by The Storage Basket Rack Market is estimated to be valued at US$ 2.26 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Storage basket racks are shelving systems used to neatly organize and store various items in multiple industries such as retail, warehouse, healthcare and more. They are commonly made of steel wire, wood or plastic and come in varied designs including shelves, cabinets and baskets on tracks or frames. Storage basket racks offer a scalable and cost-effective solution for inventory management as they maximize floor space and streamline product retrieval.
Market Dynamics:
Rising adoption of e-commerce is a major driver augmenting demand for storage basket racks. with more companies embracing online retail channels, the need for efficient warehousing and order fulfillment has increased significantly. Storage racks help organize larger volumes of stock and facilitate faster order picking. Furthermore, growing focus on inventory management and space optimization across industries is propelling the storage basket rack market. Companies are increasingly utilizing rack solutions to better utilize vertical space in facilities. Additionally, small businesses are adopting storage racks to professionally organize limited floor areas in retail outlets or warehouses. However, availability of alternate storage solutions may restrain market growth over the forecast period.
Segment Analysis
The global storage basket rack market is segmented into the material type and end use. Based on material type, the market is divided into wood, metal, and others. Among these, the metal segment dominates the market and accounts for over 60% share. Metal basket racks are majorly preferred in industries due to their high load bearing capacity, durability, and rust and corrosion resistivity properties.
PEST Analysis
Political: The storage basket rack market is influenced by regulations related to material and manufacturing standards. Manufacturers must comply with various government regulations for product quality and safety.
Economic: The growth of industries such as food processing, warehousing, and logistics is driving the demand for storage basket racks. Rise in disposable incomes is also fueling the sales of storage racks in residential applications.
Social: Changing lifestyle trends are influencing people to invest more in home organization and storage solutions. The increasing popularity of DIY and home improvement activities also augments the adoption of storage basket racks.
Technological: Advancements in manufacturing technologies enable mass production of racks with customized designs at affordable costs. Alloys and protective coatings improve the load bearing capacity and corrosion resistance of metal racks.
Key Takeaways
The global Storage Basket Rack Market Share is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period of 2023 – 2030, due to increasing demand from industries such as food processing, manufacturing, warehousing and logistics. The market size is projected to reach US$ 2.26 billion in 2023.
The regional analysis indicates that North America dominates the global market with over 30% share due to high industrial and logistic activities. Asia Pacific is anticipated to be the fastest growing regional market owing to rapid industrialization and urbanization in countries such as China and India.
Key players operating in the storage basket rack market are Wire Crafters, Nashville Wire, Apex Wire Shelving, Southwest Solutions Group, Hyloft, Rack Concepts, EZ Shelf, CAEM, W-QUALO, Constructor Group, Titan Wire Shelving, ARACKING & SHELVING SOLUTIONS, Global Industrial, Shelving + Rack Systems, Durham Manufacturing, M&M Wire Shelving, STOREBOXX Australia, EFAB Engineers, and Cornerstone Rack & Shelving. Major players are focusing on new product development and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
