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North America Garage Furniture market Poised for Steady Growth
CHICAGO, CA, UNITED STATES, September 20, 2024 /EINPresswire / -- The North America garage furniture market has shown promising growth, with a valuation of US$ 708.9 million in 2021. According to a recent research study, the market is expected to continue its upward trajectory, projected to grow at a compound annual growth rate (CAGR) of 2.4% from 2022 to 2027.
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As
homeowners increasingly seek to optimize their garage spaces for storage and organization, the demand for functional and stylish garage furniture is on the rise. This trend is driven by a growing focus on home improvement and the increasing popularity of DIY projects. Key factors contributing to the market growth include the rise in disposable income, a surge in home renovations, and an increasing emphasis on efficient space utilization.
The study indicates that major players in the garage furniture market are focusing on innovative designs and sustainable materials to meet consumer preferences. Additionally, the expansion of e-commerce platforms is making it easier for consumers to access a variety of garage furniture options, further fueling market growth.
North America garage furniture market dynamics
Report Scope
The report published by Astute Analytica provides a detailed study of the garage furniture market, including all the growth factors and opportunities related to the market such as managing garage interiors and covering vehicle service centers/ garages and automotive OEMs, interiors are in demand by every end-use industry, it helps to attract customers and workers can enjoy the benefits of arranged and handy space to work in.
The report also provides a thorough study of the market based on the following segments – By Product type, in 2020, tool storage holds the highest share of 33.5%, while other types of products are cumulatively holding 66.5% of the market share; In the material segment, metals are holding the highest share in the garage furniture industry; In application segment, heavy-duty uses are projected to grow with a CAGR of 3.0%; By Distribution Channel, e-commerce holds the highest share when compared with channels; and in End User segment, mostly residential people have the major use as compared to automotive OEMs and vehicle service centers.
Competitors in the Market
The report provides a detailed analysis of the existing competitors in the market, covering the company's business overview, strategical outlook, product listing, recent developments, and company financials to get a brief overview of the key players. Key players included in the market report are Homak Mfg Co. Inc., Intro-Tech (Pitstop furniture), ATD Tools, Inc., Connected Automotive Systems (OEMTools), Apex Tool Group (Gear Wrench), Black and Decker, Dura Ltd., Cipher Auto Inc., OMP Group and Harwal Group of Companies (Duramax).
The study of the market is observed that the North American garage furniture market is an Oligopoly in nature and is projected to shift towards monopolistic competition nature in the forecast period. Companies like Stanley Black & Decker, Intro-Tech Automotive, Apex Tools Group, Homak Manufacturing Company, Inc. hold a major share in the market, and the rest of the market is held by local players
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Segmentation Overview
North America garage furniture market segmentation
North America garage furniture market is divided into five segments which are: By Product Type, By Material, By Application, By Distribution Channel, By End User, and By Country.
By Product Type
.Storage Solutions (cabinets)
oGeneral Storage
oDrawer Cabinets
oOverhead Storage
oTall Cabinets
.Shelves & Racks
.Tool Storage
.Work Benches
.Chairs & Stools
.Pit Stop Furniture
By Material
.Metal
.Wire
.MDF
.Plastic
.Wood
By Application
.Heavy Duty
.General
By Distribution Channel
.Direct Sales (B2B)
.Wholesale Distributors
.Retail Stores
.E-commerce
By End-User
.Residential (Individuals – DIY)
.Vehicle Service Centers/ Garages
oAutomotive Dealerships
oGeneral Service Garages
.Automotive OEMs
By Country
.The U.S.
.Canada
.Mexico
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About Astute Analytica:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.