Astute Analytica reports that the global North America garage furniture market size will grow from US$ 708.9 Million in 2021 to US$ 816.2 Million by 2027. The global market will record a tremendous compound annual growth rate (CAGR) of 2.4% during the study period, i.e., 2022-2027.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the North America Garage Furniture Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analyzing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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North America’s garage furniture market is highly fragmented, with the presence of big and small players across various countries. This results in increased competition in the market. Market players are continuously focusing on geographical expansions & strategic partnerships, in order to increase their client base.
Growth Influencers
Growing DIY (Do It Yourself) trend on social media
DIY trend on social media is one of the most important factors attribute to the increased demand for garage furniture market in North America. Instagram and YouTube videos are trending among young population. Young population wants to own tool kits and equipment of their own. In order to keep these tools organized and presentable, the demand for garage furniture is growing among young population.
Increased number of independent garages to fuel the market growth
The majority of population take help of independent garages one the warranty of vehicles gets expired. The independent garages offer services with lesser cost as compared to the authorized garages. Due to which, the vehicle owners prefer independent garages for routine maintenances, oil check-ups, among others. Due to increase number of independent garages, the demand for garage furniture is also growing in North America.
Segments Overview
The North America garage furniture market is segmented into product type, material, application, distribution channels, and end-user.
By Product Type
- Storage Solutions (cabinets)
- General Storage
- Drawer Cabinets
- Overhead Storage
- Tall Cabinets
- Shelves & Racks
- Tool Storage
- Work Benches
- Chairs & Stools
- Pit Stop Furniture
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On the basis of product type, the tool storage segment is estimated to capture the largest share of more than 32% in the year 2020. Furthermore, storage solutions segment is expected to capture the second largest share of North America garage furniture market.
By Material
- Metal
- Wire
- MDF
- Plastic
- Wood
Based on material, metal segment captured the largest share of North America garage furniture market, in 2020. The segment is forecasted to be valued at a market size of USD 246 Million by 2025. Whereas, plastic segment is anticipated to grow at a highest rate, during the forecast period.
By Application
- Heavy Duty
- General
On the basis of application, general segmented is estimated to dominate the market in the 2020, and is expected to continue this dominance during the forecast period.
By Distribution Channels
- Direct Sales (B2B)
- Wholesale Distributors
- Retail Stores
- E-commerce
On the basis of distribution channels, e-commerce segment is estimated to dominate the market, with a share of more than 30% in 2020.
By End-user
- Residential
- Vehicle Service Centers/ Garages
- Automotive Dealerships
- General Service Garages
- Automotive OEMs
Based on end user segment, the residential segment is estimated to dominate the market with a share of around 90% in the year 2020. Increased DIY is one of the most important factors attribute to the dominance of residential segment.
Geographic Analysis
On the basis of geography, the North America garage furniture market is segmented into U.S., Canada, and Mexico. The U.S. is expected to dominate the North America garage furniture market in 2020, and is expected to continue this dominance during the forecast period. Presence of world’s biggest automotive market is one of the most important factors attributed to this dominance
Competitive Landscape
Key players operating in the North America garage furniture market include, Homak Mfg Co Inc, Intro-Tech (Pitstop furniture), ATD Tools, Inc., Connected Automotive Systems (OEMTools.com), Apex Tool Group (Gear Wrench), Stanley Black & Decker, Inc., Dura Ltd., Cipher Auto Inc., OMP Group, Harwal Group of Companies (Duramax), among others.
Key market players are actively engaged in strategic partnerships, mergers and acquisition, new product development and innovation to increase their presence in the North America garage furniture market.
The North America garage furniture market report offers insights on the below pointers:
- Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
- Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
- Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.
The North America garage furniture market `report answers questions such as:
- What is the market size and forecast of the North America garage furniture market`?
- What are the inhibiting factors and impact of COVID-19 on the North America garage furniture market during the assessment period?
- Which are the products/segments/applications to invest in over the assessment period in the North America garage furniture market?
- What are the technology trends in the North America garage furniture market?
- What strategies are considered favourable for entering the North America garage furniture market?
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About Astute Analytica:
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