by Storage basket racks are increasingly used in various industries to organize and store multiple products and items. They provide an efficient solution for organized storage of different materials in warehouses, shops, supermarkets, and other commercial spaces. Storage basket racks are shelves made up of wire frames that contain multiple baskets for categorized storage of products. They allow easy access and retrieval of stored goods. Their multipurpose design makes them suitable for organizing tools, parts, supplies, and bulk items in industries like automotive, manufacturing, retail etc.
The Storage Basket Rack Market is estimated to be valued at US$ 2.26 Bn or billion 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 Dynamics:
One of the major drivers for the storage basket rack market is the growing demand from retail industry. Storage basket racks are extensively used in supermarkets and general stores to neatly display and organize grocery items, small accessories, clothing etc. for easy visibility and accessibility to customers. This aids in better inventory management. Another driver is the increasing adoption of storage basket racks in warehouses to efficiently manage bulk storage of goods and materials. Their high load bearing capacity and vertical stacking capability allows optimum utilization of available space. This has boosted their demand from industries like e-commerce, food & beverages and manufacturing.
Segment Analysis
The storage basket rack market can be segmented into wire basket rack and plastic basket rack. The wire basket rack segment dominates the market as it holds approximately 65% market share due to its durability and high load bearing capacity. Wire basket racks can hold heavier items and last longer than plastic basket racks.
PEST Analysis
Political: There are no significant political factors affecting the storage basket rack market.
Economic: The rising disposable incomes and growing retail sector globally is fueling the demand for storage basket racks from consumers and businesses.
Social: Changing lifestyles and preference for organizing household items is driving consumers to use storage basket racks for better organization.
Technological: No major technological changes are observed in this market.
Key Takeaways
Global Storage Basket Rack Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from retail industry for better storage organization.
Regional analysis: North America dominates the storage basket rack market holding around 35% share due to large retail sector. Asia Pacific is the fastest growing region for storage basket racks market owing to rapid urbanization and growing middle class population in countries like India and China.
Key players: Key players operating in the storage basket rack market include 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. Wire Crafters leads the market with wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
