North America Warehousing and Storage Market Report, Industry Overview, Growth and Forecast 2025
Market Overview: According to the new report by IMARC Group, the North America warehousing and storage market to reach a value of US$ 88.1 Billion by 2025, registering a CAGR of around 3% during 2020-2025.
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.
Note: 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.
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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.
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