by The global 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:
The storage basket rack market consists of racks used for organizing and storing various items. Storage basket racks provide a convenient way to neatly arrange and sort different types of products. They are commonly made of steel or wire materials and come in various configurations to meet different storage needs. Storage basket racks find wide applications in industrial, commercial and residential settings for keeping items like tools, garments, food items, household goods and more in an organized manner. They help save space, reduce clutter and allow for easy visibility and access to stored products. The growing demand for better inventory and storage management across industries is driving increased adoption of storage basket racks.
Market key trends:
One of the key trends in the storage basket rack market is the rising popularity of modular and configurable rack systems. Many manufacturers are offering racks that can be customized as per the required number of baskets, basket size and overall dimensions. This allows racks to be optimally configured according to the unique storage needs. Another notable trend is the increasing use of durable, high quality materials like epoxy-coated steel and galvanized steel wires for manufacturing long-lasting racks. In addition, the market has seen growing demand for multipurpose racks that can be used both horizontally and vertically to maximize storage space. Innovation towards racks designed for heavy load bearing capacities is also gaining traction in industries like manufacturing and logistics.
Porter’s Analysis
Threat of new entrants: Low capital requirements and minimal infrastructure barriers pose a threat of new entrants in the storage basket rack market.
Bargaining power of buyers: Large presence of warehouse equipment providers in the storage basket rack market increases the bargaining power of buyers.
Bargaining power of suppliers: Suppliers of raw materials such as wire/ropes used for making storage basket racks have low bargaining power due to fragmented supplier base.
Threat of new substitutes: Low threat of new substitutes as there are limited product substitutes that provide similar functionalities of storage and organization.
Competitive rivalry: High competitive rivalry among existing players results in pricing pressures.
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 2023 – 2030, due to increasing demand for warehouse organization solutions. The market size was valued at US$ 2.26 billion in 2023.
The US dominated the Storage Basket Rack market in 2023 owing to robust growth of e-commerce sector and presence of key players. Asia-Pacific is expected to be the fastest growing market during the forecast period with China leading the regional market. Growing industrial and construction activities along with increasing investments in warehousing infrastructure development are driving the demand for storage basket racks in Asia-Pacific region.
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. Key players are focusing on new product launches and expansion strategies to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
