FELTON, California, September 12, 2018 /PRNewswire/ --
The global Logistics Market is subject to witness a substantial growth due to the recent technological advancement in the various logistics services, rising transportation activities in both developed and developing economies across the globe and increasing shipping demand. The number of service providers are improving their supply chain capabilities due to numerous growth opportunities available, thereby driving market growth, in the recent years. Additionally, shifting trends towards early adoption of advanced services such as automated freight payment and audit procedure to achieve cost-effectiveness are anticipated to drive the growth of logistics market over the forecast period.
Other factors such as reduction of capital expenditure (CAPEX), risk management, better inventory management, and directing on the core competencies of different business operations. Globally, the market is predicted to grow at high CAGR during the forecast period, providing numerous opportunities for market players to invest in research and development in the logistics market.
Robust growth of the logistics industry is majorly attributed to the high-end international trade flow and the strong economic growth in the developing economies such as India, China and Brazil. Increasing transportation & infrastructural activates in the Asia Pacific and North America region is anticipated to boost market growth in the upcoming years. Additionally, intra-regional trade and international among developing economies across the globe coupled with higher growth rate in the Asia Pacific region are expected to drive the growth of logistics market over the forecast period.
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Increasing adoption of various logistics services in various sectors such as manufacturing, retail, trade and transportation. Other application of the logistics services include private and local utility sector, healthcare industry, media and entertainment sectors. These factors are expected to foster market expansion of logistics industry over the forecast period. Recent adoption of thirds party logistics services in the telecommunication, banking and financial services, and information technology industry is estimated to expand overall market reach in the near future as well. In addition, development of latest technologies and introduction of novel products such as the freight brokers and different value-added services are driving market growth in the recent years. Introduction of freight brokerage and transportation activities that complies with the stringent governmental laws and regulations has provided numerous growth opportunities for industry players. Increasing investment in the logistics services by leading industry players to improve their supply chain activities, thus enhancing their existing services and achieve cost efficiency, are anticipated to boost market demand further.
Furthermore, growing implementation of third party logistics services (3PL) by various end-user industries and adoption of advanced business model to completely utilize the unused warehouse space and resources are projected to stimulate the growth rate of logistics market. Recent technological advancement in the logistics industry such as early adoption of automation and the rising popularity of IoT-based services are expected to offer multiple growth avenues over the next seven years. The Domestic Transportation Management (DTM) is considered as one of the fastest growing segment in the logistics market with substantial revenue generation in the last couple of years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the logistics industry, increase in demand for logistics software, massive investments for visibility and route optimization, and existence of well-established transportation infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the logistics market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth, growing infrastructural activities, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the logistics market are J.B. Hunt Transport Services LLC, C.H. Robinson Worldwide Inc., Ceva Holdings LLC, FedEx Co., United Parcel Service Inc., Expeditors International of Washington Incorporations, XPO Logistics Co., Kenco Group Inc., Deutsche Post DHL Group AG, Americold Logistics, LLC, and UTi Worldwide Incorporations.
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The market is divided into the following segments based on geography:
Global Logistics Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• C.H. Robinson
• DB Schenker
• Deutsche Post DHL Group
• Kuehne + Nagel
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