Automotive Tool Box Market: Introduction
- An automotive tool box, or tool chest, is used to store and transport tools and equipment required during testing, inspection, maintenance or repair of vehicles. This box helps properly arrange the tools, which makes it easier to find them when required and averts any accidents due to misplaced tools at the work site.
- Rise in number of on-road vehicles is a major factor propelling the demand for automotive tool boxes
Key Drivers of Automotive Tool Box Market
- Increase in per capita GDP and disposable income of the population across the globe has led to a rise in number of vehicles in use. According to the data generated by the European Automobile Manufacturers' Association, the motorization rate of Europe is 569 passenger vehicles per 1000 inhabitants. Furthermore, the motorization rate of the U.S. is 800 passenger vehicles per 1000 inhabitants. Rise in transportation and logistics activities have further boosted the number of on-road commercial vehicles. This rapid increase in sales of automobiles and miles driven has led to an increase in the production, maintenance, and repair activities. These activities boost the demand for dedicated tool sets, thereby fueling the automotive tool box market across the globe.
- Rise in usage of automobiles is propelling the auto repair industry. Enactment of more stringent emission norms by government agencies and increase in road-traffic accidents have boosted the demand for automobile repair and maintenance services. High number of garages and services stations are emerging to cater this growing demand for aftermarket automotive services. This growing number of end-users is driving the global automotive tool box market.
Challenges in Automotive Tool Box Market
- The automobiles being produced presently are more reliable than ever before. Many of these vehicles are designed and manufactured to operate for tens of hundreds of miles before they need any repair or maintenance. Moreover, engine components are manufactured to last longer before failure. For instance, synthetic engine oils are designed to last a very long time before they need to be changed, as compared to conventional engine oils. These were the types of maintenance services that brought automobiles into auto repair shops on a regular basis. Reduction in number of repair and maintenance instances, owing to durable construction of vehicles, is hampering the global automotive tool box market.
Impact of COVID-19 pandemic on Automotive Tool Box Market
- The recent pandemic of COVID-19 has disrupted traditional automotive repair industry with growing popularity of on-demand services. Pitstop, a multi-brand on location automotive repair service provider, witnessed a growth of 40% in 2020. In this type of business model, separate tool kits are required for every mechanic to provide on-site services. This growing popularity of on-demand and on-site services is anticipated to prevail in post COVID-19 era and propel the global automotive tool box market.
North America and Europe to hold significant share of global automotive tool box market
- High number of on-road vehicles coupled with presence of global manufacturers is driving the share of North America and Europe in the global automotive tool box market. Furthermore, various skill development programs in these regions are creating skilled workforce in the auto-repair industry. For instance, Auto Care Association of Maryland, U.S. is working with universities to teach STEM courses to aspiring automotive technicians. These initiatives are boosting the aftermarket auto-repair industry, which in-turn is fueling the automotive tool box market in North America and Europe.
Key Players Operating in Automotive Tool Box Market
The global automotive tool box market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive tool box market are:
- Emerson Electric Co.
- Mac Tools
- Metallics UK
- Milwaukee Tool
- Mobiletron Electronics Co, Ltd (ACDelco)
- Robert Bosch GmbH
- RYOBI Limited
- Sonic Tools
- Stanley Black & Decker, Inc.
- Teng Tools USA
Global Automotive Tool Box Market: Research Scope
Global Automotive Tool Box Market, by Type
- Rolling Cabinet
Global Automotive Tool Box Market, by Type of Tools
- Power Tools
- Impact Wrenches
- Non-power Tools
- Allen keys
Global Automotive Tool Box Market, by End-user
- Authorized Service Center
Global Automotive Tool Box Market, by Vehicle Type
- Motor Bikes
- Passenger Vehicle
- Commercial Vehicle
Global Automotive Tool Box Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.