The Logistics Market will obtain a value of USD 15,806.75 Billion and a CAGR of 6.8% between 2020-2030.
The market is expanding due to elements, including the expanding e-commerce sector, rising reverse logistics activities, and trade agreements. Additionally, the expansion of technologically advanced logistics services and the rising popularity of IoT-enabled linked devices are anticipated to fuel market expansion. However, the market expansion is constrained by producers’ lack of control over logistical services, inadequate infrastructure, and increased logistics costs. In addition, the development of last-mile deliveries, automation of logistics, and cost and lead time savings brought on by the use of multi-modal systems are some of the other aspects anticipated to propel market expansion.
The logistics industry’s digitisation will also significantly impact market growth. As technology advances, there will be a greater preference for logistics automation in the market. Self-driving vehicles will transform the logistics industry, increasing demand for digital logistics. As the e-commerce industry expands, so will the demand for logistics services, which will serve as a constant driving force for the logistics industry in the coming years.
The Asia-Pacific region currently has the largest regional logistics market share and will continue to grow rapidly through 2021. A growing middle-class population, rising disposable income, and increased adoption of the Internet and mobile services are the primary growth factors for the APAC logistics market, all of which are contributing to the region’s significant growth in e-commerce sales. As a result of these factors, the APAC logistics market is expected to grow at a CAGR of more than 13% during the forecast period.
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A major growth driving factor for the global Logistics market during the forecast period is the increasing need for collaborative logistics operations. Furthermore, the growing e-commerce industry worldwide is expected to boost the global market growth. Furthermore, rising research and development activities and new product launches among market players are expected to create significant opportunities for the global logistics market. The logistics business’s total expansion is driven by the rising demand for consumer items, prescription medications, drinks, and other goods and services. The strenuous efforts made by competitors in the logistics business to offer effective last-mile deliveries are also accelerating the industry’s overall growth.
Increasing e-commerce trends and convenience have drawn in a sizable populace to buy a wide range of items. These elements are regarded as the main development catalysts for the logistics market.
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Roadways Transportation segment captured the largest market share, accounting for 32.17 % in 2020. Roadway transportation significantly impacts various product sectors because it is often shipped at various locations. It is known as the cheapest mode of transportation for long distances, so this segment is expected to dominate the Logistics market during the forecast period.
First Party, Second Party, and Third-Party Logistics make up the market segments for logistics. During the forecast period, the Third-Party logistics category held the greatest market share, accounting for 39.24 per cent. Adopting a third-party logistics solution allows manufacturers to outsource operational logistics from warehousing and delivery so they may concentrate on other areas of their businesses since they cannot monitor every operation at the warehouse and transportation.
Healthcare, Manufacturing, Aerospace, Telecommunication, Government and Public Utilities, Banking and Financial Services, Retail, Media and Entertainment, Trade Transportation, Technology, and Others are the different market segments for logistics.
The growing economic activities between the American and European countries and American and European countries offer prospects for the overall growth of the logistics industry. Additionally, the logistics sector is expanding thanks to North America’s growing e-commerce market. Additionally, the availability of personnel and prospective infrastructure across the region provides European nations with a profitable opportunity to expand the logistics sector. The logistics market’s expansion is fueled by rising e-commerce tendencies and a region that is becoming increasingly dependent on it.
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The forefront players of the global logistics market are GEODIS (France), Ceva Holdings LLC (U.K.), C.H. Robinson Worldwide, Inc. (U.S.), FedEx Corp. (U.S.), Expeditors International of Washington, Inc. (U.S.), XPO Logistics Inc. (U.S.), DHL International GmbH (Germany), A.P. Moller – Maersk (Denmark), DSV Global Transports and Logistics (Denmark), Schenker AG (Germany), DTDC Express Limited (India) and other.
Countries such as the United Kingdom and India have established a free trade agreement to cater to manufacturing areas such as defence, food products, fintech, and significant others.
Midair Aviation IFSC PVT LTD, a market leader, launched a technology-enabled courier platform. This has aimed to concentrate on densely populated areas. ModAir is regarded as the industry’s most significant achievement because it pioneered the industry of tech-enabled air cargo.
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