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Oct 30, 2024

Warehouse Racking Market size is set to grow by USD 2.14 billion from 2024-2028, Changing consumer preferences boost the market, Technavio

Jun 17, 2024, 15:35 ET Share this article NEW YORK, June 17, 2024 /PRNewswire/ -- The global warehouse racking market size is estimated to grow by USD 2.14 billion from 2024-2028, according to

Jun 17, 2024, 15:35 ET

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NEW YORK, June 17, 2024 /PRNewswire/ -- The global warehouse racking market size is estimated to grow by USD 2.14 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.21% during the forecast period. Changing consumer preferences is driving market growth, with a trend towards rising demand for retail space. However, increasing competition among vendors in the market poses a challenge. Key market players include AK Material Handling Systems, AR Racking SAU, Beumer Group GmbH and Co. KG, Daifuku Co. Ltd., DMW and H, FIVES SAS, FlexLink Holding AB, Gonvarri Material Handling AS, Honeywell International Inc., Interroll Holding AG, Jungheinrich Group, Kardex Holding AG, KION GROUP AG, Mecalux SA, Murata Machinery Ltd., Russell Industries Inc., Saar Lagertechnik GmbH, SSI Schafer IT Solutions GmbH, The Invicta Group, and Toyota Industries Corp..

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Warehouse Racking Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.21%

Market growth 2024-2028

USD 2148.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.74

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 70%

Key countries

China, US, Japan, India, and Germany

Key companies profiled

AK Material Handling Systems, AR Racking SAU, Beumer Group GmbH and Co. KG, Daifuku Co. Ltd., DMW and H, FIVES SAS, FlexLink Holding AB, Gonvarri Material Handling AS, Honeywell International Inc., Interroll Holding AG, Jungheinrich Group, Kardex Holding AG, KION GROUP AG, Mecalux SA, Murata Machinery Ltd., Russell Industries Inc., Saar Lagertechnik GmbH, SSI Schafer IT Solutions GmbH, The Invicta Group, and Toyota Industries Corp.

Market Driver

The global retail market's expansion, driven by economic growth and urbanization, is increasing the demand for warehouse racking. Leading retailers like Walmart, Costco Wholesale, Kroger, and Schwarz are contributing to this growth. E-commerce is a significant factor, as consumers prefer shopping convenience.

Traditional retail stores sell various brands, but vendors and retailers are expanding their reach, leading to increased demand for warehouse racking. For instance, Max Hypermarket plans to open five new stores annually in India. This retail expansion will fuel the growth of the warehouse racking market.

The warehouse racking market is experiencing significant growth due to the increasing demand for efficient and automated storage solutions. Racking systems, such as selective, pallet, and automated storage and retrieval systems (AS/RS), are becoming increasingly popular. These systems offer benefits like increased storage density, improved productivity, and reduced labor costs.

Additionally, the trend towards e-commerce and the need for faster order fulfillment is driving the adoption of advanced warehouse technologies like robotics and RFID. Furthermore, the use of sustainable materials and energy-efficient designs is gaining traction in the market. Overall, the warehouse racking market is expected to continue its upward trajectory in the coming years.

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Market Challenges

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Segment Overview

1.1 Automotive industry- The automotive industry relies on efficient material handling to minimize errors and maximize production. Shelving systems and mezzanine flooring are popular solutions for storing small parts, offering quick access and utilizing overhead space. The growing demand in the passenger car and commercial vehicle segments is driving the need for racking solutions. Global OEMs like BMW, Ford Motor, and Volkswagen are expanding production facilities, boosting the automotive segment of the warehouse-racking market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Research Analysis

The Warehouse Racking Market encompasses the production, supply, and installation of various types of racking systems, including Pallet Racking, Vertical Frames, Horizontal Beams, and Shelving. These systems are primarily constructed from steel beams, metal frames, and connectors, which are often welded, clipped, or bolted together.

Warehouses in the online retail industry, application industries, and manufacturing sector utilize these racking systems to optimize their storage spaces and increase storage capacity. Space utilization is a significant factor in the economy, as international trade relies heavily on efficient warehousing solutions. Additionally, Pallet Flow Racks are gaining popularity due to their ability to streamline the storage and retrieval process.

Market Research Overview

The Warehouse Racking Market encompasses a variety of systems and technologies designed for efficient storage and retrieval of goods in warehouses and distribution centers. These racking systems come in different types, including pallet racking, drive-in racking, push-back racking, and automated storage and retrieval systems (AS/RS).

The market is driven by factors such as increasing demand for automated warehouse solutions, growing e-commerce industry, and the need for space optimization and improved productivity. Additionally, the integration of IoT and RFID technologies in racking systems is a significant trend in the market. The materials used in racking systems include steel, aluminum, and plastic, with each material offering unique benefits in terms of cost, durability, and weight capacity. The market is expected to grow at a steady pace in the coming years due to the ongoing demand for efficient and cost-effective warehouse solutions.

Table of Contents:

1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation

7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio