Garage Organization And Storage Market (2023 - 2030)

Garage Organization And Storage Market Summary

Garage organization and storage systems allow customers to neatly and conveniently segregate their belongings. The garage area within freestanding households has evolved through time from a basic car parking space to a vast storage room that could store different vehicles, tools, and equipment used for both leisure and occupational purposes.

Home remodeling projects are continuing their steady expansion despite the pandemic. The COVID-19 pandemic had a major impact on many enterprises and industries. While many businesses fought to keep their doors open throughout the pandemic, the self-storage industry noticed an increase in demand for more space. The work-from-home model followed by most companies across the world during the pandemic further propelled the industry growth. Various companies operating in the industry witnessed a product demand boom from people wanting to spruce up garages and other storage spaces during this period.

In the coming years, the global industry is expected to witness strong growth, driven by consumer demand for convenient storage of a variety of products while also maintaining cleanliness in the garage. Many consumers have witnessed a regular pace of new developments as businesses seek to capitalize on a stable and rising demand for these products. With the increasing number of family heads in the house and the multi-use of garages, the garage is also becoming an important prospect for houses. Keeping the multi-use of storage units in mind, industry players are developing huge storage units that may be used as garage storage as well as other domestic storage units.

The demand for extra storage space as families acquire and grow more material items is the main factor influencing the performance of garage storage properties. In addition, as baby boomers downsize, a greater need for storage facilities is anticipated. The growing urban population results in more renters who move around more frequently. People often use garage storage products to store pesticides, pool products, commercial cleaning products, and equipment, paints, paint thinners, and industrial cleaners. According to the U.S. Fire Administration, some of these products are highly flammable and can cause severe fire incidents.

Thus, governments across the globe have put limitations on the use of garage products. Every year, around 2.3 million families in the U.S. acquire closet storage systems, which include those in laundry rooms, bedrooms, and kitchen pantries. According to a 2019 report, around 108 million linear feet of garage and closet storage was installed in houses across the U.S. While the industry is presently dominated by do-it-yourself products, it is anticipated that professionally built closet and garage systems will continue to gain popularity.

Type Insights

The garage cabinets segment dominated the industry in 2022 and accounted for the maximum share of more than 40.00% of the overall revenue. Customizable and assorted cabinets are becoming popular, which is anticipated to boost the demand for these products over the forecast period. Customers can use such products to effortlessly store a variety of objects while keeping the garages neat. Easy access, as well as specialized places for specific equipment and tool storage, ensure that all available space is utilized to the maximum extent possible.

The shelves/racks type segment is expected to witness strong consumer demand and register a steady CAGR over the forecast period. Online discounts on various websites are one of the prominent factors for the segment's growth. It is also anticipated that rising consumer demand for customized goods will accelerate product expansion. Shorter lead times are the outcome of manufacturers designing unique items with high efficiency and diversity due to technological improvements. This is anticipated to stimulate industry expansion.

Application Insights

The residential application segment captured the largest share of more than 70.50% of the overall revenue in 2022 and is expected to witness strong penetration in the coming years, backed by increasing residential construction activities across the globe leading to a rise in garage construction activities. The residential application segment is projected to showcase strong demand for these products over the forecast period due to the rising real estate construction projects initiated by governments, especially in urban areas.

The commercial application segment is anticipated to register the fastest growth rate over the forecast period. Many rental and commercial parking garages use organization and storage products to provide convenience and ease of storage to their customers. According to the statistics published by the U.S. Census Bureau, construction spending on commercial parking lots and garages is expected to rise over the forecast period on account of the rising vehicle sales across the country. This is anticipated to boost the demand for these products in commercial settings.

Regional Insights

North America dominated the global industry with a share of more than 33.20% in 2022. A rigid supply chain in the region is boosting the sales of these products and related furniture. Also, the rising preference for ethically-sourced materials throughout the production process has been creating a healthy demand for sustainable products over the years. Asia Pacific is expected to register the fastest growth rate from 2023 to 2030. The growth is primarily driven by rising consumer expenditure.

It is also ascribed to the growing real estate market in emerging nations like China and India, which raises customers’ needs to engage in furnishing activities and enhance bedroom aesthetics as a reason for remodeling. Moreover, millennials in the region have started placing ever-grown attention on sustainable solutions that reduce their environmental impact and offer personalized and convenient experiences. This is expected to boost the demand for sustainably manufactured products.

Key Companies & Market Share Insights

The industry is competitive due to the presence of several large companies and a few startups and small-scale companies trying to penetrate the global market. Many big companies are increasing their focus on the popular trends in the global industry and are diversifying their service offerings to maintain their industry share.

For instance:

• In April 2022, Bulldog Garage Products introduced its epoxy, epoxy chips, and garage cabinet storage systems at Lowe’s for residential and commercial consumers

• In November 2021, Gladiator launched a premier pre-assembled 7-drawer modular tool storage cabinet. The product is designed to provide a heavy-duty storage system that accommodates workshops or garages

Some of the key players operating in the global garage organization and 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

Garage Organization And Storage Market