India Industrial Racking System Market
April 29, 2022
India Industrial Racking System Market is projected to surge ahead at a CAGR of 10.3% by the end of 2032
NEW YORK, April 11, 2022 (GLOBE NEWSWIRE) -- The India industrial racking system market is anticipated to witness a growth rate of around 10.3% over the decade. Market expansion is predicted to be driven by increasing adoption of e-Commerce shopping, ongoing growth in the 3PLs market, and rising industrialization, along with improved supply chain and logistics networks.
Industrial racking systems are employed in warehouses and industrial inventory storage & storage facilities. Government policies such as Make in India & Digital India have fueled Industrial as well as logistics market growth in the nation, which has created huge demand for warehousing & inventory management systems.
The industrial racking market is highly affected by the growth of the e-Commerce sector in India, as rising popularity of online shopping has created high demand for road logistics and warehousing in urban as well as rural. Growing food & beverage sector is also a key growth factor in the Indian market as the popularity of fast food and brewing has created huge demand for cold supply chains.
The COVID-19 outbreak had an impact on market growth in 2020 because of widespread lockdowns and transit restrictions. The pandemic knocked off supply and demand in Indian automobile, textile, retails, logistics, and other industries, causing them to slow down dramatically. Demand for industrial racking systems witnessed a sharp downfall owing to the shutting down of manufacturing units and reduced logistical usage.
Key Takeaways from Market Study
- The India Industrial racking system market is expected to reach US$ 542.8 Mn in 2022 due rising demand for warehouses from the industrial and logistics sectors.
- By product type, the drive-in-racking systems segment is expected to one of the fastest-growing segments in India and create an increment opportunity of US$ 222.9 Mn.
- By carrying capacity, the medium duty segment is expected to hold the largest market share and create US$ 826.2 Mn from the sales of industrial racking systems by the end of 2032.
- Direct ownership of industrial racking is more preferred amongst end users, and the segment is expected to expand at 10.6% CAGR through 2032.
- By end use, the third-party logistics (3PLs) sector is expected to hold more than 1/4 market share.
“Ongoing growth in the logistics sector supported by government initiatives is expected to propel demand for industrial racking systems in in India,” says a Persistence Market Research analyst.
The India industrial racking system market is a fragmented space with the presence of key manufacturers along with small-scale manufacturing companies.
Some of the key market players included in the report are Jungheinrich AG, Godrej Group, Kirby India, SSI Schaefer, SILVER LINING Storage Solution, and many others.
Prominent market players are focusing on growth through acquisitions, collaborations, and entry into emerging markets. Key market participants are investing in R&D to bring new products to the market.
Industrial racking systems are widely used in logistics, sorting, and other related sectors. Logistics is one of the most important industries in any economy as it deals with the flow management of products from the place of origin to the place of consumption, and thus, the industry also involves the integration of material handling, warehousing, packaging, transportation, inventory management, supply chain management, procurement, and shipping security aspects.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the India industrial racking system market that contains industry analysis of 2016–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, design, carrying capacity, sales, and end use. The report also provides supply and demand trends along with an overview of the parent market.