PUBLISHER: The Freedonia Group | PRODUCT CODE: 1176031
PUBLISHER: The Freedonia Group | PRODUCT CODE: 1176031
Tool Storage Products
Demand for tool storage products is forecast to expand 1.4% annually to $3.8 billion in 2026. Home improvement and renovation activity spiked in 2020 and 2021, prompting consumers and professionals to purchase new or replacement tools, in turn leading to a sharp rise in tool storage product sales. While demand in unit terms will moderate significantly over the course of the forecast period, the market will remain elevated due to:
a€¢ healthy demand in the professional market
a€¢ continued interest by consumers in DIY and DIFM activities
a€¢ the ease with which shoppers can purchase tool storage products via e-commerce
a€¢ affordability and availability of quality consumer and professional private label brands
Professional-Grade Sales to Drive Growth
Professional-grade products are expected to outperform the much smaller consumer-grade products segment during the forecast period, supported by rising commercial building and nonbuilding construction activity and manufacturing activity. In addition, the ongoing increase in miles driven as the population continues to return to pre-pandemic work and life trends will boost demand for auto repairs.
Rising sales of high-value modular storage systems will also support gains for professional-grade products. These systems, which feature interlocking components that combine to create customized units, have gained popularity with professionals over the last several years because they are efficient for both storing and transporting tools.
E-Commerce & Home Centers Will Be the Best Performing Distribution Channels
E-commerce and home centers will be the best performing distribution channels for tool storage products. Although purchases via e-commerce will slow following a decade of double-digit increases, this channel will continue to increase its share of tool storage product sales as consumers continue to become more comfortable with online shopping:
a€¢ The pandemic accelerated the shift from more traditional brick-and-mortar stores to e-commerce, as a number of consumers were reluctant to shop in stores.
a€¢ Sales were further spurred by the hybrid BOPIS (Buy Online, Pick up in Store) model, which allowed for faster fulfillment of orders.
Home centers will benefit from both their wide variety of tool storage options and their in-house private labels. Tool storage brands such as Husky and Kobalt (from Home Depot and Lowea€™s, respectively) offer a level of quality and affordability that makes them attractive to consumers who may be concerned about cost.
This Freedonia industry study analyzes the $3.6 billion US tool storage products industry. It presents historical demand data (2011, 2016 and 2021) and forecasts (2026) by product grade (consumer and professional), product type (chests & cabinets, boxes & cases, bags & belts, carts, and accessories), and retail channel (direct sales & distributors, home centers, hardware stores, mass marketers, and e-commerce). The study also evaluates company market share and competitive analysis on industry competitors including Stanley Black & Decker, Techtronic Industries, Snap-on, WernerCo and Apex Tool Group.
Table of Contents
1. Executive Summary
2. COVID-19 Pandemic
Overview
Impact on the Economy
Impact on the Construction Industry
Impact on the Tool Storage Industry
3. Overview
Study Scope
Historical Market Patterns
Tool Storage Demand Outlook
Professional vs. Consumer Grade Products
Demand by Product Grade
Professional-Grade Products
Consumer-Grade Products
Supply & Demand
Trade Balance & US Production
Imports & Foreign Suppliers
Pricing Trends
4. Power & Hand Tool Trends
Tool Sales Outlook
Key Trends in Tool Products
Electric Tools Taking Market Share
Upgrading to Higher-Value Tools
Tool Purchasing Patterns
Who Buys Power & Hand Tools?
Most Commonly Owned Tools
5. Tool Storage Products
Demand by Storage Product
Chests & Cabinets
Scope & Product Description
Demand by Product Grade
Suppliers
Boxes & Cases
Scope & Product Description
Demand by Product Grade
Suppliers
Bags & Belts
Scope & Product Description
Demand by Product Grade
Suppliers
Carts
Scope & Product Description
Demand by Product Grade
Suppliers
Storage Accessories
Scope & Product Description
Demand by Product Grade
Suppliers
6. Consumer Purchasing Trends & Insights
Consumer vs. Professional Market Trends
DIY or DIFM (Do It for Me)?
DIY Ethic Spurred by Online Resources
Consumer Purchase & Ownership Characteristics
Tools & Tool Storage Ownership Trends
Who Buys Tool Storage Products?
Women Represent an Opportunity for Tool Storage Marketers
Primary Reasons for Tool Storage Purchase
Important Purchasing Factors
7. Tool Storage Marketing
Key Product Features
Enhanced Durability
Improved Security
Customization for Ease of Use
Integrated Power Capabilities
Marketing Trends
Online Marketing
Interactive Marketing
Doing Well by Doing Good
Event Sponsorship for Brand Awareness
Private Label Trends
8. Distribution Channels
Channel Scope & Description
Demand by Distribution Channel
Direct Sales & Wholesale Distributors
Home Centers
E-Commerce
Hardware Stores
Mass Marketers
9. Industry Structure
Key Findings & Industry Composition
Market Share
Mergers & Acquisitions
Cooperative Agreements
List of Industry Participants
10. Appendix
Report Details
Definitions
Abbreviations
Freedonia Methodology
Study-Specific Methodology
Sources
Associations & Agencies
Related Studies & Reports
Macroeconomic Assumptions
Economic Environment
Demographic Trends
Building Construction Expenditures
Residential Building Improvement & Repair
Commercial Building Improvement & Repair
Housing Completions
Manufacturers' Shipments
Consumer Spending
Professional Employment Outlook
Motor Vehicle Outlook
List of Tables
2. COVID-19 Pandemic
Table 2-1. Macroeconomic Indicators, 2019 - 2023 (billion 2012 dollars & billion dollars)
Table 2-2. Construction Expenditures, 2019 - 2023 (billion 2012 dollars & billion dollars)
Table 2-3. Annual Tool Storage Demand by Product Grade, 2019 - 2022 (million dollars)
Table 2-4. Annual Tool Storage Demand by Storage Product, 2019 - 2022 (million dollars)
3. Overview
Table 3-1. Tool Storage Product Demand, 2011 - 2021 (million dollars & thousand units)
Table 3-2. Tool Storage Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars)
Table 3-3. Annual Tool Storage Demand by Product Grade, 2018 - 2025 (million dollars)
Table 3-4. Tool Storage Pricing by Storage Product, 2011, 2016, 2021, & 2026 (dollars per unit)
Table 3-5. Annual Tool Storage Pricing by Storage Product, 2018 - 2025 (dollars per unit)
4. Power & Hand Tool Trends
Table 4-1. Consumer Power Tool Purchasing Behavior by Urban vs. Rural Setting, Age Group, Recent Move, Type of Housing, & Household Income Bracket, 2022 (percent of respondents)
Table 4-2. Consumer Power Tool Ownership by Product, 2022 (percent of households that own by selected product type)
5. Tool Storage Products
Table 5-1. Tool Storage Demand by Storage Product, 2011, 2016, 2021, & 2026 (million dollars)
Table 5-2. Annual Tool Storage Demand by Storage Product, 2018 - 2025 (million dollars)
Table 5-3. Characteristics of Tool Storage Chests & Cabinets
Table 5-4. Tool Storage Chest & Cabinet Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars & thousand units)
Table 5-5. Annual Tool Storage Chest & Cabinet Demand by Product Grade, 2018 - 2025 (million dollars & thousand units)
Table 5-6. Key Tool Storage Chest & Cabinet Brands by Supplier
Table 5-7. Characteristics of Tool Storage Boxes & Cases
Table 5-8. Tool Storage Box & Case Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars & thousand units)
Table 5-9. Annual Tool Storage Box & Case Demand by Product Grade, 2018 - 2025 (million dollars & thousand units)
Table 5-10. Key Tool Storage Box & Case Brands by Supplier
Table 5-11. Characteristics of Tool Storage Bags & Belts
Table 5-12. Tool Storage Bag & Belt Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars & thousand units)
Table 5-13. Annual Tool Storage Bag & Belt Demand by Product Grade, 2018 - 2025 (million dollars & thousand units)
Table 5-14. Key Tool Storage Bag & Belt Brands by Supplier
Table 5-15. Tool Storage Cart Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars & thousand units)
Table 5-16. Annual Tool Storage Cart Demand by Product Grade, 2018 - 2025 (million dollars & thousand units)
Table 5-17. Key Tool Cart Brands by Supplier
Table 5-18. Tool Storage Accessory Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars)
Table 5-19. Annual Tool Storage Accessory Demand by Product Grade, 2018 - 2025 (million dollars)
Table 5-20. Key Tool Storage Accessory Brands by Supplier
6. Consumer Purchasing Trends & Insights
Table 6-1. Home Remodeling Activity: Who Did the Work?, 2012 - 2022 (percent of respondents who did any remodeling)
Table 6-2. Tool & Tool Storage Purchases by Urban vs. Rural Setting, Age Group, Recent Move, Type of Home, & Annual Household Income Bracket, 2022 (percent of respondents)
Table 6-3. Recent Purchase of Tools & Tool Storage by Gender, 2022 (percent of respondents)
7. Tool Storage Marketing
Table 7-1. Private Label Tool Storage Brands
8. Distribution Channels
Table 8-1. Tool Storage Product Demand by Distribution Channel, 2011, 2016, 2021, & 2026 (million dollars)
Table 8-2. Annual Tool Storage Product Demand by Distribution Channel, 2018 - 2025 (million dollars)
9. Industry Structure
Table 9-1. US Tool Storage Product Sales by Company, 2021 (million dollars)
Table 9-2. Selected Mergers & Acquisitions
Table 9-3. Selected Cooperative Agreements
Table 9-4. Selected Industry Participants
10. Appendix
Table 10-1. Relevant Industry Codes
Table 10-2. Abbreviations & Acronyms Used in Study
Table 10-3. Macroeconomic Indicators, 2011, 2016, 2021, & 2026 (billion 2012 dollars)
Table 10-4. Population & Households, 2011, 2016, 2021, & 2026 (million persons)
Table 10-5. Building Construction Expenditures, 2011, 2016, 2021, & 2026 (billion 2012 dollars & billion dollars)
Table 10-6. Residential Improvement & Repair Expenditures, 2011, 2016, 2021, & 2026 (billion 2012 dollars & billion dollars)
Table 10-7. Commercial Building Improvement & Repair Expenditures, 2011, 2016, 2021, & 2026 (billion 2012 dollars & billion dollars)
Table 10-8. New Housing Indicators, 2011, 2016, 2021, & 2026 (thousand units)
Table 10-9. Manufacturers' Shipments, 2011, 2016, 2021, & 2026 (billion 2012 dollars & billion dollars)
Table 10-10. Personal Consumption Expenditures, 2011, 2016, 2021, & 2026 (billion 2012 dollars)
Table 10-11. Professional Employment Outlook, 2011, 2016, 2021, & 2026 (million persons)
Table 10-12. Motor Vehicles In Use, Production, & Retail Sales, 2011, 2016, 2021, & 2026 (million vehicles & thousand vehicles)
List of Figures
1. Executive Summary
Figure 1-1. US Market for Tool Storage Products
2. COVID-19 Pandemic
Figure 2-1. Real GDP by Economic Sector, 2020 - 2023 (% annual change)
Figure 2-2. Tool Storage Product Value Growth by Product Grade, 2019 - 2024 (% annual change)
3. Overview
Figure 3-1. Tool Storage Products: Examples
Figure 3-2. Tool Storage Product Demand, 2011 - 2021 (million dollars)
Figure 3-3. Tool Storage Demand by Product Grade, 2011, 2016, 2021, & 2026 (million dollars)
Figure 3-4. Professional-Grade Tool Storage Product Demand, 2011 - 2026 (million dollars)
Figure 3-5. Consumer-Grade Tool Storage Product Demand, 2011 - 2026 (million dollars)
Figure 3-6. Tool Storage Product Pricing by Storage Product, 2011 - 2026 (dollars per unit)
4. Power & Hand Tool Trends
Figure 4-1. Tool Sales, 2019 - 2024 (million dollars)
Figure 4-2. Product Example: Milwaukee PACKOUT Rapid Charger
5. Tool Storage Products
Figure 5-1. Tool Storage Chests & Cabinets: Product Examples
Figure 5-2. Examples of Tool Storage Boxes & Cases
Figure 5-3. Examples of Tool Storage Bags & Belts
Figure 5-4. Examples of Tool Storage Carts
Figure 5-5. Storage Accessories: Product Examples
6. Consumer Purchasing Trends & Insights
Figure 6-1. Lowe's DIY Workshops
Figure 6-2. What was the primary reason for your recent purchase of any tool storage product, power, or hand tools?, 2022 (percent of respondents)
Figure 6-3. What is most important to you when deciding which tool or piece of equipment to buy?, 2022 (percent of respondents)
7. Tool Storage Marketing
Figure 7-1. Product Example: Extreme Tools Upgraded EX Professional Series Tool Cabinet
Figure 7-2. Product Example: FLEX STACK PACK Features
Figure 7-3. Product Example: More Durable Tool Bags
Figure 7-4. Product Example: Crescent JOBOX Site Vault Security System
Figure 7-5. Product Example: WEATHER GUARD 1KEY ULTRALOCK
Figure 7-6. Product Example: Veto Pro Pac BUILD-OUT Tool Bags
Figure 7-7. Product Example: Milwaukee Interactive System Builder
Figure 7-8. Product Example: Husky Mobile Work Bench/Tool Chest with Integrated Power Strip
Figure 7-9. Product Example: MILWAUKEE PACKOUT Rapid Charger
Figure 7-10. Snap-on Facebook Tool Storage Posts
Figure 7-11. CRAFTSMAN ON TikTok
Figure 7-12. Snap-on MAKERS+FIXERS Program
Figure 7-13. Apex Tool Group's Women's Inclusion Network (WIN)
Figure 7-14. CRAFTSMAN Partnership with NASCAR
Figure 7-15. KNAACK's Sponsorship the World's Strongest Man Competition
9. Industry Structure
Figure 9-1. US Tool Storage Product Market Share by Company, 2021 (billion dollars)
Figure 9-2. US Tool Storage Market: Leading Supplier, 2021 (million dollars)
Figure 9-3. US Tool Storage Market: Second Leading Supplier, 2021 (million dollars)
Figure 9-4. US Tool Storage Market: Third Leading Supplier, 2021 (million dollars)
Figure 9-5. US Tool Storage Market: Fourth Leading Supplier, 2021 (million dollars)
Figure 9-6. US Tool Storage Market: Fifth Leading Supplier, 2021 (million dollars)
