USD 23.3 billion
Report ID: SQMIG20N2012 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 61 | Figures: 75
Garage Organization and Storage Market size was valued at USD 23.3 billion in 2021 and is poised to grow from USD 25.02 billion in 2022 to USD 44.3 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).
Garage organization and storage are essential for maximizing space and keeping tools and equipment easily accessible. Many storage solutions are available, including shelving, cabinets, and overhead racks. Before organizing, it's important to declutter and only keep items that are necessary or frequently used. The global market growth is attributed to the increasing number of vehicle owners and rising disposable income, especially in high-income countries.
Garage organization and storage systems enable customers to conveniently and neatly segregate their belongings. The garage area in freestanding households has evolved from a basic car parking space to a storage room accommodating different vehicles, tools, and equipment for leisure and occupational purposes. The global market is expected to experience robust growth in the future, driven by consumers' demand for convenient storage solutions that maintain cleanliness in the garage.
With the increasing number of family heads and the multi-use of garages, industry players are developing storage units that can serve as both garage and domestic storage units. The demand for additional storage space influences the performance of garage storage properties, especially as families acquire and grow more material items. Moreover, the growing urban population results in more renters who frequently move around. Garage storage products are commonly used to store flammable items, and therefore governments worldwide have imposed limitations on their usage. In the U.S., approximately 2.3 million families acquire closet storage systems each year, including those in laundry rooms, bedrooms, and kitchen pantries.
US Garage Organization and Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 23.3 billion
Garage Cabinets and Shelves
Garage Cabinets and Shelves
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Global Garage Organization and Storage market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into Garage Cabinets and Shelves, and Overhead Storage. Based on distribution channel, the market is segmented into Offline retail, and Online retail. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Garage Organization and Storage Market Analysis by Type
By type, the market can be segmented into Garage Cabinets and Shelves, and Overhead Storage. Garage cabinets and shelves segment dominated the market due to the increasing demand for cabinets and shelves for storing various tools and equipment in an organized manner. The segment is likely to witness significant growth during the forecast period due to the increasing number of residential and commercial construction projects, rising demand for garage remodelling and renovation, and the need for proper storage solutions.
The overhead storage segment is expected to be the fastest-growing segment during the forecast period due to the increasing need to maximize garages’ space. Overhead storage solutions, such as ceiling-mounted racks and pulleys, provide an efficient way to store large and bulky items, freeing up floor space for other uses. The segment is expected to witness significant growth due to the increasing demand for innovative storage solutions, rising urbanization, and the need for space-efficient storage solutions.
Garage Organization and Storage Market Analysis by Distribution Channel
By distribution channel, the market can be segmented into offline retail, and online retail. The offline retail segment dominated the global market due to the availability of a wide range of garage organization and storage products at brick-and-mortar stores. Customers often prefer to visit physical stores to inspect the products before making a purchase, especially for larger and more expensive products such as garage cabinets and overhead storage systems. Offline retailers often have a wide network of stores, providing easy accessibility to customers. They also offer installation, repair, and maintenance services, further strengthening their position in the market.
The online retail segment is expected to be the fastest-growing segment during the forecast period due to the increasing popularity of e-commerce platforms and the convenience they offer. Online retailers provide a wide range of garage organization and storage products at competitive prices and offer the convenience of shopping from home. They often provide detailed product descriptions, reviews, and ratings, making it easier for customers to make informed decisions.
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North America dominated the global market, and United States is the largest market for garage organization and storage solutions. The high demand for organized storage solutions in residential areas mainly drives the regional market’s growth. The trend of remodelling homes and increasing disposable income among consumers also contributes to the growth of the market. The do-it-yourself (DIY) products segment holds a significant market share, while the demand for professionally installed storage systems is also rising.
On other hand, APAC is the fastest growing region in the market, in which China, Japan, India, and South Korea are the key markets for garage organization and storage solutions. The region is expected to grow rapidly due to the increasing demand for organized storage solutions in both residential and commercial sectors. The rise in disposable income and urbanization are key factors driving the region's demand for garage storage solutions.
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Garage Organization and Storage Market Drivers
Increasing demand for convenient and organized storage solutions
Garage Organization and Storage Market Restraints
Limited space available in many urban areas to confine the market growth
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The competitive landscape of the global garage organization and storage industry is highly fragmented, with numerous small and medium-sized players operating in the market. The industry is characterized by intense competition among the players, which is driven by the need to offer innovative and cost-effective solutions to customers. These players mainly compete based on product quality, pricing, and brand reputation. Furthermore, many companies are focusing on expanding their market reach through partnerships, collaborations, and mergers and acquisitions. As the demand for garage organization and storage solutions continues to rise, the competition in the industry is expected to intensify further in the coming years.
Garage Organization and Storage Market Top Player’s Company Profiles
Garage Organization and Storage Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global garage organization and storage market, the market is driven by increasing vehicle ownership, rising disposable incomes, and growing demand for convenient storage solutions. The market is highly fragmented with numerous small and medium-sized players competing based on product quality, pricing, and brand reputation. Eco-friendly and sustainable storage solutions are becoming increasingly popular among consumers, and companies are developing innovative products in response to this trend. North America dominated the global market.
|Market size value in 2021
|USD 23.3 billion
|Market size value in 2030
|USD 25.02 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Garage Organization and Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Garage Organization and Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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