Report : Europe ASRS for Garments on Hangers Market Forecast to 2030 - Regional Analysis - by Type (Garment Rail System, Garment Conveyor, Garment Property Storage, and Others) and Application (Warehousing & Logistics, Retail 3PL, Hotels, Hospitals & Institutes, and Others)
At 8.9% CAGR, Europe ASRS for Garments on Hangers Market is Speculated to be Worth US$ 1,207.31 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe ASRS for garments on hangers market was valued at US$ 608.39 million in 2022 and is expected to reach US$ 1,207.31 million by 2030, registering a CAGR of 8.9% from 2022 to 2030. Rise in e-commerce growth, surge in demand due to labor shortage and growth in urbanization are among the critical factors attributed to drive the Europe ASRS for garments on hangers market growth.
In recent years, the garment industry has experienced a significant shift toward automation to overcome challenges posed by labor shortages. As the demand for efficient order fulfillment and storage solutions increases, businesses are adopting automated storage and retrieval systems (ASRS) as a viable solution. This labor shortage has become a significant concern in the garment industry, leading to a growing demand for ASRS as a solution. Despite strong retail sales and business inventory levels, the warehouse industry's labor market has been lagging. According to Logistics UK's September 2021 Performance Tracker, 13% of merchants in the industry reported having a serious shortage of warehouse workers. According to the Office for National Statistics data, there are twice as many online job advertisements for jobs in transportation, logistics, and warehousing as there were during the same time last year. There is still a persistent issue of understaffing in the industry. ASRS offers a labor-saving solution by automating the garment industry's storage, retrieval, and sorting processes. By implementing ASRS systems, businesses can reduce their reliance on manual, labor-intensive tasks and overcome the challenges posed by labor shortages. In addition, labor shortages often lead to increased labor costs as employers must compete for available workers. By implementing ASRS for GOH, businesses can reduce their reliance on manual labor and associated costs. These systems provide a long-term return on investment (ROI) by minimizing labor expenses, optimizing space utilization, and reducing errors in order fulfillment. With reduced labor costs and improved operational efficiency, businesses can allocate resources to R&D or marketing initiatives and other critical areas. Thus, a surge in demand for ASRS for garments on hangers due to labor shortage drives the market growth.
On the contrary, high initial investment and limited flexibility hamper the growth of Europe ASRS for garments on hangers market.
Based on type, the Europe ASRS for garments on hangers market is segmented into garment rail system, garment conveyor, garment property storage, and others. The garment rail system segment held 45.3% market share in 2022, amassing US$ 275.81 million. It is projected to garner US$ 575.21 million by 2030 to register 9.6% CAGR during 2022-2030.
In terms of application, the Europe ASRS for garments on hangers market is segmented into warehousing & logistics, retail 3PL, hotels, hospitals & institutes, and others. The warehousing & logistics segment held 40.2% share of Europe ASRS for garments on hangers market in 2022, amassing US$ 244.27 million. It is anticipated to garner US$ 507.88 million by 2030 to expand at 9.6% CAGR during 2022-2030. Furthermore, the warehousing & logistics segment is subcategorized into garment on hanger and flat or folded inventory. Additionally, the retail 3PL segment is bifurcated into garment on hanger and flat or folded inventory.
Based on country, the Europe ASRS for garments on hangers market is categorized into the UK, Germany, France, Italy, and the Rest of Europe. Our regional analysis states that the UK captured 38.8% share of Europe ASRS for garments on hangers market in 2022. It was assessed at US$ 236.05 million in 2022 and is likely to hit US$ 500.58 million by 2030, registering a CAGR of 9.9% during 2022-2030.
Key players operating in the Europe ASRS for garments on hangers market are Ferag AG, Schonenberger Systeme GmbH, BEUMER Group GmbH & Co KG, Dematic Corp, KNAPP AG, Daifuku Co Ltd, and Vanderlande Industries BV, among others.
- In May 2022, The BEUMER Group acquired FAM GmbH, Magdeburg, a supplier of conveying systems and loading technology. The contracts were signed to complete the transaction by the end of May. This also significantly strengthened the BEUMER Group's market position in the large equipment sector.
- In June 2021, BEUMER Group - a leading global supplier of automated material handling systems - launched its new BG Pouch System in response to the rapid growth of interest from omnichannel and D2C operators.
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