PALLET RACKING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has been the dominating region in the global pallet racking market over the past decade. The region is expected to account for 36.6% of the market share in 2024. The presence of major players operating in the region, such as Daifuku, Mecalux, and Interlake Mecalux, has ensured a strong supply and distribution network across the key countries in this region. In addition, North America accounts for over 30% of the world's third-party logistics market. This has further strengthened the demand for sophisticated warehouse solutions such as pallet racking from a diverse set of industries including retail, food and beverages, pharmaceutical among others.

However, in recent years, the Asia Pacific region has emerged as the fastest growing market for pallet racking globally. Countries such as China, India, and Vietnam are witnessing exponential growth in the e-commerce and logistics sectors on the back of rising disposable income, growth of middle-class population, and increasing number of internet users. This has driven the need for modern warehousing solutions from both global as well as domestic companies engaged in distribution and supply chain activities. The availability of low-cost labor and land in the Asia Pacifc region has also attracted many manufacturing companies to establish facilities for exports. This has further augmented pallet racking installation across the region.