Press release
Tool Storage Products Market Valued at USD 1.59 Billion in 2021, Expected to Soar by 2031
Tool Storage Products Market
๐๐๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77335
๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ข๐๐ฒ๐ฟ๐๐ถ๐ฒ๐
Tool storage products encompass a range of systems designed to store, carry, and protect tools in an organized manner. As DIY projects and home improvements become more popular, particularly in countries like the U.S., U.K., and Germany, the demand for efficient and portable tool storage solutions has significantly increased. This trend is further amplified by the rise in home renovation activities in developing nations such as India, where new home sales saw a 13% increase in 2021 compared to the previous year.
๐๐ฒ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐
1. Surge in DIY and Home Improvement Projects: The surge in DIY home improvement projects has notably increased the demand for tool storage products. In the U.S. alone, home improvement projects rose by 77% as of March 2021, with the kitchen being the most renovated part of the home. This growth trend is expected to continue, driving the market forward.
2. Increased Awareness of Tool Organization: There is a growing awareness of the importance of organizing tools to enhance efficiency, save time, and protect tools from damage. This has led to higher demand for products such as portable tool boxes, heavy-duty tool boxes, tool push carts, and tool cabinets.
3. Demand for Portable and Durable Products: Consumers are increasingly seeking lightweight and portable tool storage solutions that are easy to transport. This has driven significant growth in the portable tool boxes segment, with manufacturers focusing on innovative designs to meet these needs.
๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป๐ฎ๐น ๐๐ป๐๐ถ๐ด๐ต๐๐
North America dominated the global tool storage products market in 2021, attributed to the presence of established players, advanced technology adoption, and increased spending in the construction sector. The U.S. remains the largest market in the region, driven by the high prevalence of DIY home improvement projects.
Asia Pacific is anticipated to capture the largest market share during the forecast period, spurred by rising home construction, automotive assembly, and the establishment of new manufacturing units in countries like Vietnam and the Philippines.
๐๐น๐ถ๐ฐ๐ธ ๐ต๐ฒ๐ฟ๐ฒ ๐๐ผ ๐๐ถ๐ฒ๐ ๐๐ต๐ฒ ๐ฐ๐ผ๐บ๐ฝ๐ฟ๐ฒ๐ต๐ฒ๐ป๐๐ถ๐๐ฒ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ถ๐ป ๐ณ๐๐น๐น ๐ฑ๐ฒ๐๐ฎ๐ถ๐น - https://www.transparencymarketresearch.com/tool-storage-products-market.html
๐๐ฒ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐๐
1. Product Type: Tool cabinets and chests hold the largest share in the market due to their convenience in transportation and organization. The portable tool boxes segment is also witnessing rapid growth.
2. Material: Steel is the most preferred material for tool storage products, offering strength, durability, and cost-effectiveness. Plastic follows, being lightweight but less durable than steel. Combination materials, such as those used by Stanley, offer a balance of durability and lightness.
๐๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐๐ถ๐๐ฒ ๐๐ฎ๐ป๐ฑ๐๐ฐ๐ฎ๐ฝ๐ฒ
The global tool storage products market is highly fragmented, with numerous large-scale and small-scale players. Leading companies are investing heavily in R&D to develop user-friendly products, expand their product portfolios, and engage in mergers and acquisitions to strengthen their market positions.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ | ๐๐ฆ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ - https://www.transparencymarketresearch.com/checkout.php?rep_id=77335<ype=S
๐ฅ๐ฒ๐ฐ๐ฒ๐ป๐ ๐๐ฒ๐๐ฒ๐น๐ผ๐ฝ๐บ๐ฒ๐ป๐๐
โข Milwaukee Tool expanded its Packout modular storage system in April 2022, adding over 20 shop storage options including wall plates, hooks, and tool racks, enhancing customization and adaptability.
โข DeWalt introduced three new mechanics sets with TOUGHSYSTEM 2.0 trays in November 2021, allowing for versatile tool storage and transportation.
โข Ridgid Tool launched a new professional tool storage system in April 2021, aimed at professionals needing efficient, space-saving tool organization.
โข Keter partnered with UBQ Materials in April 2021 to integrate climate-positive thermoplastics into its product lines, aligning with its sustainability goals.
โข KNAACK expanded its Cart Armour line in November 2020, adding new models to enhance mobile jobsite storage solutions.
๐๐ฏ๐ผ๐๐ ๐จ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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