Analysis of Tool Storage Product market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
With high rates of home proprietorship, people like to keep their own set of tools for any miscellaneous tasks at home. The only problem one can face while keeping such tools at home is the storage of those tools in an organized manner. The tool storage products are used to keep the tools are used to keep the tool in a compact space, with a predefined space for each tool so that they can be found with ease whenever needed. The tool storage products also make transporting the tools easier.
Space utilization and transportation are two basic features tool storage systems. Apart from this, some manufactures also provide some value added features in tools storage products, such as tool storage products with USB ports and power bank features to power up phones. However, the customer needs to pay little extra for such kinds of tool storage products.
Millennials are moving into their first home and becoming significant tool buyers, which in turn enforced the demand for tool storage products. Tool storage product manufacturers are trying different innovations in order to maximize the tool storage space by proper utilization of space along with additional features. Owing to the above benefits, the global tool storage product market is projected to witness staggering growth over the projection period.
Growing number of households have been witnessed across regions in the globe. For example, as indicated by Office of National Statistics, in United Kingdom, 2017 reflected a 15% expansion in families. Moreover, the number of family units in United States crossed 126 million every 2017, according to the investigation of United States Census Bureau. This increase in households is anticipated to present a significant growth opportunity for the tools market, which is anticipated to enforce the demand for tool storage products, given their superior storage coupled with convenience.
On the backdrop of the growing construction industry, the commercial sector has witnessed a significant growth and is expected to maintain its status quo in the years to follow. Spending on construction activities is witnessing steady growth across regions. For instance, in the U.S., 2017 reflected a 4% increase in the spending on construction and by 2018-end, it is expected to touch 5%. This has triggered the development of the construction industry, with a large focus on developing advanced commercial spaces with the number of offices expected to increase by 6 percent. This is expected to drive the adoption of tool storage products over the projection period.
The global tool storage product market is divided into seven regions: North America, East Asia which further incorporates China, Japan and South Korea), Europe, Latin America, MEA (Middle East & Africa), South Asia which includes India, Thailand, Indonesia, Malaysia, Philippines, Rest of South Asia and Oceania (Australia & New Zealand).
Japan market for tool storage product is also projected to show significant growth. North America and Europe is expected to witness average growth in tool storage product market over the forecast period due to the early adoption of tool storage products. South Asia especially China & South Korea followed by India, can be seen as emerging market for tool storage product.
Tool storage product market is fragmented in nature including both regional and global level players. Some of the prominent players in the global tool storage product market are Techtronic Industries, Apex Tool Group, Snap-on and Stanley Black & Decker and others.
The research report presents a comprehensive assessment of the tool storage product market and contains thoughtful insights, facts and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The tool storage product market report provides analysis and information, according to market segments such as geographies, application and industry.
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The tool storage product report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Tool storage product report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The tool storage product report also maps the qualitative impact of various market factors on market segments and geographies.
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Tool storage product market can be classified on the basis of product type, product grades and distribution channel. The product grade segment of tool storage product incorporates professional grade and consumer grade tool storage product. Based on product type, which further includes boxes, belts, cases, bags and other.
On the basis of distributional channel, the global tools products market includes conventional stores, online retail stores and other. The e-commerce industry has grown significantly in the past couple of years and still growing, which is anticipated to bolster the global tool storage product market over the projection period.
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