The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 4, 2023 /PRNewswire/ -- As per The Business Research Company's Warehousing And Storage Global Market Report 2023, the global warehousing and storage market has experienced remarkable growth, surging from $660.39 billion in 2022 to $714.79 billion in 2023. This impressive growth signifies a Compound Annual Growth Rate (CAGR) of 8.2%. Moreover, the warehousing and storage market is poised for continued expansion, with forecasts projecting a market size of $950.68 billion in 2027, sustaining a strong CAGR of 7.4%.
E-commerce Industry Fuels Market Growth
One of the key drivers behind this surge is the burgeoning e-commerce industry, which demands efficient warehousing and storage systems to enhance supply chain control, transparency, and expedite order fulfillment. As reported by Digital Commerce 360, U.S. e-commerce sales in the first quarter of 2023 reached $253.1 billion, marking an 8% increase from $234.4 billion in the corresponding quarter of 2022. This substantial growth in the e-commerce sector is anticipated to significantly contribute to the warehousing and storage market's expansion during the forecast period.
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Segmentation of the Global Warehousing and Storage Market
The global warehousing and storage market is categorized as follows:
- By Type:
- General Warehousing And Storage
- Refrigerated Warehousing And Storage
- Specialized Warehousing And Storage
- Farm Product Warehousing and Storage
- By End-Use:
- Retail Industry
- Manufacturing Industry
- Consumer Goods Industry
- Food & Beverage Industry
- Healthcare Industry
- Other End Users
- By Ownership:
- Private Warehouses
- Public Warehouses
- Bonded Warehouses
Competitive Landscape
The warehousing and storage market is characterized by its high fragmentation, with numerous regional and local players operating in the field. In 2022, the top ten competitors collectively accounted for 3.38% of the total warehousing and storage market. Notably, Deutsche Post DHL Group emerged as the largest competitor with a 0.67% market share, followed by GXO Logistics Inc., Kuehne + Nagel International AG, Geodis Group, DSV A/S, CEVA Logistics AG, AmeriCold Logistics LLC, DB Schenker, Ryder System Inc., and Mitsubishi Logistics.
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Warehouse Automation: A Key Trend
Warehouse automation has emerged as a pivotal trend gaining traction in the warehousing and storage market. Major companies in the warehousing and storage market are increasingly adopting process automation strategies to bolster their market positions. For instance, in January 2023, Norway-based leading warehouse automation company, AutoStore, introduced the North American launch of Pio ("Product In/Out"), a plug-and-play version of its renowned cube storage technology designed for small and medium-sized businesses (SMBs). Pio, operating on a pay-per-pick service model, enables SMBs, including retailers in apparel, sporting goods, crafts, and cosmetics, to access cutting-edge robotic automation, facilitating more businesses to harness advanced automation technology.
The Warehousing and Storage Global Market Report for 2023 highlights the industry's robust growth driven by factors such as the expanding e-commerce sector. To stay competitive, warehousing and storage market players are adopting trend-based strategies, including embracing new technologies like drone technology for real-time inventory tracking, prioritizing warehouse automation and management systems, expanding facilities, and engaging in mergers and acquisitions. These proactive approaches are poised to shape the future of warehousing and storage, enhancing efficiency and responsiveness to the evolving demands of a dynamic global market.
View More Similar Market Reports:
Warehouse Automation Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/warehouse-automation-global-market-report
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https://www.thebusinessresearchcompany.com/report/warehouse-robotics-global-market-report
Refrigerated Warehousing And Storage Global Market Report 2023
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