momentum
The global offline tools storage products market to reach $1.4 billion by 2029.
Comparing the sales of offline distribution channels to online distribution channels, offline distribution channels have seen an expansion in market sales. The offline distribution channel dominated the market in 2023. The segment is expected to witness an incremental addition of $368.91 million during the forecast period. The popularity of offline stores among the areas that lack proper internet connectivity and the high consumer preference associated with experiencing the quality of products are driving the growth of this segment.
Key Highlights
The presence of hypermarkets, supermarkets, and other specialty stores such as Home Depot, which offer more DIY projects, is driving the market for DIY tools, which will eventually augment the demand for tools storage products.
The consumer-grade segment is expected to grow at a CAGR of 5.57% to generate $996.18 million in 2029, where most of the revenue is expected to be generated in the North America, Europe, and APAC regions.
The rising industrial production in automobiles, construction, household appliances, and other sectors is expected to boost the demand for tool storage products in Latin America.
Tool Storage Products Market Growth in the Dominance of Asian Manufacturers
Some of the world’s largest automotive, aircraft, and defense equipment manufacturers have increasingly localized their production in APAC, fostering technology sharing. Between 2010 and 2020, an estimated $1 trillion was earmarked for investment in the manufacturing sector in APAC, with companies in the US contributing as much as 30% of the overall investments that will fuel the growth of the tools storage products market. Another significant driver behind the surge in precision manufacturing centers in APAC is their proximity to expansive consumer markets, which are projected to grow faster than developed markets. In 2016, India and China collectively housed 36% of the world’s population, encompassing consumers with rapidly rising disposable incomes, favorable demographics, and supportive regulatory frameworks. This renders these markets highly attractive for a wide array of end-user products spanning automobiles, aircraft, watches, electronic appliances, and healthcare equipment.
Competitive Overview
Market competition is projected to escalate as companies expand their product offerings, embrace technological advancements, as well as engage in more mergers and acquisitions, leading to a diverse array of tool storage products in the market. According to Arizton, global players are slated to pursue inorganic growth strategies by acquiring regional or local players in the foreseeable future. Moreover, companies with robust technical and financial capabilities will have the potential to develop innovative products with essential accessories, posing a threat to competitor offerings and rendering them non-competitive or even obsolete before they can recoup their research, development, and commercialization expenses. This trend is set to create a dynamic and competitive landscape in the tool storage products market.
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Key Company Profiles
Stanley Black & Decker
Apex Tool Group (JOBOX)
Kennedy Manufacturing
Techtronic Industries (TTI)
Emerson Electric Co.
Rubbermaid Commercial Products
Vertex Engineering Works
STAHLWILLE Eduard Wille GmbH & Co. KG
Uline
Matco Tools Corporation
SHUTER Enterprise Co. Ltd.
Machan International Co., Ltd.
Hänel Storage Systems
GT Line
FACOM
Bull Metal Products, Inc.
Akro-Mils
EliteToolboxes
Boxo USA
New Pig Corporation
KNIPEX
Montezuma
Paxshell Private Limited
Eastman Group
Market Segmentation
Category Type
Stationary
Portable
Product Type
Toolboxes
Tool Pushcart
Chest & Cabinets
Bags, Belts & Pouches
Other Tool Storage Products
Material
Steel
Plastic
Wood
Other Materials
Application
Professional Grade
Consumer Grade
Distribution Channel
Offline
Online
Geography
North America
The US
Canada
Europe
Germany
The UK
France
Russia
Italy
Spain
Sweden
Netherlands
Belgium
APAC
China
Japan
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
The UAE
Turkey
Key Questions Answered in the Report:
How big is the tool storage products market?
What is the growth rate of the global tool storage products market?
Which region dominates the global tool storage products market share?
What are the significant trends in the tool storage products industry?
Who are the key players in the global tool storage products market?
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