CLEVELAND, Sept. 24, 2018 /PRNewswire/ -- Demand for chests and cabinets totaled $1.7 billion in 2017, accounting for the largest share of tool storage demand in a continuation of historical trends. Chests and cabinets are priced much higher than other tool storage products, which partially accounts for the high dollar sales. Through 2022, demand for chests and cabinets is expected to advance 1.6% annually to $1.8 billion. These and other trends are presented in Tool Storage Products, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/tool-storage-products-3663.htm
Sales will be promoted by:
- continued strength in construction activity
- ongoing interest in DIY activities
- continued growth in aftermarket automotive repair
- product innovations that improve ease-of-use and functionality
Nevertheless, faster growth will be restrained by the high level of market maturity for most of these products, as well as by their durability, which limits the frequency of replacement sales. Although new sales opportunities are scarce in any given year, there will be some upgrade and replacement demand among current owners.
US demand for all types of tool storage products is forecast to rise 1.4% annually to $2.8 billion in 2022. Tool storage demand increases in tandem with hand and power tool demand. Evolving storage needs leads to expansions or upgrades in tool storage among consumers and professionals. China is the leading source for imported tool storage products, due to the country's low labor costs and extensive manufacturing infrastructure. Recent developments in trade – particularly import duties associated with antidumping efforts and tariffs on imported steel and aluminum – will impact the market for the foreseeable future.
Related studies include:
- #3653 Hand Tools in the US, 17th Edition (August 2018)
- #3628 Power Tools in the US, 17th Edition (June 2018)
- #3581 Lawn & Garden Hand Tools & Wheeled Implements in the US (April 2018)
- #3571 Lawn & Garden Watering Products Market in the US (October 2017)
- #3502 Home Organization Market in the US, 7th Edition (February 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Consumer Goods studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group