US Tool Storage Products

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:

•  healthy demand in the professional market
•  continued interest by consumers in DIY and DIFM activities
•  the ease with which shoppers can purchase tool storage products via e-commerce
•  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:

•  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.
•  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 Lowe’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.