Tools Storage Products Market - Rapidly Expanding due to Economic Development, Rising Population and Increase in Disposable Income

Tool storage products could refer to tool boxes, bags, pouches, and wall hangers among others. These storage units are particularly used to organize, carry, and protect tools. Tool boxes let one organize all the necessary tools at one place, thus optimizing storage space and keeping the garage clean. Tool storage products refer to several types of storage and are available in different shapes and capacity to hold various tools. A tiny portable box can carry a few pins and nuts to a project location. A large storage system set can be used to carry high-end equipment/instruments. Nowadays, tool storage products are mainly made up of metal, steel, or plastic due to the economic feasibility and mass production capability of these materials. However, wood is the first choice among consumers for tool storage products. These products are also sometimes referred to as empty boxes and come with drawers and removable trays for easy access. They can be used at places such as the home, garage, or at the workplace.

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One of the key factors driving the global tools storage products market is the increasing demand for properly organizing and storing tools from millennials, as they are significant tool buyers when they first move to their own homes. Women are anticipated to represent a significant target demographic for tool storage product sales. Millennials are interested in owning kits and equipment, which help them do things on their own. A plastic tool box is a quick, effective, and inexpensive way to store tools to use in daily life. Moreover, with the high rates of home ownership, consumers tend to seek storage options that make organizing and transporting tools easier. They are keen to buy value-added features products, which include customized accessories, light bars, and lockable lids for security. These features in tool storage products are anticipated to offer opportunities to the market in the near future.

The global tools storage products market can be segmented based on product, material, distribution channel, and region. In terms of product, the global tools storage products market can be categorized into tool chest combos, mobile work benches, garage storage, tool boxes, tool bags & pouches, tool belts, truck boxes, tool carts, pegboard, racks & plastic bins, and others (sheds, saw horses, etc.). Based on material, the global tools storage products market can be classified into wood, metal, and plastic. In terms of distribution channel, the global tools storage products market can be segmented into hypermarkets/supermarkets, specialty stores, and online channels. Online channels is anticipated to be a rapidly expanding segment as online channels provide a wide range of options and offer consumers more convenience compared to retail stores. Moreover, owing to the increasing popularity of online shopping, key players have started changing their retail strategies and are adopting Omni-retail channels.

Based on region, the global tools storage products market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global tools storage products market, followed by Europe and Asia Pacific. Asia Pacific is expected to be a rapidly expanding region of the tools storage products market, due to economic development, rising population, and increase in disposable income. In addition, China is estimated to be a significant country of the tools storage products market, due to the country’s low labor costs and extensive manufacturing infrastructure.

Key players operating in the global tools storage products market include Apex Tools, Snap-on, Stanley Black & Decker, Kennedy Mfg., DeWalt, Ergodyne, Knaack LLC, and Techtronic Industries. Manufacturers are increasing R&D capabilities to diversify their product range and are adopting manufacturing practices that ensure improved products and quality. With an increase in demand for tool storage products, the presence of local manufacturers is expected to increase competition. This is projected to increase the introduction of several advanced products in the near future. In addition, efforts by manufacturers to expand online channel sales are also likely to boost sales by offering customers access to more products and greater price competition.

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