Dublin, Oct. 01, 2021 (GLOBE NEWSWIRE) -- The "Global Tool Storage Product Market, By Product Type, Application, Distribution Channels, Industry - Estimation & Forecast till 2027" report has been added to ResearchAndMarkets.com's offering.
The global tool storage product market held a market size of USD 2,950.4 Million in 2020 and is expected to reach USD 3,555.2 Million by 2027. The global tool storage product market is anticipated to grow at a CAGR of 2.7% over the forecast period.
Increasing demand for tool storage products by young populations due to growing DIY trends, is expected to fuel the market growth. DIY trends on social media are one of the most important factors attributed to the increased demand for tool storage products. Instagram and YouTube videos are trending among the young population. In order to keep these tools organized and presentable, the demand for tool storage product is growing among young population.
Lack of awareness in developing and under developed countries is expected to restrain the market growth. There is a lack of awareness & knowledge in developing and underdeveloped countries. Most of the population in these countries use shelves or other means to store tools and equipment. This is one of the factors which is going to restrict the market growth.
The global tool storage product market is segmented into product type, application, distribution channels, industry. Based on product type, the tool trolleys/carts segment is estimated to grow at a highest CAGR, during the forecast period. Whereas, job site boxes segment is dominating the end-user industry segment with the largest market share of more than 25% in the year 2020.
Based on application segment, the professional grade sub-segment is estimated to have captured the largest share of tool storage product market in the 2020, and is anticipated to continue its dominance during the forecast period.
Based on industry, the construction segment is estimated to dominate the market with a share of nearly 18% in 2020. Whereas, heavy industry segment is expected to grow at a CAGR of 2.4% during the forecast period.
North America is dominating the global tool storage product market. The increased spending in the construction sector coupled with the high adoption rate of advanced technology is expected to support market growth in North America during the forecast period. Whereas, Asia Pacific region is expected to capture the second largest market share of tool storage product market in 2020.
Prominent players functioning in the market include Stanley Black & Decker, Techtronic Industries, Snap-on Inc., Griffon Corporation, Taparia, Apex Tools Group, K-Tool International, Huot Manufacturing, Stahlwille, SAM Outillage, Prokit's Industries, Other Prominent Players. The top 3 players in the market accounted for a cumulative market share of nearly 36% in 2020
The global tool storage product market report offers insights on the following:
Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.
The global tool storage product market report answers questions such as:
What is the market size and forecast of the global tool storage product market?
What are the inhibiting factors and impact of COVID-19 on the global tool storage product market during the assessment period?
Which are the products/segments/applications to invest in over the assessment period in the global tool storage product market?
What are the technology trends in the global tool storage product market?
What strategies are considered favourable for entering the global tool storage product market?
Stanley Black & Decker
Apex Tools Group
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