The global Storage Basket Rack Market is estimated to be valued at US$ 2.26 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Storage basket racks provide efficient organization and accessibility of supplies, tools and other items in small spaces like garages, workshops, pantries and laundry rooms. They optimize storage space by allowing stacking of multiple baskets on different levels. This multilevel storage solution helps maximize use of vertical space.
Market key trends:
One of the key trends driving growth in the storage basket rack market is the rising demand for enhancing storage capacity in homes and businesses. With limited floor area in most commercial and residential spaces nowadays, there is a growing need for storage products that utilize vertical space effectively. Stackable basket racks meet this need well by enabling storage of multiple items in a small footprint. Their tiered, multilevel designs help double or triple conventional storage capacity. This property makes them very popular among homeowners and business owners looking to optimize available storage space.
The global storage basket rack market is segmented by material, end use, and geography. Based on material, the market is bifurcated into wire rack and plastic rack. Among these, the wire rack segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Wire racks are more durable and customizable than plastic racks. Therefore, wire racks find wide usage in various end-use industries like retail, logistics, food & beverage etc.
The global Storage Basket Rack Market Share is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period 2023 – 2030, due to increasing demand for storage solutions from the e-commerce and retail industries.
The US dominates the regional market share and is expected to continue its dominance over the forecast period. Factors such as presence of key players, growth of e-commerce sector and rising demand from warehouse & logistics industry in the region are fueling the market growth.
The Asia Pacific region is expected to register the highest CAGR during the forecast period due to rapid industrialization and urbanization in emerging countries such as China and India. This is expected to generate significant demand for storage basket racks from manufacturing and retail industries in the region.
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. These players focus on offering innovative and customized rack solutions to targeted end-use industries for gaining a competitive edge in the market.