Garage Storage Products Market Size, Share, Growth, and Industry Analysis, By Type(Garage Cabinets, Garage Shelves, and Garage Wall Management Apparatus), By Application (Residential Garage, and Commercial Garage), and Regional insights and Forecast to 2031

Updated On: 15 April 2024

garage storage products market REPORT OVERVIEW

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The global garage storage products market size was 961.8 million in 2020 and is expected to reach USD 1273.3 million by 2027, exhibiting a CAGR of 3.7% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with garage storage products experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s demand returning to pre-pandemic levels.

Garage storage products are essential tools for homeowners seeking to maximize the functionality and organization of their garage spaces. These products encompass a wide range of solutions, including shelving units, cabinets, overhead storage racks, wall-mounted systems, and specialized organizers for tools, sports equipment, and gardening supplies. By utilizing these products, individuals can keep their garages clutter-free, protect valuable tools and belongings, and create a well-organized space for DIY projects, vehicle maintenance, and other activities. Garage storage products help homeowners reclaim valuable floor space, improve accessibility, and transform their garages into clean, efficient, and well-organized areas that cater to various storage needs.

Choosing the right garage storage products depends on the specific items that need organization and the available space in the garage. From tool chests to bike racks, these products offer flexibility and versatility to tailor the garage storage solution to individual preferences and requirements. Whether you're a DIY enthusiast, a sports enthusiast, or simply looking to keep your garage tidy, these storage products can help you make the most of your space while ensuring everything has its designated place.

COVID-19 IMPACT: Increased Demand for Home Organization to Boost Demand Significantly

COVID-19 had a life changing impact globally. The garage storage products market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for garage storage products experienced an increased demand.

The shift towards online shopping was already underway but accelerated during the pandemic. Consumers increasingly turned to e-commerce for purchasing garage storage products, favoring convenience and contactless shopping. The garage storage product industry, like many others, faced supply chain disruptions due to factory shutdowns and transportation delays. This could impact product availability and delivery times.

The pandemic led to a rise in DIY projects and home improvement endeavors. People looked to optimize their living spaces, and garages, in particular, became versatile areas for projects and storage. This boosted the demand for storage products to keep tools and supplies organized. With more people spending time at home due to lockdowns and remote work, there was a surge in demand for home organization products, including garage storage solutions. Homeowners sought ways to declutter and create functional spaces within their homes, and garages were a significant focus. The market is anticipated to boost the garage storage products market growth following the pandemic.

LATEST TRENDS

"Smart and Connected Storage Solutions to Broaden Market Prospects"

The integration of smart technology in garage storage products was gaining traction. This includes app-controlled shelving, motorized storage systems, and sensors that monitor inventory levels. Modular and customizable storage solutions were on the rise. These systems allow homeowners to configure their garage storage based on their specific needs and available space. There was a growing emphasis on environmentally friendly materials and manufacturing processes, resulting in eco-conscious garage storage products. Recycled and sustainable materials, as well as products designed for recycling or reusability, were becoming more prevalent.

Garage storage products weren't limited to shelves and cabinets; customized garage flooring options, such as durable epoxy coatings and interlocking tiles, were increasingly popular for both aesthetics and functionality. For those with demanding storage needs, industrial-grade garage storage products with high load-bearing capacities and rugged durability were available. Retailers were introducing innovative shopping experiences, including virtual showrooms and augmented reality tools to help customers visualize and plan their garage storage solutions.

garage storage products market SEGMENTATION

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• By Type

Based on type, the market is divided into garage cabinets, garage shelves, and garage wall management apparatus.

Garage Cabinets holds a major segment by type of the global market.

• By Application

Based on application, the market is bifurcated into residential garage, and commercial garage.

Residential Garage as application holds a major segment by application of the global market.

DRIVING FACTORS

"Increasing Homeownership to Boost Market Demand"

The growing number of homeowners has created a strong market for garage storage products. Homeowners often seek solutions to maximize their garage space, making it more organized and functional. Changes in how people use their garages have driven the need for storage products. Garages have evolved from mere car storage spaces to multifunctional areas used for hobbies, home gyms, workshops, and more, requiring versatile storage solutions.

"Multi-Purpose Garages to Boost Market Flux"

Garages are now used for various purposes beyond vehicle storage, including as home gyms, workshops, and play areas. This shift has increased the need for storage products that adapt to these diverse uses. Many individuals have hobbies and sports equipment that need storage. Bicycles, camping gear, sports gear, and hobby supplies all require organized storage solutions. As the population ages, there is a growing demand for storage products that are easily accessible and user-friendly, as older homeowners seek to make the most of their garage spaces. These factors are anticipated to drive the garage storage products market share.

RESTRAINING FACTOR

"Economic Downturns to Hamper Market Necessity"

Economic recessions and financial instability can lead to reduced consumer spending on non-essential items, including garage storage products. During economic downturns, consumers may delay home improvement projects. High initial costs associated with some garage storage products, such as custom-built systems or premium materials, can be a barrier for budget-conscious consumers. DIY garage storage solutions can be challenging for individuals who lack the necessary skills, tools, or time, which can deter them from investing in such products.

garage storage products market REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to High Rate of Home Ownership"

North America is the major shareholder for the garage storage products market. North America has been a major shareholder in the garage storage products market due to a high rate of homeownership, larger garage spaces in suburban homes, and a culture of DIY home improvement. The concept of a functional garage as an extension of the home is well-established in this region. Additionally, the availability of a wide range of garage storage products and the presence of numerous manufacturers contribute to North America's prominence in the market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Gladiator GarageWorks [U.S.]
• GarageTek  [U.S.]
• ClosetMaid [U.S.]
• Rubbermaid [U.S.]
• Sterilite Corporation  [U.S.]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.