Global Transport Racks Market - Introduction
- Transport racks are made of either metals, such as steel or aluminum, or nonmetals such as wood or plastic. These are used to hold or carry various commodities such as manufacturing equipment, automotive parts, consumer goods, construction material & equipment etc., while being transported from one location to another.
- Expansion of automotive, construction, electronics and consumer goods industries has increased production and thereby, the demand for transportation of manufactured goods has increased. These factors offer lucrative opportunities to manufacturers of transport racks worldwide.
Key Drivers of Global Transport Racks Market
- Stringent rules and regulations about the safe shipping and handling of material in the transportation industry have prompted manufacturing industries are adopt transportation racks that comply with guidelines. The guidelines specify methods for transportation and storage of products in different industries. For instance, Federal Motor Carrier Safety Administration, a division under U.S. DEPARTMENT OF TRANSPORTATION, restrcts the entry heavy transportation vehicles inside cities to ensure safety. Therefore, manufacturing industries are mandated to use different types of transportation racks and vehicles for goods handling. This is projected to boost the transportation racks market during the forecast period.
- Advent of information technology and increasing digitalization have compelled several small business vendors and larger suppliers to adopt e-commerce, i.e. doing business using smartphone applications or favoring online business practices. This has led to significant expansion of the e-commerce industry. Various mergers and acquisitions are being witnessed in the e-commerce industry to expand and consolidate market position. Partnerships between e-commerce giants and transportation companies have increased owing to a rise in consumer base. These factors drive the demand for transportation racks that comply with government norms and consumer requirements. This, in turn is likely to propel the transportation rack market.
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Metallic transportation rack segment to dominate the market
- Metallic racks are preferred by consumers as they are sturdy and offer high resistance against stress and deformation. Transportation racks made of steel are expected to witness high demand due to their high load carrying capacity.
- Demand for transportation racks made of aluminum is also expected to rise owing to their light weight, corrosion resistance, and high durability. Moreover, the low price of aluminum racks is also attracting consumers.
- These factors mentioned above are projected to fuel the segment during the forecast period
Recycling and life of transport racks restrain market
- Deformation of metal racks or breakage of nonmetallic racks is frequent owing to continuous usage in transportation. Development of a shock absorbent and sturdy transport rack is possible; however, it boosts the price of the rack. Broken or deformed racks need to be repaired or are scrapped. The efficiency of repaired racks decreases owing to the fact that metal tends to deform again at the same spot. These factors are a challenge that needs to be overcome through innovations and thereby increase the life of transporting racks.
Global transport racks market in Asia Pacific to expand significantly
- Demand for passenger as well as commercial vehicles in Asia Pacific in increasing, which can be attributed to consistent economic development in the region, indicating significant expansion of production and the manufacturing industry. Transporting racks are needed for safe transportation and handling of manufacturing equipment, or produced units, from one place to another.
- Countries in Asia Pacific, such as China and India, prominent consumers of automotive, electronics, and consumer goods owing to the considerably large population of the region.
- These factors boost the demand for transportation racks in the region
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Key players operating in global transport racks market:
The global transport racks market is highly concentrated with top manufacturers. A few of the key players operating in the global transport racks market are:
- Groves Incorporated
- Spika Design & Manufacturing
- SILVER LINING Storage Solutions
- Nefab Group
- Donracks Supermarket Rack Manufacturers
- Plymouth Industries
- The Durham Manufacturing Company
Global Transport Racks Market: Research Scope
Global Transport Racks Market, by Material
Global Transport Racks Market, by End-use industry
- Automotive Industry
- Aviation Industry
- Construction Industry
- e-commerce Industry
- Healthcare Industry
- Manufacturing Industry
Global Transport Racks Market, by Product
- Single Tier Racks
- Multi-Tier Racks
- Pallet Racks
- Shelving Racks
- Cantilever Racks
Global Transport Racks Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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