The global Storage Basket Rack Market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Storage basket racks provide convenient storage solutions for both residential and commercial applications. They provide organized and efficient storage for items like groceries, cleaning supplies, tools, laundry or products stocked for retail sales. Made using durable steel wire or composite materials, these racks can hold significant weight loads while occupying minimum floor space.
Market key trends:
One of the key trends driving the storage basket rack market is growing preference for minimalist living. As urban population is facing space constraints, basket racks that vertically maximize storage potential have gained popularity. These racks store various items in stackable baskets without taking up much floor area. Moreover, the wire construction allows clear visibility of stored contents. Consumers are opting for multi-purpose, adjustable racks that can be reconfigured as per changing needs. This factor, along with rising e-commerce, is expected to drive demand over the forecast period.
Segment Analysis
The global storage basket rack market is segmented based on product type, application, and region. Based on product type, the storage basket rack market is segmented into wire, plastic, and metal. Among these, the wire segment dominates the global market due to its wide application in logistics and warehousing. Wire racks are more durable, flexible, and cost-effective as compared to other materials. Based on application, the storage basket rack market is segmented into logistics & warehousing, manufacturing facilities, automotive scrap handling, and commercial applications. The logistics & warehousing segment holds the largest market share owing to the growing e-commerce industry. Storage basket racks are extensively used for order picking and storage in warehouses.
Key Takeaways
Market size related content: The global storage basket rack market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from the logistics and warehousing industry. Growth in the e-commerce sector and need for efficient warehousing management is fueling market growth.
Regional analysis
The Asia Pacific region is expected to dominate the global storage basket rack market over the forecast period. This is attributed to strong demand from countries such as China and India due to robust growth of the logistics and manufacturing industries in the region. North America and Europe are projected to hold significant shares of the global market.
Key players related content: 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, Cornerstone Rack & Shelving. Major players are focusing on new product launches and expansion in emerging regions to gain a competitive advantage.
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