The new warehouse racking market research from Technavio indicates Positive growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Warehouse Racking Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the warehouse racking market.
"One of the primary growth drivers for this market is the Rising Demand for Packaged Food and Beverages," says a senior analyst for the Industrials industry at Technavio.
The rising demand for packaged food and beverages is one of the major factors that will drive market growth. The purchase volume of products is increasing due to the increasing population and economic growth across the world. The food and beverage industry is witnessing intense competition among food-producing companies. This has induced companies to focus on offering better services such as faster and in-time deliveries of products. As a result, these companies set up warehouses and warehouse storage racks near the cities. This drives the need for racking to optimize warehouses, driving the market growth.
As the markets recover Technavio expects the warehouse racking market size to grow by USD 1.35 billion during the period 2020-2024.
Warehouse Racking Market Segment Highlights for 2020
The warehouse racking market is expected to post a year-over-year growth rate of 2.84%.
The automotive industry highly relies on the shelving system to store small auto parts. The stock is placed on static shelving units rather than mobile pallets for quick and easy access.
According to the warehouse racking market research report, growth in the emerging markets and countries such as the US, Japan, and South Korea will contribute to the growth of this segment as mezzanine flooring is becoming a popular choice among automotive players.
35% of the growth will originate from the North America region.
The demand for smaller-scale facilities in urban areas is increasing due to the introduction of day delivery services from e-commerce companies like Amazon.
This will boost the number of warehouses, which will significantly drive warehouse racking market growth in this region over the forecast period.
The US and Canada are the key markets for warehouse racking in North America. Market growth in this region will be slower than the growth of the market in APAC.
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The warehouse racking market size is expected to accelerate at a CAGR of over 5% during the forecast period.
The warehouse racking market is segmented by End-user (Automotive industry, food and beverage industry, retail industry, and other industries) and Geography (APAC, Europe, North America, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Daifuku Co. Ltd., Honeywell International Inc., Interroll Holding AG, Kardex AG, KION GROUP AG, Mecalux SA, Murata Machinery Ltd., SSI SCHAEFER Group, TGW LOGISTICS GROUP, and Toyota Industries Corp.
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