by Corinne Gangloff
January 9, 2023
Cleveland OH, January 9, 2023 – According to the new study, Tool Storage Products, demand for tool boxes and cases is anticipated to advance 2.1% per year from a high 2021 base to $454 million in 2026.
In 2021, demand for tool boxes and cases was $410 million, representing 11% of the tool storage product market.
Gains will be driven primarily by price growth – with higher-cost modular systems contributing to growth – although increases will not be as dramatic as those inflation- and supply-chain-related spikes that occurred in 2021 and 2022. Demand in unit terms will moderate significantly during the forecast period following the sharp sales increases in 2020 and 2021.
The professional segment will outperform the consumer market, benefiting from:
While traditional tool boxes are used by both professionals and consumers, modular storage systems are primarily employed by the former. These higher-priced systems have driven recent sales growth in the category, and they will continue to do so in the future. Modular solutions have become popular with contractors and other professionals because they are more efficient for storing and transporting tools. Modular systems are made up of components that can be interlocked to create customized units; system components are typically made of plastic with metal corners for protection.
They have been popular in Europe for years, with companies like Bosch, DEWALT, and Festool marketing them. Milwaukee PACKOUT came to the US market in 2017, evolving over the years with new products and extensions, and the brand’s success drove numerous competitors to introduce similar products. Modular systems compete with traditional boxes and cases, as well as chests and cabinets, which are typically more expensive and often stationary.
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