Global Garage Organization & Storage Market to Grow with a CAGR of 7.85% through 2028
Increase in the number of vehicle owners and rising
disposable income, especially in high-income countries are factors driving the
global garage organization & storage market in the forecast period
2024-2028.
According to the
TechSci Research report, “Global Garage Organization & Storage
Market– Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2018-2028F”, The modern garage has evolved
far beyond its original purpose of housing automobiles. Today, it serves as a multifunctional
space that accommodates a wide range of activities, from storage and workshops
to recreational pursuits and even additional living areas. This transformation
has given rise to the garage organization and storage market, a dynamic and
evolving industry focused on providing innovative solutions to help homeowners
optimize their garage spaces.
The garage organization and
storage market is characterized by a diverse array of products and solutions
designed to enhance the functionality and efficiency of garage spaces. These
solutions range from simple shelving units and wall hooks to sophisticated
modular storage systems equipped with smart technology. The market caters to
homeowners who seek to declutter their garages, create organized workspaces,
and maximize the utility of their available space. From DIY enthusiasts to
those looking for professionally installed solutions, the market serves a broad
spectrum of consumers with varying needs and budgets.
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The trend toward using
garages for more than just parking cars is a significant driver. Homeowners are
transforming their garages into workshops, fitness areas, home offices, and
entertainment spaces. This shift in lifestyle necessitates innovative storage
solutions that can accommodate a variety of items and activities.Many modern
homes have limited storage space, prompting homeowners to utilize their garages
more effectively. As indoor storage becomes scarce, the garage becomes a prime
area for storing tools, equipment, seasonal items, and recreational gear.
The do-it-yourself (DIY)
movement has contributed to the growth of the garage organization and storage
market. Consumers are increasingly looking for solutions they can install and
customize themselves, leading to the popularity of modular and easy-to-assemble
storage systems. The convenience of online shopping has greatly influenced the
market's growth. Consumers can easily browse and purchase a wide variety of
garage organization products online, from shelves and cabinets to specialized
tool racks and overhead storage solutions.
The integration of smart
technology into garage organization and storage solutions is a burgeoning
trend. Smart systems offer features such as remote control, inventory tracking,
and automated organization, catering to tech-savvy consumers seeking enhanced
convenience. As environmental awareness grows, consumers are
increasingly looking for sustainable and eco-friendly products. Manufacturers
are responding by using recycled materials and adopting greener production
practices.
The garage organization and
storage market is poised for continued growth and innovation as it addresses
the evolving needs and preferences of consumers. The integration of advanced
technology, such as artificial intelligence and machine learning, could lead to
more intelligent and adaptive storage solutions. As sustainability remains a
priority, manufacturers will likely explore greener materials and manufacturing
methods. Additionally, customization options and modular systems are expected
to become more sophisticated, allowing homeowners to design their garage spaces
with precision.
The global garage
organization & storage market is segmented based on type, application, and
region.
Based
on application, The
residential application segment accounted for the largest revenue in 2022 and
is anticipated to experience strong penetration in the years to come, supported
by rising residential construction activity globally, which will increase
garage construction activity. Because of the increasing number of
government-sponsored real estate building projects, particularly in urban
areas, the residential application segment is expected to have substantial
demand for these goods over the forecast period.
In 2022, with the largest
share, North America dominated the global industry. The region's inflexible
supply chain is driving sales of these items and related furniture.
Additionally, there has been a steady demand for sustainable products
throughout the years due to consumers' growing preference for materials that
were acquired ethically throughout the production process.
Key market players operating in
the global Garage Organization & Storage market include:
- Gladiator
- GarageTek Inc.
- Sterilite Corp.
- Stanley Black & Decker
- Lowe's Companies Inc.
- ClosetMaid Corp.
- Monkey Bars Storage Company
- Rubbermaid Commercial Products LLC
- Alpha Guardian
- Cannon Security Products
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“The garage organization and
storage market is experiencing robust growth due to a combination of factors.
These include changing lifestyles, evolving home improvement trends,
technological advancements, the need for space efficiency, and the desire to
optimize underutilized areas of the home. As the market continues to expand,
manufacturers are likely to focus on developing innovative, flexible, and
customizable solutions that cater to the diverse needs and preferences of
homeowners. The intersection of these drivers demonstrates the increasing
importance of well-organized and efficient garage spaces in modern living
environments” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Garage Organization
& Storage Market– Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F, Segmented By Type (Garage
Cabinets, Garage Shelves/Racks, Garage Wall Organization), By Application
(Residential, Commercial), By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated the future
growth potential of the global garage organization & storage market
globally and
provides statistics and information on market structure, size, share, and
future growth. The report provides cutting-edge market intelligence and helps decision-makers
to make sound investment decisions. Besides, the report also identifies the
emerging trends along with essential drivers, challenges, and opportunities
present in the market of garage organization & storage globally.
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