Tool Storage Products Market to Hit $2.31 Billion by 2029, Rise of Asian Manufacturers Propels the Market Growth to New Heights - Arizton

CHICAGO, March 12, 2024 /PRNewswire/ -- 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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Browse In-depth TOC on the Tool Storage Products Market 

287 – Pages              
120 - Tables              
86- Figures   

Tool Storage Products Market Report Scope 

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.

The Tool Storage Products Market Report Encompasses Crucial Data, including: Market Size and Growth Forecast for 10 Years from 2020-2029            

CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the tool storage products market over the specified time frame.              

Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the tool storage products market growth from 2023 to 2029. This includes an analysis of various market influences.              

Precise estimation of market size: Accurate assessments of the tool storage products market size and its contribution, focusing on key market segments.              

Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the tool storage products market, helping businesses prepare for future market dynamics.              

Geographical market growth: The report covers the development of the tool storage products market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.     

Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the tool storage products market. This includes an overview of key players, their market share, strategies, and key developments.              

Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the tool storage products market, providing a well-rounded view of the market dynamics.   

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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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