Tool Storage Products Market: Introduction
- A tool storage is a storage system or a box to carry, keep, and protect sets of tools in one box in an organized manner. People prefer to have a tool storage set at home due to the rising crafting, DIY, small construction, and repairing work at home. Companies are also offering portable tool storage products that makes it easier for the user to take the storage system anywhere. Transportation and space utilization are two essential qualities of tool storage systems. Manufacturers are also offering tool storage systems with power banks and USB ports to charge their smart devices.
Key Drivers of the Global Tool Storage Products Market
- Demand for tool storage products has been on the rise due to growing demand from woodworking, construction industry, and building renovation, especially in emerging countries. Moreover, the portable system makes the tool storage products ideal for carrying them around. Rising demand for premium quality material is the key driver estimated to expand the tool storage products market in the near future. Furthermore, manufacturers are enhancing their distribution channels to increase the sales of the product. As a result, the market is estimated to witness rising adoption of tool storage products.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global tool storage products market can be divided into five regions North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the tool storage products market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the tool storage products market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America tool storage products market is segmented into Brazil, and Rest of South America.
- Currently, North America and Europe are the most dominant markets across the globe due to presence of established players and adoption of advance technology in the regions. However, Asia Pacific is estimated to be the fastest growing market during the forecast period as compared to other regions as construction industries and manufacturing industries are expanding rapidly in the region which creates demand for tool storage products. Countries such as China and India are projected to be highly profitable markets for tool storage products during the forecast years.
Key Players Operating in the Global Market
The tool storage products market is consolidated and highly competitive owing to the presence of established global and several domestic players. Key players are focusing on raising their productivity to expand their topographical reach and increase their customer base. Manufacturers are focusing on new product launches, and competitive pricing such as giving discounts and offers online, to compete and gain significant share in the tool storage products market in the coming years.
For example, in April 2019, Draper Tools launched a new tool storage system that comprises robust sheet steel modular storage cabinets and chests. This 26” storage system has a 5 drawer tool chest, a 3 drawer intermediate chest, and a 7 drawer roller cabinet.
A few of the key players operating in the global tool storage products market are:
- Apex Tool Group, LLC.
- Bosch Rexroth AG
- CQT Kennedy, LLC
- Mac Tools
- Snap-on Incorporated
- STAHLWILLE Eduard Wille GmbH & Co. KG
- Stanley Black & Decker, Inc.
- Techtronic Industries Co. Ltd.
- Tenacious Holdings, Inc. (dba Ergodyne)
- WernerCo. (knaack)
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Global Tool Storage Products Market: Research Scope
Global Tool Storage Products Market, by Type
- Tool Cabinets and Chests
- Tool Box
- Tool Bag
- Closed Bag
- Open Bag
- Mobile Tool Storage
- Hooks and Wall Hangers
- Tool Carts
- Others (Belt, Work Bench, etc.)
Global Tool Storage Products Market, by Size
Global Tool Storage Products Market, by Material
- Stainless Steel/Steel
- Others (Iron, etc.)
Global Tool Storage Products Market, by End-user
Global Tool Storage Products Market, by Distribution Channel
- E-commerce Portal
- Company Owned Portal
- Large Format Stores
- Specialty Stores
- Independent Retailers
Global Tool Storage Products Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the global tool storage products market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
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The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
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