North America Professional Grade Tool Chests Market Worth US$ 3,021.6 Mn by 2030 – Astute Analytica
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Professional-grade tool chests are used to store, carry, and organize various types and sizes of tools for a number of applications. They are available in a variety of sizes and styles. Without a tool chest of the highest caliber, no mechanic's garage is complete. The benefits supplied by the variety of tool storages by enhancing workers' productivity and by offering a secure location to store all the precious instruments are causing the professional-grade tool chest to achieve enormous acceptance among industrial verticals. Additionally, if tools are not stored properly, they may be lost permanently or, in the worst case, destroyed.
Professional Grade Tool Chests can support to-
Decrease time wastage
Easy Movability
Physiological Factor
Save Money
Longer Production Time
Regulations/Standard of Professional Grade Tool Chests Market
The Consumer Product Safety Commission-
This commission establishes rules to guarantee the adequate safety and instruction of factory workers. Chain saws will only be operated by trained staff. Chain saw operators can execute their jobs effectively and safely with the right training. Specific work techniques, practices, and site needs must be included in the training, as well as the identification, prevention, and management of dangers to general safety and health.
29 CFR Part 1926 - SAFETY AND HEALTH REGULATIONS FOR Tools-Hands & Power-
Whether provided by the employer or the employee, all hand and power tools, as well as similar equipment, must be kept in a safe condition. Employers must also follow all rules and regulations that are relevant
Market Influencing Factors
The North America professional grade tool chests market is growing due to the elements such as rising manufacturing and building activity and an increase in residential and commercial areas. The demand for professional tool storage systems has grown as interest in carpentry, construction, and building repair has expanded. For example, building on the momentum from 2021, the amount of commercial real estate investment in the United States increased by 10% year over year to $167 billion in Q2 2022. Additionally, the industry has a significant possibility for expansion due to ongoing technological advancements. In addition, according to the Joint Center for Housing Studies of Harvard University, homeowner improvement and repair activity increased by 16% year over year, from $350 billion in the second quarter of 2021 to $406 billion in the second quarter of 2022, and is expected to reach $450 billion by the first quarter of 2023.
DIY tendencies on social media, which make it simple for users to do tasks on their own, are one of the main factors driving up demand for professional-grade tool chests. YouTube and Instagram videos are popular among young people right now. The younger generation wants their own toolboxes and equipment. The demand for tool storage goods is rising among the youthful population owing to the need to maintain these tools' organization and appearance.
However, quality control and workflow management may limit the market growth as items stored inside the tool chest tend to get mixed up.
Impact Analysis of COVID-19
Due to restrictions relating to the COVID-19 pandemic, operations on the North American market for tool chests of a certain grade had to stop. Additionally, facility closures resulting from government restrictions during the COVID-19 pandemic have had a significant influence on the manufacturing and supply chain infrastructure of the grading tool chest market. However, because more people are making purchases online and rising technology improvements, it is anticipated that there will be a strong economic recovery and response to the consequences of COVID-19.
Segmentation Summary
In 2021, in terms of tool chest type, the tool cabinets & chest combinations dominated the North America professional grade tool chests industry and will project a significant CAGR over the forecast period. Since there is a wide range of products in this area, they come in many various shapes and sizes.
In 2021, on the basis of distribution channels, the direct sales segment held a maximum share in the North America professional grade tool chests industry and is likely to register at the highest growth rate of 5.25% during the forecast period. In the direct sales industry, tools might be thoroughly reviewed before purchase.
In 2021, in terms of end-users, the non-residential user segment acquired the highest share in the North America professional-grade tool chest industry. For the safety of their tools and equipment, any skilled mechanic or carpenter needs a business workbench. On the other hand, the residential segment will rise at a CAGR of 5.8% from 2022 to 2030. This is due to the rising number of garages in homes.
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Prominent Competitors
The prominent competitors in the North America professional grade tools chests market are:
Techtronic Industries
Clarke Tools
Sunex Tools
CURT Manufacturing LLC (UWS)
Stanley Black and Decker Group
Draper Tools
Sonic Tools
Halfords Tools
Snap On
Husky Tools
Sealey American
Kennedy
Milwaukee Tools
Pioneer Steel USA
Moduline
Other Prominent Players
Segmentation Outline
The North America professional grade tools chests market segmentation focuses on Tools Chest Type, Distribution Channel, End-User, and Country.
By Tools Chest Type Segment
Rolling Tool Cabinets
Side Cabinets & Lockers
Tool Cabinets & Chest Combinations
Top Chests, Intermediate Chests & Hutches
By Distribution Channel Segment
Direct Sales
Distributors
Online
o Brand Websites
o E-commerce Platforms
Offline
o Specialty Stores
o Supermarket/Hypermarket
By End-User Segment
Residential
Non-residential
o Automotive
o Aeronautical
o Oil & Gas and Mining
o Transportation
o Utility Services (Electricity, Plumbing)
o Others
By Country Segment
North America
The U.S.
Canada
Mexico
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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