CHICAGO, United States, November 7, 2022. /EINPresswire.com/ – North America garage furniture market size in 2021 was USD 708.9 million. The North American garage furniture market will reach USD 816.3 million and is expected to exhibit a CAGR of . 2.4% in the forecast period, i.e. 2022-2027. The growth of the North American garage furniture market is driven by the fact that nearly 62% of Americans witness crowded, disorganized and cluttered tools, which increases the need for clean and tidy garage furniture. Additionally, increasing number of garages in North America will ultimately benefit the garage furniture market. According to the 2018 Census Bureau of Construction Survey data, nearly 64% of homes in the United States have a two-car garage, while nearly 7% of homes have a one-car garage and 21% of homes have a large garage where residents can. place three or more cars.
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On the basis of product type, the tool storage segment holds the highest share of 33.5%, while other product types cumulatively hold a share of 66.5% of the market share. By material type, metals lead with the highest market share. On the basis of application, the heavy duty segment is expected to exhibit the highest CAGR of 3.0%. On the basis of distribution channels, e-commerce leads with the highest market share, while the residential segment, on the basis of end-user, dominates the market.
On the basis of country, the US holds the leading share of 73.2% and will show a growth of 2.4% due to high preference for garages, mainly in residential areas. About 55% of Americans invest 1-2 hours per week in DIY, repair and other activities. In addition, Canada follows the US market for garage furniture and occupies the second leading position due to the growing demand for garages. Functional 2-car garages have the highest share in Canada.
Factors affecting the market
The growing trend of having a garage in residential areas will present attractive prospects for market growth. The use of garages is increasing in North America, mostly in residential areas. Garages need proper furniture to store items on shelves. Furthermore, interior customization is gaining significant popularity and the demand for effective design solutions is also increasing, which will provide a wide scope for the North American garage furniture market. Additionally, a wide variety of stylish and fun garage interiors that require practical space will drive the market growth.
Moreover, organized garages can significantly help workers gain access to vehicle service centers, garages, and automotive OEMs. Nearly 108 million linear feet of closets were added to U.S. garages in 2019. Additionally, nearly 40% of garage storage systems are created using prefabricated components, including engineered wood, natural wood, plastic, and more, that form the frame. The North American Garage Furniture Market.
Tariffs imposed on imports of aluminum and steel products into the United States can be a significant deterrent. Furthermore, trade war between nations will be another restraining factor that will limit the growth of the North American garage furniture market as it will cause fluctuations in raw material prices.
People are focusing more on the garage interior, the range of garage interior available in the market to attract a large range of audience. People are more inclined to turn their garage into a stylish and practical space where everything can be organized. With the increasing adoption of vehicles, the demand for garage furniture will eventually increase.
North America garage furniture market. Analysis of the impact of Covid-19
The COVID-19 pandemic has wreaked havoc on the North American garage furniture market due to labor shortages and supply chain disruptions. In addition, new home construction plummeted, impacting revenues in the garage furniture industry.
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Competitors in the market
Some of the key players analyzed in the North America garage furniture market are: Connected Automotive Systems (OEMTools.com), Homak Mfg Co. Inc., Harwal Group of Companies (Duramax), Cipher Auto Inc., Intro-Tech (Pitstop Furniture), Apex Tool Group (Gear Wrench), ATD Tools, Inc., Black and Decker, Dura Ltd., OMP Group, etc. : Industry giants such as Stanley Black & Decker, Intro-Tech Automotive, Apex Tools Group, Homak Manufacturing Company, Inc. record a cumulative share of 27.8%.
By product type
Storage solutions (closets)
o Common storage
o Drawer cabinets
o Ground storage
o Tall cabinets
Shelves and shelves
Chairs and chairs
Pit Stop furniture
North America Garage Furniture Market by Distribution Channel
Direct Selling (B2B)
By the end user
Residential (Individuals – DIY)
Vehicle service centers/garages
o Automobile Dealers
o General service garages
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