Increasing demand for storage areas to boost cabinet, garage hardware

According to market research firm Freedonia Group, US demand for home storage areas and garages would reach $10.9 billion in annual sales by 2019.

Baby boomers and first-time householders moving to apartments are seen to spend more on shelves and storage hardware as they are looking to maximize limited spaces. Garage systems like slatwall and cabinetry is predicted to grow at a 3.4 percent rate through the period. This equals to big opportunities for cabinet, shelf and garage storage and hardware suppliers.

Baskets, bins and similar items, meanwhile, would constitute 36 percent of total sales in 2019, although growth would be the slowest, as this is a mature segment of the industry.

In addition, modular units and shelving would enjoy the fastest growth during the forecast period due to high interest from consumers who utilize their garages as pantries and hobby areas.