Warehousing And Storage Market Characteristics
The warehousing and storage market consist of sales of warehousing and storage services by entities (organizations, sole traders and partnerships) that operate warehousing and storage facilities for bonded merchandize, general merchandize, refrigerated goods and other warehouse products. These establishments generally handle goods in containers, such as boxes, barrels, and/or drums, using equipment, such as forklifts, pallets, and racks. They are not specialized in handling bulk products of any particular type, size, or quantity of goods or products.
Competitive Landscape of the Warehousing And Storage Market
Major players in the global warehousing and storage market include APL, DHL, Genco, Mitsubishi Logistics, Kuehne+Nagel.
Warehousing And Storage Market Size
The warehousing and storage market size is expected to reach $640 billion by 2022, significantly growing at a CAGR of around 8% during the forecast period. The growth in the warehousing and storage market is due to rise in trade activity in emerging economies such as China, India, Malaysia, South Africa, Brazil, and Russia, rise in consumption of processed food products and increasing demand for consumer durable goods.
However, the market for warehousing and storage is expected to face certain restraints from several factors such as labour issues changing trends in warehousing and storage.
Warehousing And Storage Market Segmentation
The global warehousing and storage market is further segmented based on type and geography.
By Type - The warehousing and storage market is segmented into general warehousing and storage, refrigerated warehousing and storage, specialized warehousing and storage, farm product warehousing and storage bonded warehousing, private warehousing and storage, warehousing (including foreign trade zones) , cold storage, frozen storage , automobile dead storage, bulk petroleum and chemical storage, document storage and warehousing, whiskey warehousing, others - specialized warehousing and storage , storage services, handling services, packing services, all others. Among these segments, the general warehousing and storage is the largest share in the global warehousing and storage market.
By Geography - The global warehousing and storage is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific was the largest region in the global warehousing and storage market.
Trends in the Warehousing And Storage Market
With increase in the warehousing and storage market there is an increase in the demand of smart warehouse. These warehouses use internet of things (IOT) to track a product in the warehouse and also helps in increasing efficiency and speed across supply chain. 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 warehousing and storage market.
Potential Opportunities in the Warehousing And Storage Market
This market was driven by increasing demand for consumer goods and mature ecommerce industry in developed countries and increasing retail penetration in emerging countries such as China, India and Brazil.