Warehouse Industry Overview
The size of the global warehouse and storage market will increase more than USD 326.91 billion during 2020-2024, accelerating at a CAGR of about 7% during the forecast period. This growth in market size will be attributed to an increase in the demand for smart warehouses. These warehouses use IoT to track products in the warehouse and also help increase efficiency and speed across the supply chain. A variety of devices which include wearables, sensors, and radio frequency identification tags are used to locate the products in the warehouse. This reduces the time to deliver the product to the customer and increases accuracy resulting in the rapid growth of the warehousing and storage market.
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Additionally, the rising need for refrigerated warehousing will also contribute to warehouse market growth. There is a growing demand for fruits, vegetables, and ice creams among consumers, which is fueling the growth of the frozen food industry. The preference for RTE meals is also driving the frozen food industry growth. Our warehouse market analysis highlights the growth of this industry to be a major factor driving the need for refrigerated warehousing. This will subsequently fuel the growth of the warehouse market in the coming years.
One of the key market trends gaining traction within the warehouse industry is customers wanting more customization like real-time control and managing slow movers. This is due to the requirement of speed and accuracy in order fulfillment, especially in the food and beverage sector because products are perishable in nature. Other major emerging trends expected to gain traction during the forecast period include:
Warehouse Market Trends
- The rising popularity of omnichannel and growing SKU proliferation are two of the major trends contributing to the acceleration of the warehouse racking market.
- The emerging trends expected to gain traction within the warehouse vehicles market include the rising popularity of non-marking tire, the growing popularity of autonomous vehicles, and the wide adoption of fork truck free movement. These trends will aid the warehouse vehicles market to an expected CAGR of nearly 6% through 2021.
- The warehouse storage market in China is witnessing the rise of multi-storeyed warehouses, an increasing number of self-operated warehouses, and the growing use of robotic operations in warehouse and storage units. These trends are major factors contributing to the current growth of the market and will continue to aid market growth through 2020.
Warehouse Market Statistics and Insights
- The 2018 year-over-year growth for the global warehouse and storage market was 5.25%. During the forecast period, 44% of the total global market growth will come from the Asia-Pacific region.
- Of all the major warehouse types, the general warehouse segment is by far the largest, accounting for approximately 70% of the warehouse market share. This segment will continue to dominate the market through 2021.
- The growing demand for frozen dinners, fruits and vegetables, and ice creams have increased the need for refrigerated warehousing, which helps in storing products before they are distributed to the retail stores. Factors such as rising urbanization and increase in ready-to-eat meal consumption have prompted demand for refrigerated warehousing, driving growth for the warehousing and storage market.
- The global warehouse industry witnessing the rising demand for warehouse automation. Productivity and cost-effectiveness are two of the major concerns for retailers and wholesalers in the supply chain.
- Food and beverage manufacturers are innovating in terms of taste and packaging to meet market needs and warehouse automation can help reduce the level of complication. Several warehouse management software developers are introducing new innovative products to help warehousing firms.
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Warehouse Market Share and Segmentation
Within our warehouse industry research, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by types of warehouses, warehouse deployment types, component types, and application.
Our warehouse market segmentation research offerings include:
- Warehouse Market by Type
- Refrigerated warehousing market
- Farm products warehousing market
- Specialized warehousing market
- General warehousing market
- Private warehousing market
- Public warehousing market
- Bonded warehousing market
- Automated warehousing market
- Warehouse Market by Application
- Transportation and logistics warehousing market
- Healthcare warehousing market
- Retail warehousing market
- Manufacturing warehousing market
- Food and beverage warehousing market
- Automotive warehousing market
- 3PL warehousing market
- Chemical and petroleum warehousing market
- E-commerce warehousing market
- Warehouse Management System Market by Deployment Type
- Cloud warehouse management system market
- On-premise warehouse management system market
- Warehouse Management System Market by Component type
- Warehouse software market
- Warehouse service market
We at Technavio, with our comprehensive understanding of the warehouse and storage market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our warehouse and storage market reports offer the following insights:
- Warehouse industry overview
- Warehouse industry statistics
- Warehouse market size
- Warehouse market share
- Warehouse market trends
- Warehouse market forecast
- Warehouse market vendor landscape
Warehouse Market Research: Report Catalog