(MENAFN- GlobeNewsWire - Nasdaq) New Delhi, March 24, 2023 (GLOBE NEWSWIRE) -- Astute Analytica has published a new research report titled “global tool storage products market Share, Size, Trends, Industry Analysis Report, By Product Type (Job Site Boxes (Tool organizers), Tool Bags, Belts & Pouches, Chests & Cabinets, Tool Trolleys/ Carts (mobile units) and Accessories); Application (Professional Grade and Consumer Grade); Distribution Channel (Direct Sales (B2B), Wholesale Distributors, Retail Stores and E-commerce); Industry (Residential (Individuals), Automotive, Trades (carpentry, electrical, plumbing), Construction, Gardening & Agriculture, Aviation and Heavy Industry); By Region; Segment Forecast, 2023 - 2031” in its research database.
The global tool storage products market has been growing steadily in recent years, driven by the increasing demand for organized and safe storage of tools in various industries such as construction, automotive, and manufacturing. The market is characterized by the presence of a large number of manufacturers offering a wide range of tool storage products such as tool cabinets, tool chests, and tool boxes.
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The market growth is primarily driven by the increasing adoption of tool storage products in emerging economies, the growing trend of do-it-yourself (DIY) activities, and the rising demand for customized tool storage solutions. One of the major factors driving the growth of the tool storage products market is the changing consumer preferences and buying behavior. Consumers are becoming more conscious about the quality, durability, and functionality of tool storage products. They are also looking for products that offer customization options and are easy to use and maintain.
Manufacturers are focusing on developing innovative products to meet the changing consumer needs and preferences. They are investing in research and development to improve the functionality, durability, and safety of tool storage products. Additionally, they are adopting growth strategies such as mergers and acquisitions, partnerships, and collaborations to expand their product portfolio and increase their market share.
The impact of e-commerce on the tool storage products market is significant. With the increasing adoption of online shopping, consumers are increasingly purchasing tool storage products online. E-commerce platforms are offering a wide range of tool storage products at competitive prices, making it easier for consumers to compare and choose the right product.
Tool Organizers to Dominate Global Tool Storage Products Market
The global market has experienced substantial growth in recent years, with tool organizers contributing over 25% of the market's revenue. This surge in demand for tool organizers can be attributed to their ability to enhance organization, accessibility, and productivity for both professionals and DIY enthusiasts. As a result, the popularity of tool organizers is expected to drive the growth of the tool storage products market in the coming years.
The primary appeal of tool organizers lies in their ability to keep tools well-organized and easily accessible. These organizers come in a variety of sizes and designs, ranging from basic trays and drawers to more sophisticated systems with multiple compartments. Crafted from durable materials such as plastic, metal, and wood, tool organizers are built to withstand the rigors of daily use.
The escalating number of DIY enthusiasts and professionals who rely on tools for their livelihood has also contributed to the high demand for tool organizers. As more individuals engage in DIY projects and home improvement tasks, the need for tool storage solutions, including organizers, is projected to grow. Additionally, the expansion of the construction industry, particularly in emerging economies, has fueled the increasing demand for these products.
In response to this growing demand, manufacturers have developed innovative designs such as magnetic tool organizers that enable users to effortlessly arrange and access their tools. Other inventive designs include rolling tool organizers, which prove particularly useful for professionals who must transport their tools across various job sites.
As the global tool storage products market continues to expand, the high demand for tool organizers is expected to play a significant role in its growth. To remain competitive, manufacturers are likely to focus on creating novel and innovative tool organizer designs that cater to the evolving needs of consumers. Ultimately, this heightened demand for tool organizers reflects the growing emphasis on organization and efficiency in today's fast-paced world, a trend that is anticipated to persist in the foreseeable future.
Professional Grade Tool Storage Products Drive Demand Across Industries to Contribute More than 60% Revenue to Global Tool Storage Products Market
Astute Analytica's research reveals a significant uptick in demand for professional grade tool storage products, driven by their increasing adoption across various industries such as automotive, manufacturing, and construction. Impressively, the professional grade segment is projected to account for over 60% of the overall market revenue.
One of the primary factors fueling this heightened demand is the growing necessity for effective organization and management of tools in industrial environments. Professional grade tool storage products enable easy access and optimal organization, subsequently boosting workplace efficiency and productivity. Additionally, the rising popularity of power tools has further intensified the need for storage solutions that can accommodate larger, heavier tools.
The burgeoning DIY movement among consumers has also played a role in driving demand for professional grade tool storage products market. As individuals increasingly engage in home improvement and repair projects, they require secure and organized storage solutions for their tools. Our comprehensive survey disclosed that tool chests and cabinets were the most sought-after tool storage products among professionals, primarily due to their durability and ample storage capacity. Respondents also indicated a preference for products made from high-quality materials such as steel or aluminum, which are perceived as more robust and long-lasting.
The segmental growth is further augmented due to the proliferation of e-commerce platforms. The convenience of online shopping has facilitated consumer access to high-quality tool storage products from around the globe, further propelling the expansion of the global tool storage market.
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Global Tool Storage Products Market is Highly Competitive and Fragmented, Stanly Black holds Over 25% Revenue Share
The global tool storage product market is highly competitive, with several players vying for market share. Stanley Black & Decker, Snap-On Inc., and Newell Brands Inc. are collectively holding more than 36% Revenue share. Apart from this, many other tech giant companies, such as Bosch, Craftsman, and Husky, are also operating in this market. However, the market consists of a majority of local manufacturers and an unorganized sector. This creates a highly fragmented market with intense competition. The key players are constantly trying to differentiate their offerings and improve their market position by adopting various competitive strategies.
Mergers and acquisitions have been a popular strategy for the leading companies to expand their market share and strengthen their position. For example, Stanley Black & Decker acquired Waterloo Industries, Inc., which helped them expand their presence in the industrial tool storage sector. Snap-On Inc. also acquired Challenger Lifts, Inc., which helped them expand their product portfolio in the automotive sector.
In addition to mergers and acquisitions, leading companies are also expanding their geographical boundaries by acquiring small brands and domestic companies. This helps them tap into new markets and gain access to new customers. For instance, Newell Brands Inc. acquired Jarden Corporation, which helped them expand their global presence and strengthen their product portfolio.
Furthermore, these key players in the global tool storage products market are constantly investing in R&D activities to improve their products' quality and functionality, and enhance their brand image. They are also focusing on introducing new products with innovative features and designs to cater to the changing customer preferences and stay ahead of the competition.
Some of the Top Market Players Are:
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
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