The Latin America, Middle East and Africa Garage Organization and Storage Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).
People are now more interested in purchasing home automation products like smart garage cabinets. In an effort to increase their employees' productivity and well-being, businesses all around the world are also employing smart furniture. Due to these advantages, smart furniture is therefore projected to gain popularity in corporate settings over the coming years.
In addition, consumers' lifestyles are drastically changing as a result of rising discretionary spending, particularly in urban areas. The arrival of opulent products with cutting-edge technology is simplifying the lives of professionals and workaholics. In addition, as disposable income has increased, consumers' awareness of their social standing has increased their spending on commodities like furniture. Owing to all these benefits, the demand for garage organization and storage racks has risen.
In the area, particularly in the metropolitan areas and Sub-Saharan Africa, the rate of urbanization is thought to be relatively high. Many individuals are moving from villages to cities in order to have access to better medical care, employment possibilities, and educational options. More than 500 million people are expected to relocate to cities by 2030. The region's real estate is growing as a result of the high level of life, uncontrollable tourism growth, and growing urbanization. The expansion of the regional market has been made possible by the rise in construction activities and the resulting rise in demand for appealing interiors like garage cabinets.
The Brazil market dominated the LAMEA Garage Organization and Storage Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $605.3 million by 2028.The Argentina market is experiencing a CAGR of 10.1% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 9.3% during (2022 - 2028).
Based on Application, the market is segmented into Residential and Commercial. Based on Type, the market is segmented into Garage Cabinets, Garage Shelves/Racks and Garage Wall Organization. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Garage Organization And Storage Market is Projected to reach USD 36 Billion by 2028, at a CAGR of 7.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Stanley Black & Decker, Inc., Lowe’s Companies, Inc., Griffon Corporation (ClosetMaid), Rubbermaid Commercial Products LLC (Newell Brands), Whirlpool Corporation (Gladiator), GarageTek, Inc., Sterilite Corporation, and Cannon Security Products, Inc.
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