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
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.