The growth of this market is propelled by the emergence of automatic warehouses, growth of the e-commerce trade, and economic process of provide chain network. due to vital growth within the automotive spare components market, the trade wants economical storage setup to confirm quick delivery of products. Physical science, furniture, and alternative industries also are implementing choose to pick to light technology in their assembly and producing plants. The choose to lightweight market is anticipated to grow fromUSD 323.7 million in 2017 toUSD 538.2 million by 2023, at aCAGR of 8.84%.
Pick to light market to exhibit steady growth between 2017 and 2023
The pick to light market is expected to grow from USD 323.7 million in 2017 to USD 538.2 million by 2023, at a CAGR of 8.84% between 2017 and 2023. The growth of this market is propelled by the emergence of automated warehouses, growth of the e-commerce industry, and globalization of supply chain network. Moreover, pick to light offers error-free and better productivity operations, and enhanced labor utilization.
Pick to light market for assembly & manufacturing industry to grow at highest CAGR during forecast period
Owing to significant growth in the automotive spare parts market, the industry needs efficient warehousing setup to ensure fast delivery of products. Automotive manufacturers, component providers, and suppliers seek to create differentiation by providing excellent order fulfillment through efficient product delivery. Moreover, the uninterrupted supply of automotive spare parts is important for efficient after-sales services and customer satisfaction. Electronics, furniture, and other industries are also implementing pick to light technology in their assembly and manufacturing plants.
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Europe expected to capture largest market share by 2023
Europe is one of the major regions in the pick to light market. The retail & e-commerce industry is one of the key contributors to the logistics activities across Europe. The warehousing and logistics sector in Europe is positively impacting the pick to light market. Moreover, the region has numerous manufacturing and warehousing facilities of various industries, such as automotive, aerospace & defense, machinery, and electrical and electronics. This has created significant demand among warehouse operating companies for sophisticated pick to light solutions to manage warehousing and distribution operations of these end-user industries.
The breakup of the profiles of primary participants for the report has been given below:
- By Company Size: Tier 1 = 25%, Tier 2 = 30%, and Tier 3 = 45%
- By Designation: C-Level Executives = 48%, Directors = 35%, and Others = 17%
- By Region: North America = 20%, Europe = 28%, APAC = 40%, and RoW = 12%
The pick to light market is dominated by various players according to their core competencies. Key players in this market are Daifuku (Japan), Murata Machinery (Japan), SSI Schaefer (Germany), Dematic (US), and Honeywell Intelligrated (US). Moreover, others players such as Vanderlande Industries (Netherlands), Swisslog (Switzerland), KNAPP (Austria), Bastian Solutions (US), AIOI-Systems (Japan), Turck (Germany), Lightning Pick Technologies (US), and KBS Industrieelektronik GmbH (Germany) play a significant role in the pick to light market.
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