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General Warehousing And Storage Market 2024 Competitive Landscape, Industry Analysis, Segmentation And Forecast To 2033
General Warehousing And Storage Market Growth
According to The Business Research Company's, The general warehousing and storage market size has grown strongly in recent years. It will grow from $359.68 billion in 2023 to $387.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to industrialization and urbanization, expansion of global trade, e-commerce and supply chain evolution, regulatory compliance and safety standards, economic growth and consumerism.
The general warehousing and storage market size is expected to see strongly grown in the next few years. It will grow to $517.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to supply chain resilience, adoption of robotics and automation, sustainability and green warehousing practices, last-mile delivery solutions. Major trends in the forecast period include integration with advanced technologies, multi-channel distribution centers, flexible and scalable warehouse designs, collaborative warehousing models.
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Market Drivers and Trends:
The growth in the general warehousing and storage market is due to the growth in macroeconomic fundamentals such as export-import trade, retail industry, and industrial production index. An increase in the industrial production index is expected to propel the growth of the general warehousing and storage market going forward. Within a year, the industrial production index (IPI) measures levels of production and capacity in the manufacturing, mining, electric, and gas industries. Because of the increase in production in industries warehouses helps to store the finished goods. For instance, according to EMBARGO ADVISORY, an India-based government organization, for the year 2021 combined industrial production index of core industries stood at 143.1 in March, 2021, which increased by 6.8 % as compared to the index of march, 2020. Therefore, an increase in the industrial production index is driving the growth of the general warehousing and storage market.
Mobile technologies have gained popularity among warehouse owners as it helps them to perform and track warehouse operations and reduce time consumption and manpower. Mobile technology includes tablets, smartphones, and other handheld devices for communication and information. These devices make use of GPS, RFID, VoIP, digital imaging, and voice technology for equipment status, performance, and tracking warehouse operations. These technologies also provide hands-free operations and faster data entry. For instance, in June 2023, IAM Robotics, a US-based automation technology company, launched an automated solution to help warehouses with order fulfillment called as Lumabot. The Lumabot uses the company's new Meet Me technology to coordinate humans and robots as a cohesive system, enabling warehousing, logistics, and manufacturing operations to increase productivity, mitigate operational risk, and scale without adding headcount. The Lumabot can also manage the work of all of the warehouse associates and mobile robots making it a useful addition for the growth of the business.
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Major Key Players of the Market:
DHL International GmbH; Kuehne + Nagel International AG; Americold Realty Trust Inc.; CEVA Logistics AG; Panalpina Welttransport (Holding) AG; Prologis Inc.; Lineage Logistics Holdings LLC; CWT Limited; XPO Logistics Inc.; GXO Logistics Inc.; NFI Industries Inc.; Ryder System Inc.; DSV Panalpina A/S; SSI Schaefer LLC; Whirlpool Corporation; Saddle Creek Logistics Services LLC; APL Logistics Ltd.; Jacobson Companies Inc.; Kane Is Able Inc.; Leggett & Platt Inc.; Radial Inc.; GEODIS S.A.; Rhenus Group; ID Logistics S.A.; Fulfillment Centers Inc.; Verst Group Logistics Inc.; Symbia Logistics LLC; Atlanta Bonded Warehouse Corporation; The Suddath Companies
General Warehousing And Storage Market 2024 Key Insights:
• The general warehousing and storage market size will grow to $517.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Influence Of Industrial Production Drives The General Warehousing And Storage Market
• Mobilizing Warehousing Efficiency And The Impact Of Mobile Technologies
• Asia-Pacific was the largest region in the general warehousing and storage market in 2023
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