Automotive Tool Box Market Industry Size, Growth, Analysis And Forecast To 2021-2031

 

Automotive Tool Box Market: Introduction

  • An automotive tool box, or tool chest, is used to store and transport tools and equipment required during testing, inspection, maintenance or repair of vehicles. This box helps properly arrange the tools, which makes it easier to find them when required and averts any accidents due to misplaced tools at the work site.
  • Rise in number of on-road vehicles is a major factor propelling the demand for automotive tool boxes

Key Drivers of Automotive Tool Box Market

  • Increase in per capita GDP and disposable income of the population across the globe has led to a rise in number of vehicles in use. According to the data generated by the European Automobile Manufacturers' Association, the motorization rate of Europe is 569 passenger vehicles per 1000 inhabitants. Furthermore, the motorization rate of the U.S. is 800 passenger vehicles per 1000 inhabitants. Rise in transportation and logistics activities have further boosted the number of on-road commercial vehicles. This rapid increase in sales of automobiles and miles driven has led to an increase in the production, maintenance, and repair activities. These activities boost the demand for dedicated tool sets, thereby fueling the automotive tool box market across the globe.
  • Rise in usage of automobiles is propelling the auto repair industry. Enactment of more stringent emission norms by government agencies and increase in road-traffic accidents have boosted the demand for automobile repair and maintenance services. High number of garages and services stations are emerging to cater this growing demand for aftermarket automotive services. This growing number of end-users is driving the global automotive tool box market.

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Challenges in Automotive Tool Box Market

  • The automobiles being produced presently are more reliable than ever before. Many of these vehicles are designed and manufactured to operate for tens of hundreds of miles before they need any repair or maintenance. Moreover, engine components are manufactured to last longer before failure. For instance, synthetic engine oils are designed to last a very long time before they need to be changed, as compared to conventional engine oils. These were the types of maintenance services that brought automobiles into auto repair shops on a regular basis. Reduction in number of repair and maintenance instances, owing to durable construction of vehicles, is hampering the global automotive tool box market.

Impact of COVID-19 pandemic on Automotive Tool Box Market

  • The recent pandemic of COVID-19 has disrupted traditional automotive repair industry with growing popularity of on-demand services. Pitstop, a multi-brand on location automotive repair service provider, witnessed a growth of 40% in 2020. In this type of business model, separate tool kits are required for every mechanic to provide on-site services. This growing popularity of on-demand and on-site services is anticipated to prevail in post COVID-19 era and propel the global automotive tool box market.

North America and Europe to hold significant share of global automotive tool box market

  • High number of on-road vehicles coupled with presence of global manufacturers is driving the share of North America and Europe in the global automotive tool box market. Furthermore, various skill development programs in these regions are creating skilled workforce in the auto-repair industry. For instance, Auto Care Association of Maryland, U.S. is working with universities to teach STEM courses to aspiring automotive technicians. These initiatives are boosting the aftermarket auto-repair industry, which in-turn is fueling the automotive tool box market in North America and Europe.

Key Players Operating in Automotive Tool Box Market

The global automotive tool box market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive tool box market are:

  • CRAFTSMAN
  • DEWALT
  • Emerson Electric Co.
  • Mac Tools
  • Metallics UK
  • Milwaukee Tool
  • Mobiletron Electronics Co, Ltd (ACDelco)
  • Robert Bosch GmbH
  • RYOBI Limited
  • Sonic Tools
  • Stanley Black & Decker, Inc.
  • Teng Tools USA

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