According to the latest report by IMARC Group, titled "North America Warehousing and Storage Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the North America warehousing and storage market size reached US$ 74.2 Billion in 2019. A warehouse refers to a location that is utilized for storing or accumulating semi-finished and finished goods that are imported or exported, along with raw materials. Warehousing these items allows an organization to continue its production throughout the year and to sell the products upon witnessing sufficient demand. Storage, similarly, enables the organization to carry on its production in anticipation of future demand. Warehousing and storage services assist the company by protecting their goods from pests and insects while enabling a smooth flow of production and distribution activities. As a result, they are widely utilized by numerous industry verticals, including retail, manufacturing and healthcare sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America Warehousing and Storage Trends:
The market is primarily driven by the rapid expansion of the e-commerce sector across North America. The convenience offered by online portals, along with attractive discounts and promotions, has led to their widespread popularity among the masses. In line with this, the increasing sales of items through e-commerce websites have resulted in an escalating demand for efficient warehousing and storage facilities in the region. Moreover, the prevalence of frozen food consumption has impelled the requirement for refrigerated warehousing and storage services, which is acting as a major growth-inducing factor. The market is further driven by the emerging trend of outsourcing warehousing services in the region. The expansion of production and operational services of numerous companies has led them to concentrate on their core competencies while outsourcing logistics to third-party warehouse service suppliers at affordable prices. This aids them to meet the escalating demand for their products efficiently without hampering the quality or sales. Furthermore, extensive research and development (R&D) has led to the development of state-of-the-art warehouses that are equipped with technologically advanced features. They are commonly integrated with Web Map Service (WMS) capabilities for barcode scanning, cycle counting and expiration date tracking, which result in improved inventory management while minimizing operational and logistical challenges. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 88.1 Billion by 2025, registering a CAGR of around 3% during 2020-2025.
- Based on the warehouse type, the market has been divided into general, refrigerated and farm product warehousing and storage.
- On the basis of the ownership type, the market has been classified into private, public and bonded warehouses.
- Based on the end use, the market has been categorized into manufacturing, consumer goods, retail, food and beverage, IT hardware, healthcare, chemicals and others.
- On the geographical front, the market has been segmented into the United States, Canada and Mexico.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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