Press release
Warehouse Racking Market Business Strategies With Key Players to Reach $12.4 Billion by 2032
Prime Determinants of GrowthThe warehouse racking market size was valued at $7.7 billion in 2022, and is estimated to reach $12.4 billion by 2032, growing at a CAGR of 5% from 2023 to 2032.
Warehouse racking, also called as pallet racking, is a storage solution employed to systematically store goods within a warehouse or distribution center. This system incorporates vertical frames, horizontal beams, and shelves to create multiple storage levels for palletized items, optimizing warehouse space and enabling the convenient access and management of stored products.
Industry-specific needs are a crucial driver of the warehouse racking market, with various sectors demanding specialized storage solutions to accommodate their unique requirements. Manufacturing relies on robust racking systems for heavy materials, while the automotive industry seeks precision and versatility.
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Driving Demands:
Growth of the e-commerce industry and the rapidly increasing volume of inventory, owing to increasing global trade drive the growth of the warehouse-racking market. However, high initial cost of warehouse racking products restricts the market growth. Moreover, advancements in warehouse-racking technology are expected to present growth opportunities in the coming years.
The selective pallet rack segment to maintain its dominance during the forecast period
By type, the selective pallet rack segment held the highest market share in 2022, accounting for more than one-fourth of the global warehouse racking market revenue, and is estimated to maintain its dominance during the forecast period. The growing e-commerce sector has lead to surge in demand for efficient warehousing solutions, making selective pallet racks a preferred choice due to their versatility in accommodating various product sizes. However, the pallet flow rack segment is projected to attain the highest CAGR of 5.7% from 2023 to 2032. Growing demand for storage efficiency and the need to optimize warehouse space has driven the adoption of pallet flow racks.
The medium duty segment to maintain its dominance during the forecast period
By carrying capacity, the medium duty segment held the highest market share in 2022, accounting for more than one-fourth of the global warehouse racking market, and is estimated to maintain its dominance during the forecast period. Increase in industrialization and manufacturing activities across various sectors has boosted the demand for warehousing racks. However, the light duty segment is projected to attain the highest CAGR of 5.5% from 2023 to 2032. The growth of small and medium-sized enterprises (SMEs) in various industries is contributing to the expansion of the light-duty racking segment, as these businesses seek affordable and scalable storage solutions.
The automotive segment to maintain its lead position during the forecast period
By end user, the automotive segment accounted for the largest share in 2022, contributing to more than two-fifths of the global warehouse racking market revenue, and is projected to maintain its lead position during the forecast period. The production in the automotive industry is mostly on the assembly-line, in which various parts and equipment are supplied by original equipment manufacturers (OEM) in huge volumes, which requires warehousing of these parts and equipment in a more organized manner. However, the retail segment is expected to attain the largest CAGR of 5.6% from 2023 to 2032. Rise in population is increasing the demand for packed or ready-to-cook products, which is one of the factors driving the retail industry. Growth in the retail industry is creating demand for increased storage volume for different products. Such treads create demand for warehouse racking.
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Top Players:
The major players profiled in the warehouse racking market Daifuku Co., Ltd., BEUMER GROUP, Dematic Corporation, Dexion, Godrej Group, Interroll Holding AG, SSI SCHAFER, Steel King Industries, Inc., TOYOTA INDUSTRIES CORPORATION, and Warehouse Rack & Shelf LLC.
Key Findings Of The Study:
The report provides an extensive analysis of the current and emerging warehouse racking market trends and dynamics.
Depending on the type, the selective pallet rack segment dominated the warehouse racking market, in terms of revenue in 2022.
By carrying Capacity, the medium duty segment dominated the warehouse racking market share in terms of revenue generated in 2022.
By end user, the automotive segment registered the highest revenue in 2022, while the retail segment is expected to grow with a higher CAGR during the forecast period.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the warehouse racking market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the warehouse racking industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth warehouse racking market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.
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