Tool Storage Products

Value-Added Features and Efforts to Address Market Needs Support Tool Storage Industry

Tool Storage

Because this market is mature, it is important for suppliers to target opportunities for value-added products and even small levels of market expansion. Gains will be supported by efforts to identify the needs of key demographic groups and the introduction of products with features that solve customers’ problems and give them a reason to upgrade. Efforts to expand e-commerce sales will also aid sales by giving customers access to more products and greater price competition.

Key Findings in the Tool Storage Products Study:

Addressing the Needs of Key Demographics

With high rates of home ownership, baby boomers typically own numerous tools and tool storage products. This group tends to seek storage options that make organizing and transporting tools easier, and is willing and able to afford value-added features such as customization accessories, light bars, and security features.

Millennials are now moving into their first homes and becoming more significant tool buyers; however, many are choosing to live in urban areas and remain in rental properties. Opportunities for this group include products that maximize storage in small spaces and have USB ports to support their smartphone-connected lives. Private labels appeal to this price-conscious demographic that typically has limited brand loyalty.

Increasingly moving into their own homes, women represent a rising target demographic for tool and tool storage sales. Suppliers need to avoid stereotypes (e.g., pink products), but can appeal to women with lighter-weight items or versions with wheels that are easier to handle. Items that accommodate crafting supplies is another way to reach this market.

E-Commerce is the Rising Channel for Both Professional- and Consumer-Grade Tool Storage

E-commerce is the fastest growing distribution channel for tool storage products. Although online retail sites offer more convenient browsing and a larger product catalog than physical stores, some consumers will continue to prefer shopping at brick-and-mortar locations for the opportunity to examine tool storage products before purchasing them. Still, showrooming – the process by which a consumer browses and handles a floor model and then purchases the product online, often at a lower price – will boost sales online.

Tariffs and Threats of Trade War Are Creating Uncertainty for Major Suppliers

China is the largest source of US tool storage imports due to the country’s low labor costs and extensive manufacturing infrastructure. Imports are forecast to account for an increasing share of US demand in some segments as low production costs can provide a significant competitive advantage when savings are passed to the customer.

However, the Trump administration’s May 2018 tariffs imposed on steel and aluminum imported to the US will contribute somewhat to uncertainty for storage suppliers in light of possible changes in supply chains and price volatility for these key materials, at least in the near term.

Additionally, after a finding of dumping in May 2018, the Trump administration imposed stiff duties on imports of certain tool storage products from China and Vietnam. The effect on even US-based suppliers is likely to be balanced by the negative effect of uncertainty in material pricing stemming from the above steel and aluminum tariffs.

Study Coverage

This study presents historical demand data (2007, 2012 and 2017) and forecasts for 2022 by class (professional-grade and consumer-grade), product (chests and cabinets; boxes, cases, bags and belts; carts; and accessories), and distribution channel (direct sales and distributors, home centers, hardware stores, e-commerce, mass marketers). The study also analyzes consumer attitudes and purchasing patterns, product innovations, and marketing trends, and evaluates company market share and analyzes industry competitors including Apex Tools, Snap-on, Stanley Black & Decker, and Techtronic Industries.

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Purchase Tool Storage Products by the Section

  1. Tool Storage Products

    $3,900.00

    1. 1 EXECUTIVE SUMMARY

      $193.00

      1. Figure 1-1 | US Tool Storage Market

    2. 2 OVERVIEW

      $727.00

      1. 2.1 Key Findings

        $82.00

        1. Figure 2-1 | Key Trends in the US Tool Storage Market

      2. 2.2 Power & Hand Tool Demand Trends

        $373.00

        1. 2.2.1 Power & Hand Tool Demand Trends: Overview

          $82.00

        2. 2.2.2 Power & Hand Tool Demand Trends: Annual Sales

          $82.00

          1. Table | Power & Hand Tool Demand, 2007 - 2022

        3. 2.2.3 Power & Hand Tool Demand Trends: Consumer Purchasing Trends

          $267.00

          1. Table | Consumer Purchasing Behavior: "Did you buy power tools

          2. Table | Consumer Purchasing Behavior: "Did you buy any general purpose hand tools in the last 12 months?"

          3. Table | Consumer Purchases by Product: "Please indicate which power tool(s) or power tool accessories you

          4. Table | Consumer Purchases by Product: "Which type(s) of general purpose hand tool(s) did you buy in the

      3. 2.3 Domestic & Foreign Production of Metal Products

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      4. 2.4 Tariffs & Antidumping Duties on Imports

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        1. 2.4.1 Aluminum & Steel Tariffs

          $82.00

        2. 2.4.2 Antidumping Duties on Tool Storage Products from China & Vietnam

          $112.00

    3. 3 PRODUCTS

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      1. 3.1 Key Findings

        $82.00

        1. Figure 3-1 | Key Trends in US Tool Storage Products

      2. 3.2 Tool Storage Classes

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        1. 3.2.1 Professional- Versus Consumer-Grade

          $119.00

        2. 3.2.2 Demand Forecast by Class

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          1. Table | Tool Storage Demand by Class, 2007 - 2022

        3. 3.2.3 Tool Storage Classes: Professional-Grade

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        4. 3.2.4 Tool Storage Classes: Consumer-Grade

          $228.00

      3. 3.3 Tool Storage Products

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        1. 3.3.1 Demand by Product

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          1. Table | Tool Storage Demand by Product, 2007 - 2022

        2. 3.3.2 Tool Storage Products: Chests & Cabinets

          $321.00

          1. Table | Characteristics of Tool Storage Chests & Cabinets

          2. Figure 3-2 | Examples of Tool Storage Chests & Cabinets

          3. Table | Key Tool Chest & Cabinet Brands by Supplier

        3. 3.3.3 Tool Storage Products: Boxes, Cases, Bags, &Belts

          $303.00

          1. Table | Characteristics of Tool Storage Boxes, Cases, Bags, &Belts

          2. Figure 3-3 | Examples of Tool Boxes, Cases, Bags, &Belts

          3. Table | Key Tool Box & Case Brands by Supplier

          4. Table | Key Tool Bag & Belt Brands by Supplier

        4. 3.3.4 Tool Storage Products: Carts

          $156.00

          1. Figure 3-4 | Product Example: Home Depot's Husky Tool Cart

          2. Table | Key Tool Cart Brands by Supplier

        5. 3.3.5 Tool Storage Products: Accessories

          $273.00

          1. Figure 3-5 | Product Example: Hanson Global's ToolHANGER Organization Board

          2. Figure 3-6 | Product Example: Industrial Magnetics' MAG-MATE Magnetic Tool Holders

          3. Figure 3-7 | Product Example: diamondLife's ToolCart MX Mobile Pegboard

          4. Table | Key Tool Storage Accessory Brands by Supplier

    4. 4 CONSUMER TRENDS

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      1. 4.1 Key Findings

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        1. Figure 4-1 | Tool Storage Consumer Trends

      2. 4.2 Tool Storage Markets

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      3. 4.3 Consumer Insights

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        1. 4.3.1 Overview

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        2. 4.3.2 Women Represent an Increasingly Important Market

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          1. Figure 4-2 | Marketing Example: DIY Workshops for Women

        3. 4.3.3 The Importance of Baby Boomers Cannot Be Forgotten

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        4. 4.3.4 Millennials Moving into Their First Homes

          $82.00

        5. 4.3.5 DIY Ethic

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          1. Table | Consumer Views on Home Improvement & Hand Tools

      4. 4.4 Consumer Views on Tools & Tool Storage

        $636.00

        1. 4.4.1 Overview

          $82.00

        2. 4.4.2 Tool Ownership

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          1. Figure 4-3 | Tool Ownership by Gender & Age Group, 2018

        3. 4.4.3 Area of Home Used for Tool Storage

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          1. Figure 4-4 | Primary Area of Home Used for Tool Storage by Gender, 2018

        4. 4.4.4 Primary Tool Storage Unit by Gender

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          1. Figure 4-5 | Primary Tool Storage Unit by Gender, 2018

        5. 4.4.5 Primary Tool Storage Unit by Age Group

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          1. Table | Primary Tool Storage Unit by Age Group, 2018

        6. 4.4.6 Consumer Views on Tools & DIY Engagement

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          1. Figure 4-6 | Consumer Views on Tools & DIY Engagement, 2018

        7. 4.4.7 Consumer Views on Tools & DIY Engagement by Age Group

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          1. Table | Consumer Views on Tools & DIY Engagement by Age Group, 2018

        8. 4.4.8 Area of Home Used for Tool Storage by Consumer Views on Tools & DIY Engagement

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          1. Figure 4-7 | Area of Home Used for Tool Storage by Consumer Views on Tools & DIY Engagement, 2018

        9. 4.4.9 Primary Tool Storage Unit by Consumer Views on Tools & DIY Engagement

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          1. Figure 4-8 | Primary Tool Storage Unit by Consumer Views on Tools & DIY Engagement, 2018

    5. 5 PRODUCT & MARKETING TRENDS

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      1. 5.1 Key Findings

        $82.00

        1. Figure 5-1 | Key Product & Marketing Trends in Tool Storage

      2. 5.2 Product Trends

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        1. 5.2.1 Overview

          $82.00

        2. 5.2.2 Product Trends: Durability

          $108.00

          1. Figure 5-2 | SPG International's Built Tough Banner

          2. Figure 5-3 | Product Example: Swivel Storage Solutions' Swivel Tool Chest

        3. 5.2.3 Product Trends: Security

          $91.00

          1. Figure 5-4 | Product Example: Lowe's Kobalt Tool Chests with Kwikset's SmartKey Security

          2. Figure 5-5 | Product Example: Stanley Black & Decker's CRAFTSMAN Pro Series with Smart Lock Technology

        4. 5.2.4 Product Trends: Customization

          $142.00

          1. Figure 5-6 | Product Example: JLM Accessories' Mantis Tool Grid

          2. Figure 5-7 | Product Example: Bosch's L-BOXX Modular Tool Storage System

          3. Figure 5-8 | Product Example: Milwaukee Electric Tool's Milwaukee PACKOUT Modular Tool Storage System

        5. 5.2.5 Product Trends: Power Capabilities

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          1. Figure 5-9 | Product Example: Lowe's Kobalt Tool Cabinet with Charging Station

          2. Figure 5-10 | Product Example: Stanley Black & Decker's CRAFTSMAN Chest/Cabinet Combo Unit with Power

        6. 5.2.6 Product Trends: Cool Factor

          $84.00

          1. Figure 5-11 | Product Example: Team Promark Tool Box with Team Logo

          2. Figure 5-12 | Product Example: Snap-on's Special Edition Tool Cabinets

          3. Figure 5-13 | Product Example: John Deere & Caterpillar Branded Tool Storage

      3. 5.3 Marketing Trends

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        1. 5.3.1 Overview

          $82.00

        2. 5.3.2 Marketing Trends: Online Marketing

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          1. Figure 5-14 | Social Media Competitive Marketing Example

          2. Figure 5-15 | Stanley Black & Decker's DIYZ Mobile App

        3. 5.3.3 Marketing Trends: Experiential Marketing

          $82.00

          1. Figure 5-16 | Snap-on's Rock N' Roll Cab Express

        4. 5.3.4 Marketing Trends: Doing Well by Doing Good

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        5. 5.3.5 Marketing Trends: Event Sponsorship for Brand Awareness

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          1. Figure 5-17 | Mac Tools Motorsports Sponsorships

          2. Figure 5-18 | Werner's WEATHER GUARD Sponsorship of the Professional Rodeo Cowboys Association

        6. 5.3.6 Marketing Trends: Licensing to Extend a Brand's Reach

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          1. Figure 5-19 | Selected Licensed Products

        7. 5.3.7 Marketing Trends: Private Label

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          1. Figure 5-20 | Harbor Freight Tools Price Comparison

          2. Table | Private Label Tool Storage Brands

    6. 6 DISTRIBUTION CHANNELS

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      1. 6.1 Key Findings

        $82.00

        1. Figure 6-1 | Key Trends in US Tool Storage Distribution Channels

      2. 6.2 Distribution Channel Scope & Introduction

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        1. Table | Tool Storage Demand by Distribution Channel, 2007 - 2022

      3. 6.3 Direct Sales & Wholesale Distributors

        $198.00

        1. 6.3.1 Scope & Introduction

          $132.00

        2. 6.3.2 Demand Forecast

          $82.00

      4. 6.4 Home Centers

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        1. Figure 6-2 | CRAFTSMAN Tool Chest Launch at Lowe's

      5. 6.5 Hardware Stores

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      6. 6.6 E-Commerce

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        1. Figure 6-3 | Home Depot Online Ordering Options

      7. 6.7 Mass Marketers

        $98.00

    7. 7 INDUSTRY STRUCTURE

      $1,765.00

      1. 7.1 Key Findings & Industry Composition

        $117.00

        1. Table | Tool Storage Sales by Company, 2017

      2. 7.2 Market Share

        $448.00

        1. Figure 7-1 | Tool Storage Market Share, 2017

        2. Figure 7-2 | Tool Storage Market: Leading Supplier

        3. Figure 7-3 | Tool Storage Market: Second Leading Supplier

        4. Figure 7-4 | Tool Storage Market: Third Leading Supplier

        5. Figure 7-5 | Tool Storage Market: Fourth Leading Supplier

      3. 7.3 Mergers & Acquisitions

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        1. Table | Selected Acquisitions & Divestitures

      4. 7.4 Cooperative Agreements

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        1. Table | Selected Cooperative Agreements

      5. 7.5 List of Industry Participants

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    8. 8 APPENDIX

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      1. 8.1 Scope

        $108.00

        1. Table | Relevant Industry Codes

      2. 8.2 Definitions

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      3. 8.3 Abbreviations

        $82.00

        1. Table | Abbreviations & Acronyms Used in Study

      4. 8.4 Freedonia Methodology

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      5. 8.5 Study-Specific Methodology

        $82.00

      6. 8.6 Sources

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      7. 8.7 Associations & Agencies

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      8. 8.8 Related Freedonia Group Studies

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      9. 8.9 Macroeconomic Assumptions

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        1. 8.9.1 Economic Environment

          $153.00

          1. Table | Macroeconomic Indicators, 2007 - 2022

          2. Figure 8-1 | Annual Growth in Real GDP, 2000 - 2017, Compared to 1980 - 2005 Average

        2. 8.9.2 Demographic Trends

          $158.00

          1. Table | Population & Households, 2007 - 2022

          2. Figure 8-2 | Annual Population Growth, 2002 - 2017

        3. 8.9.3 Construction Expenditures

          $146.00

          1. Table | Construction Expenditures, 2007 - 2022

        4. 8.9.4 Residential Improvements & Repairs

          $82.00

          1. Table | Residential Improvement & Repair Expenditures, 2007 - 2022

        5. 8.9.5 Commercial Building Improvements & Repairs

          $82.00

          1. Table | Commercial Building Improvement & Repair Expenditures, 2007 - 2022

        6. 8.9.6 Housing Completions

          $82.00

          1. Table | New Housing Indicators, 2007 - 2022

        7. 8.9.7 Motor Vehicle Industry Overview

          $96.00

          1. Table | Motor Vehicle Indicators, 2007 - 2022

        8. 8.9.8 Professional Employment Overview

          $82.00

          1. Table | Professional Employment Indicators, 2007 - 2022

        9. 8.9.9 Manufacturers' Shipments

          $155.00

          1. Table | Manufacturers' Shipments, 2007 - 2022

        10. 8.9.10 Consumer Spending

          $320.00

          1. Table | Personal Consumption Expenditures, 2007 - 2022

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