by Storage basket racks are used to store various items in an organised manner. They are ideal for homes, garages, warehouses and retail outlets to neatly store items like clothing, sports equipment, tools, hardware and groceries. Customised designs help optimise storage space.
The global Storage Basket Rack Market is estimated to be valued at US$ 2.26 Bn or 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 key trends:
The demand for storage basket racks is growing due to increase in online shopping and improving logistics infrastructure globally. E-commerce companies require efficient storage solutions to stock, sort and dispatch a large volume and variety of products on a daily basis. Warehouse management has also become sophisticated with growing use robotics, automation, analytics and IoT in inventory tracking and organisation. Customers are increasingly adopting DIY modular storage solutions for homes and workspaces which has fuelled growth of manufacturers providing adaptable, multi-purpose racks.
SWOT Analysis
Strength: Storage basket racks provide efficient utilization of space and organization for items stored. They allow storing more items in a smaller footprint compared to keeping items loose.
Weakness: Wire racks can damage delicate or fragile items stored in them. Installation of heavy-duty racks may require assembly and bolting to walls/floors for stability.
Opportunity: Increasing demand for home organization solutions drives opportunities in retail as well as industrial and commercial spaces. Customizable designs allow basket racks to meet diverse storage needs.
Threats: Lower-cost plastic shelving units pose pricing competition. Environmental concerns around non-recyclable metal racks may impact demand.
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 for organized storage solutions in residential and commercial spaces.
Regional analysis: North America dominates the global market currently due to large warehouse and storage spaces. Asia Pacific is expected to be the fastest growing market owing to rapid industrialization and expansion of warehousing facilities in countries such as China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
