Warehouse Racking Market Size, Industry Analysis Report By Product (Selective Pallet, Drive-in, Push Back, Pallet Flow, Cantilever), By Application (Automotive, Food and Beverage, Retail, Packaging, Manufacturing) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 265
- CATEGORY
- Packaging
The Warehouse Racking Market is valued at USD 9.11 billion in 2022 and is projected to reach a value of USD 12.96 billion in 2030 expanding at a CAGR of 4.5% over the forecast period of 2022-2030. A warehouse racking system is defined as a storage solution that is designed to stack materials in horizontal rows with multiple levels. These systems usually help an individual to manage and better utilize their warehouse space while organizing cargo to streamline operations. Also, each warehouse has its own set of requirements and the right racking system must be able to increase their space utilization without hampering their operations, especially the picking process. The pandemic had a positive impact on the market growth. This is because of the handling and distribution of the same products and boxes from the warehouses that had fuelled the demand for the required racking system.
Warehouse Racking Market- Growth Factors
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the capacity expansion of warehouse and storage facilities. Also, various advancements in the industry, such as the use of drones, robots, automated guided vehicles, cloud technologies, composite panel technologies, and others have fuelled the market growth over the forecast period. Additionally, the players that are involved in manufacturing the warehouse racking offer conventional, semi-automated, and automated racking systems have also provided automation and technological advancement in their product portfolio. The product benefits include robust construction, simple assembly, use of fewer components, and easy management process that has further boosted the market growth over the forecast period.
Warehouse Racking Market- Key Market Trends
• The rising awareness about the benefits of systematic storage and easy material handling processes has benefitted the warehouse racking market over the forecast period.
• Additionally, rapid urbanization has boosted the expansion of the ecommerce sector. Traditional brick-and-mortar retailers are adopting ecommerce channels to provide better services such as timely delivery, a wide range of products and to improve the customer experience.
Warehouse Racking Market- Segmentation
The Warehouse Racking Market is segmented into Product and application.
Based on Product
• Selective Pallet
• Drive-in
• Push Back
• Pallet Flow
• Cantilever
• Others
Based on Application
• Automotive
• Food and Beverage
• Retail
• Packaging
• Manufacturing
• Others
Warehouse Racking Market- Regional Segmentation
The Warehouse Racking Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of the presence of a robust and well-established distribution network. Also, the timely movement of goods and a cost-effective racking system has boosted the market growth in the region.
Warehouse Racking Market- Key Market Players
Some of the major companies that are operating in the market are Daifuku Co., Ltd.; Mecalux S.A.; Kardex Group; Hannibal Industries, Inc.; EMRACK INTERNATIONAL; Jungheinrich AG; AK Materials Handling Systems; SSI SCHAEFER Group; Dematic; Toyota Industries Corporation.
Report scope
Warehouse Racking Market : Historical Years- 2018-2021
Warehouse Racking Market : Forecast Years- 2022-2030
Warehouse Racking Market 2022- USD 9.11 billion
Warehouse Racking Market CAGR- 4.5%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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