In terms of revenue, the Global Tool Storage Products Market is expected to reach USD 2,089.2 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.2% from 2022 to 2028.
During the forecast period, the market is expected to witness substantial growth, which is attributed to the increase in awareness about the importance of organizing tools combined with the rise in DIY and home improvement projects.
Key Highlights from Report:
- The Steel sub-segment is expected to account for the largest share of the global market by 2028. Steel is a strong, long-lasting material and is less expensive than other materials. As a result, Steel is widely used in Tool Storage boxes and tool cabinets. Plastic is the second-largest market share after Steel. However, leading manufacturers, such as Stanley, use a combination of materials (plastic and steel) to make tool storage durable and lightweight.
- Emerging countries' woodworking, construction, and building rehabilitation industries are driving up demand for tool storage products. Furthermore, the portable design makes the tool storage goods ideal for transport. Additionally, manufacturers are improving their Distribution Channels to reach customers and fuel product sales. As a result, the Tool Storage Products market is expected to expand substantially during the forecast period.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period.
Globally, people are becoming more aware of the importance of tool storage systems. Organizing tools protects products from damage, reduces time waste, saves money, and increases tool user efficiency due to less time spent searching for and arranging tools. Portable tool boxes, heavy-duty tool boxes, tool push carts, and tool cabinets are used for organizing tools.
The number of DIY home improvement projects has increased in developed countries such as the U.S., the U.K., and Germany. As a result, the demand for tool storage and toolkits is expanding rapidly to maintain aesthetically pleasing homes. For example, home improvement projects in the U.S. increased by 75.81% in March 2021, with the kitchen being the most renovated room. Also, home renovation activity is growing in developing countries such as India, China, and Brazil, driving the growth of the tool storage products market.
North America dominates the global Tool Storage Products Market. Increased disposable income, easy availability of informational material for DYI activities on social media, and a high adoption rate of sophisticated technology are expected to drive market expansion in the North America throughout the forecast period. The U.S. is expected to dominate the regional market due to the presence of major companies and their market campaigns to attract customers and the country's growing home improvement sector.
April 2022: Milwaukee Tool's Packout modular storage system includes more than 20 shop storage options. Users will be able to fully customize their storage with wall plates, hooks, tool racks, tool holders, and a cabinet that connects to all Packout systems, bringing the adaptability of Packout into the shop.
November, 2021: DeWalt, a worksite solution manufacturer, has introduced three new mechanics sets with TOUGH SYSTEM 2.0 trays, which allow mechanics to connect, carry, and store tools in various ways. In addition, Due to this launch, DeWalt has expanded its product line and provided innovative products to its customers.
April, 2021: Ridgid Tool launched a professional tool storage system. This product line is used by professionals and allows them to have all the necessary tools at their fingertips whenever needed. In addition, it will enable users to arrange and store tools without wasting space or time neatly.