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Report Overview
The global warehousing and storage market value reached around USD 488.42 Billion in 2023. The rapid expansion of the e-commerce industry is a significant contributor, as online retailers, such as Amazon require efficient warehousing solutions to manage inventory and fulfill orders swiftly. The market is also witnessing rising demand for refrigerated warehousing, particularly in the food and beverage sector, where consumer preferences for fresh and perishable goods necessitate temperature-controlled storage. As a result, the industry is expected to grow at a CAGR of 4.50% during the forecast period of 2024-2032 to attain a value of USD 725.84 Billion by 2032. Technological advancements, such as warehouse automation and the integration of drone technology for inventory management, are also enhancing operational efficiency and reducing costs.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The warehousing and storage market is experiencing robust growth, driven significantly by the expansion of the e-commerce sector and changing consumer behaviours. In India, the e-commerce sector has shown steady expansion, with the government e-marketplace (GeM) achieving a record Rs 2 lakh crore in gross merchandise value during FY 2022-23. This surge in online transactions is fuelling demand for efficient warehousing solutions to manage inventory and ensure timely delivery.
- According to the International Trade Administration, Canada had over 27 million eCommerce users in 2022, representing approximately 75% of the population. This figure is projected to rise to 77.6% by 2025, indicating a growing reliance on online shopping that necessitates increased warehousing capabilities. As e-commerce continues to thrive, businesses are investing in advanced warehousing solutions to accommodate higher volumes of goods and streamline operations, thereby leading to warehousing and storage market expansion.
- Warehouses play a crucial role in business inventory management by housing finished products, raw materials, and goods for import/export. They ensure availability for end-users, which is vital for maintaining supply chain efficiency. The market is set to grow due to the increasing demand for refrigerated warehousing and the omnichannel retail model.
Warehousing and Storage Market Regional Insights
North America Warehousing and Storage Market
Based on region, the global market share is led by North America. Government efforts are directed towards building sophisticated warehouses equipped with features such as Web Map Service (WMS) for monitoring expiration dates, barcode scanning, order fulfilment, and enhanced inventory management. Additionally, the expanding eCommerce industry is driving the need for upgraded storage infrastructure and contributing to the warehousing and storage market value.
Around 38% of US companies have plans to add more (stock keeping unit) SKUs and barcode scanners for inventory accuracy and to improve the overall efficiency of warehouse operations. As per a report from CBRE, warehouse rents in some parts of the United States witnessed an increase of 20% from the fourth quarter of 2021 to the first quarter of 2022, affecting warehouse and storage solutions.
Asia Pacific Warehousing and Storage Market
In Asia Pacific, market growth is driven by government projects to enhance technology, infrastructure, and taxation for warehousing. Many manufacturing and distribution centres are adopting automated processing for operational efficiency and boosting the warehousing and storage industry revenue. For instance, Maersk announced the opening of a new warehouse in Sri Lanka at Wattala on April 2024. This warehouse can enhance the company’s presence in the region and boost the growth of the logistics sector.
As per the National Investment Promotion and Facilitation Agency, the Indian e-commerce sector has been steadily progressing. In the fiscal year 2022-23, the Government e-marketplace (GeM) achieved its highest Gross Merchandise Value ever, reaching USD 2011 billion.
Europe Warehousing and Storage Market
The market growth in the region is driven by the expansion of supermarkets and hypermarkets as well as retail chains. Small supermarkets in the region have witnessed a growth of 49% in turnover. The grocery sales in the region also witnessed an increase of 8.6% in 2023 compared to the previous year. These positive trends in the region boosted the warehousing and storage demand.
Favourable government initiatives in the market to enhance supply chain resiliency are another crucial factor enhancing warehousing and storage market opportunities. For instance, under the Corporate Sustainability Due Diligence Directive (CSDDD) law in Europe, companies with more than 1,000 employees and a turnover of at least €450 million need to address and reduce environmental and human rights risks in their supply chain.
Latin America Warehousing and Storage Market
The market is expected to grow significantly in the upcoming years as several e-commerce companies are readily investing in warehouses, logistics networks and distribution centres across the region and enhancing the warehousing and storage demand growth. One of the major online marketplaces, MercadoLibre, has plans to invest around USD 4.62 billion in Brazil in 2024, up 21% from 2023, with a large amount of investment aimed at improving its storage and delivery capacities. Another major e-commerce company, Shopee, based in Singapore, opened its 11th distribution centre in Brazil to increase the delivery capacity of its warehouses and meet the rising demand of consumers.
Middle East and Africa Warehousing and Storage Market
Rising investments in smart warehouses in the region are a major factor boosting the market growth. For instance, the Saudi Authority for Industrial Cities and Technology Zones (Modon) signed a deal in Jeddah to develop 14 new high-tech warehouses that are based on a public-private sector partnership model.
As per the warehousing and storage industry analysis, the report published by Checkout.com in October stated that around 91% of Saudi consumers shop online and around 14% reported they shop at least once a day. This has greatly boosted the demand for efficient warehouses and storage capacities in the region.
Warehousing and Storage Market Report Snapshots
Warehousing and Storage Market Size
Warehousing and Storage Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 488.42 Billion.
The warehousing and storage market is assessed to grow at a CAGR of 4.50% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 725.84 Billion by 2032.
The expansion of the warehousing and storage market is driven by technological progress, the rise of e-commerce, the integration of IoT, and the adoption of sustainable practices.
The warehousing and storage market is categorised according to its type, which includes general warehousing and storage, refrigerated warehousing and storage and farm product warehousing and storage.
The leading players in the market are DHL International GmbH, C.H. Robinson Worldwide, Inc., CEVA Logistics, DSV A/S, FedEx Corporation, Ryder System, Inc., NFI Industries, XPO, Inc., and AWL India Pvt Limited among others.
Based on the ownership, the warehousing and storage market is divided into private warehouses, public warehouses, and bonded warehouses.
The major areas include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124