The high demand for various tool storage products from the young population owing to the rising popularity of DIY trends is likely to propel the sales of tool boxes in the upcoming years.The global tool boxes market size is expected to reach US$ 6.8 Billion and exhibit growth at a CAGR of 8.3% in the forecast period from 2022 to 2032. It is set to be valued at US$ 4.5 Billion in 2022.
A tool box, which is commonly called a workbox, tool kit, or tool chest, is specially designed to store and carry a large number of electrical and hardware tools. It is mainly made up of plastic or metal and varies as per the requirements of the owner. The easy availability of tool boxes equipped with numerous compartments is set to help people in organizing small accessories and components.
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Many automobile manufacturers are nowadays installing unique tool boxes in vehicles to help owners fix them in case of sudden failures. In March 2022, for instance, Katcon, a leading supplier of automotive products based in Mexico, developed a scalable, multi-material toolbox for electric vehicles. It can be adapted based on volume, size, cost, as well as mechanical requirements.
Similarly, Minimizer, a renowned truck transportation firm headquartered in Minnesota, introduced its new in-frame toolbox in July 2020. This product fits perfectly on 28.5 to 27-in frames. It can also hold up to two group 31 or group 30 batteries. Thus, the ongoing development of such cutting-edge products for vehicles is expected to augur well for the global tool box market growth.
Which are Some Prominent Drivers Spearheading Tool Boxes Market Growth?
The high demand for tool boxes made of steel backed by their ability to provide improved security and robust structure is anticipated to bode well for the market. But, the demand for aluminum boxes is likely to surge in the evaluation period as steel is subjected to rust. Unlike steel boxes, aluminum ones are lightweight.
The development of plastic tool boxes made with polyethylene is another major factor that is expected to drive the market. These are considered to be tough, rugged, and highly durable for regular usage. In addition, plastic boxes are corrosion resistant and very light in terms of weight.
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What are the Challenges Faced by the Tool Boxes Industry?
The lack of awareness about the availability of numerous tool boxes among people residing in underdeveloped and emerging countries may hinder the tool boxes market growth in the assessment period. Most people in these countries tend to store their equipment and tools on shelves.
An unorganized or cluttered toolbox can pose safety risks, waste time, or result in unnecessary motion. Those tool chests or boxes that have various tools thrown in them randomly can also be hard to search through.
Why is North America emerging as an Opportunistic Tool Boxes Market?
The development of smart locking systems by prominent manufacturers operating in the U.S. and Canada is projected to contribute to the growth of the North America tool boxes market share. These help in increasing the overall storage space as they can be easily mounted on each other.
The growing DIY trends on several social media platforms are expected to drive the North America market in the near future. Numerous YouTube and Instagram videos associated with DIY are the most viewed content among youngsters across this region.
Many youngsters are striving to increase their followers by creating DIY channels and showcasing their novel tool boxes on social media. The demand for these boxes is set to rise in North America with the urgent need to keep tools presentable and organized among the young population.
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How is Asia Pacific Contributing to Growth of the Tool Boxes Market?
The increasing spending in the construction sector in developing countries, such as India and China is estimated to boost the Asia Pacific tool boxes market size in the future years. The rising demand for residential buildings and the surging number of construction workers in these countries are some of the other factors that are expected to aid the growth.
According to the India Brand Equity Foundation (IBEF), the country’s government allocated US$ 32.02 billion in the Union Budget 2021 to push the development of the infrastructure sector. During the first quarter of 2021, infrastructure activities procured about 13% share of US$ 81.72 billion in terms of the total FDI inflows. These numbers are likely to rise in the near future, thereby propelling the market in Asia Pacific.
Market Competition
Some of the leading players operating in the global tool boxes market include Prokit’s Industries, SAM Outillage, Stanley Black & Decker, Stahlwille, Huot Manufacturing, K-Tool International, Techtronic Industries, Apex Tools Group, Taparia, Griffon Corporation, and Snap-on Inc. among others.
The global market is highly fragmented with the presence of a plethora of companies aiming to remain in the leading position. Majority of these companies are currently focusing on research and development activities. They are doing so to come up with state-of-the-art methods for the discovery of affordable, robust, and lightweight tool boxes to provide a high comfort level to customers. Meanwhile, some of the other key players are adopting attractive advertising strategies to gain new growth opportunities in this market.
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