The global tool boxes market was worth US$ 4.5 Billion in the year 2022 and is expected to reach US$ 6.8 Billion by the year 2032, with a compound annual growth rate (CAGR) of 8.3%.
Because steel tool boxes can provide increased security and a robust structure, the market for these products is anticipated to grow. However, due to steel’s rustiness, there is anticipated to be a spike in demand for aluminum boxes during the assessment period. Because they are lighter than steel boxes, aluminum boxes are becoming more and more popular.
Growing investments in the construction sector in countries like China and India are anticipated to drive growth in the tool box market in the Asia-Pacific region. The expanding number of construction workers and the rising demand for residential buildings are two significant factors. Additionally, the significant financial resources that the Indian government has set aside for the development of infrastructure, along with a sizeable portion of FDI inflows into infrastructure projects, are anticipated to maintain and accelerate the market’s upward trend in the Asia Pacific tool box market.
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“With compartment-based tool boxes doing the rounds, the global tool boxes market is expected to grow well in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Tool Boxes Market
- North America holds the largest market share due to growing storage space as they could be effortlessly mounted over each other. The social media is also abreast with numerous DIY trends.
- The Asia-Pacific is expected to grow at a rapid pace in the tool boxes market in the upcoming period due to growing demand for various residential buildings. The IBEF (India Brand Equity Foundation) has mentioned that the Indian government did allocate ~US$ 81.72 Billion with respect to FDI inflows.
- Europe holds the second-largest market share on the lines analogous to that of North America.
The Major Key Players Are:
- Prokit’s Industries
- SAM Outillage
- Stanley Black & Decker
- Stahlwille
- Huot Manufacturing
- K-Tool International
- Techtronic Industries
- Apex Tools Group
- Taparia
- Griffon Corporation
- Snap-on Inc.
Competitive Boxes
- Minimizer, of late, did release a new-fangled in-frame tool box capable of holding up to two ‘group 31’ or ‘group 30’ batteries. These launches are bound to bolster the tool boxes market in the forecast period.
- Totem Lockable toolbox slim slider has a red and black powder coating, is built from 1.5 mm thick steel, and weighs 63 Kg.
- Husky’ Cantilever Mobile Tool Storage does come with 8-inch all-terrain wheels. Portable and compact tool boxes with improvized maneuverability are poised to bring noteworthy growth for tool boxes market.
Key Segments Profiled in the Tool Boxes Industry Survey
By Material:
- Plastic
- Aluminum
- Steel
By Product Type:
- Hand-carry Tool Boxes
- Stationary Tool Boxes
- Truck Mounted Tool Boxes
- Portable Rolling Tool Boxes
- Upright Roll-around Tool Boxes
By End User:
- Professional Use
- Household
By Region:
- North America
- Latin America
- Western Europe
- Easter Europe
- APEJ
- Japan
- Middle East & Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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