Warehousing and Storage Services Market Size, Status and Industry Outlook During 2021 to 2026

Oct 20, 2021 (Market Insight Reports) --Global Warehousing and Storage Services Market Size, Status, and Forecast 2021-2026. In-depth research accumulated to offer Latest insights about acute features of the global Warehousing and Storage Services market. This report provides a detailed overview of key factors in the Warehousing and Storage Services Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. The impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Warehousing and Storage Services in a special period. This report also compares the markets of Pre COVID-19 and Post COVID-19. In addition, research considers the impact of COVID-19 on the regional economy.

The warehousing and storage services market is expected to register a CAGR of 10% during the forecast period from 2021 to 2026.

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Market Overview:
With the increasing demand for an omnichannel retailing model, it is expected to drive the market. Earlier in 2019, Pepperfry announced that it is investing USD 12 million (over Rs 85 crore) in 2020 to sets up over 100 offline stores and strengthens its supply chain operations to reach more customers. Though the online buying trend is embracing, customers still prefer to 'touch and feel' in the pre-purchase process, especially before ordering big-ticket products such as furniture. Therefore such preferences are expected to increase the customer base, resulting in expanding the warehouse and storing market.
- Further, over the next couple of years, industrial warehousing is expected to grow in India's manufacturing units. As things stand, across eight Indian cities, NCR, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Hyderabad, and Ahmedabad, the quality warehousing stock totaled 211 million sq. Ft in 2019. The stock is expected to upto 253 million sq. ft this year and further to nearly 300 million sq. Ft in 2021, according to JLL, a real estate services firm. According to a report by Make In India, the Indian logistics and SCM (Supply Chain Management) sector are currently valued at USD 165 billion, with growth expected to reach USD 215 billion by the end of 2020. Furthermore, the industry has employed more than 22 million people and pushed the rank of India from 54 to 44 in the World Bank's Logistics Performance Index (LPI) 2018, in terms of overall logistics performance.
- Further, the COVID -19 pandemic has forced shippers to rethink their supplier networks, stage inventory to balance against current demand fluctuations, and lean on internal or 3PL -provided freight visibility solutions. So far, the impact has generally higher volumes for 3PL companies and increased hours to manage at most warehouses. The pandemic impact has further resulted in many warehouses running busier than ever, mainly catering to food products, pharmaceuticals, and essential household goods. Amazon, Aldi, Asda, and Lidl have all reported a need to increase their capacities and hiring additional warehouse workforce. In April 2020, Amazon announced plans to hire 100,000 new warehouse workers to cover for sick employees and respond to the surge in orders from customers practicing social distancing.

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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North America is Expected to Hold Major Share
- According to the U.S. Census Bureau, the warehouse and storage revenue is expected to increase by 2.1% p.a. from 2018 to 2023. In 2019, the revenue generated was USD 36.6 billion, compared to 2018, which was USD 35.6 billion. With significant growth in the manufacturing units, retail sector, and pharma units, the market shows a potential increase in the United States. Further, it is estimated that Transportation and warehousing will contribute to USD 22.24 billion of its GDP value (source IMF), where the significant contribution comes from the government sector, wholesale trade, manufacturing, etc. Further, players are continuously focused on expanding their facilities, which significantly drives market growth.
- There is a significant growth opportunity for third-party warehousing and distribution players, as only a small part of the sector in North America is outsourced, and e-commerce is growing. So players are also expanding their facility by doing expansion, mergers, and acquisitions. In Feb2020, Maersk announced to double its North American warehousing and distribution capacity with the purchase of U.S. firm Performance Team in a deal valued at USD 545 million (a figure that includes some USD 225 million) of warehouse lease liabilities. The company is primarily focused on strengthening its e-commerce fulfillment capabilities since many retailers are looking to grow online retail sales.

Influence of the Warehousing and Storage Services Market report:
–Comprehensive assessment of all opportunities and risk in the Warehousing and Storage Services Market.
–Warehousing and Storage Services Market recent innovations and major events.
–Detailed study of business strategies for growth of the Warehousing and Storage Services Market market-leading players.
–Conclusive study about the growth plot of Warehousing and Storage Services Market for forthcoming years.
–In-depth understanding of Warehousing and Storage Services Market market-particular drivers, constraints and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the Warehousing and Storage Services Market.

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