New research study on North America garage furniture market was released by Astute Analytica. The revenue generated by the market in 2020 was more than US$ 2,950.4 Mn. The market is estimated to register growth with CAGR of 2.7% during the forecast period 2020 to 2025. Upcoming advancements in the form of sensor-based tool storage products are the recent technological impact on the tool storage cabinets, chest, accessories, and Political Technology boxes.
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Improved efficiency of workers:
Reduce time wastage: Unorganized tools can contribute in unintentionally time wastage by wondering or locating them. Storage boxes and bags help to smoothly implement the tool organization strategy and allow increased efficiency during work. From an efficiency standpoint, time has always been money for contractors, and any means to improve field service productivity can lead to a higher level of profitability and customer service. On average, tool storage users’ workers save 2.7 trips to the truck every day, although 52.7% save more than 3 trips to the truck and 24.3% save more than 5 trips to the truck every day. Using an average savings of 2.7 trips to the truck day, and assuming 10 minutes per trip and 240 working days, tool storage box or bags increases the average technician’s productivity by 108 hours annually. A significant amount of time and energy can be saved when tools and materials are kept in the sequence used, or in places a worker can easily reach. Unorganized tools can keep workers from moving around the space efficiently. With increasing advantage of portability option available in tool storage products, workers’ efficiency can be increased and focused upon working on key tasks instead of secondary tasks, which can be accomplished through better products in affordable cost range.
Wasted time by workers to locate tools, or in moving around inefficiently actually impacts the production process, which will take longer for items to be delivered to customers. The most consistent benefit from a professional grade and well organized, easy access tool bag is reduced trips back and forth to the truck on the jobsite. Placing tools in a way that correlates with the steps of processes will keep workers moving efficiently around their work cell and ultimately reduce the time a customer is waiting for the finished product or service. A technician should be focused on doing the work rather than spending time searching for the right tools. When a technician has an organized tool bag whereby tools are readily available, it leads to a good day’s work and a sense of accomplishment. Having things organized and easy to find will ease your stress level and ensure you are operating at an optimal level of productivity
Increasing influence of DIY Trend:
DIY, or Do it Yourself trend in increasing at exploding rate with positive rate of adoption, the DIY market is anticipated to be a billion-dollar industry by the end of the year 2021. When it comes to DIY, people are creating and sharing at an unprecedented pace. Increasing development of the construction industry, reducing living space, adoption of innovative interior & exterior like garden, smart kitchens etc. these are some key impacting factors deriving the growth of the global DIY home improvement market. Increase in socialization including house parties and family gatherings will fueling the demand for home improvement services. The growing population and urbanization drive demand for more repairs. Hence, increasing demand of DIY home improvement activities boost the growth of the tool storage products in market, due to major usage of tools during DIY activities and keeping it organize help to locate tools easily in hassle-free manner.
Competitive Landscape:
There are several manufacturers of the tools storage equipment across the region, which includes, 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, among others.
Vertical and horizontal expansion of the product portfolio is amongst the major strategies implemented by the companies. Entry of several local players and growing trend of DIY furniture is projected to create high competition environment across the region.
Segmentation:
- By Product Type
- Job Site Boxes (Tool
- organizers)
- Tool Bags
- Belts & Pouches
- Chests & Cabinets
- Tool Trolleys/ Carts
- (mobile units)
- Accessories
- By Applications
- Professional Grade
- Consumer Grade
- By Distribution Channel
- Direct Sales (B2B)
- Wholesale Distributors
- Retail Stores
- Hardware Stores
- Home Centres
- E-commerce
- By End-user
- Residential (Individuals)
- Automotive
- Trades (carpentry, electrical, plumbing)
- Construction
- Gardening & Agriculture
- Aviation
- Heavy Industry
- Machine Shops
- Mining, Oil & Gas
- Medical
- MROs (maintenance, repair, and overhauls)
- Railroad
- Manufacturing
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