The global tire logistics market to grow at a CAGR of 5.79% during the period 2017-2021.
The report, Global Tire Logistics Market 2017-2021, 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.
One trend in market is advances in technology. The use of upgraded technologies in logistics services is likely to increase in the future. Logistics service providers are offering a range of services such as GPS-enabled transportation trucks for tracking, RFID for inventory tracking, bar coding, and management information system-related services. These IT-enabled services increase the efficiency of logistics services on scheduling transportation and delivery and inventory management.
According to the report, one driver in market is upward trend in global automotive sales. The revival of the manufacturing sector and the projected economic expansion worldwide will sustain the demand for the spare parts segment. The growth in manufacturing industries, such as automobile production, electronic product shipments, and the food and beverage industry will benefit the spare parts market. There has been a substantial increase in the global automotive manufacturing market with APAC dominating it. This will provide several benefits to logistics companies, which will eventually fuel the spare parts logistics market. Automotive manufacturing companies are adopting supply chain methods such as JIT and Kanban, which ensure the seamless transportation of inventory, and outsourcing of logistics services to contract logistics companies, hence driving the logistics market.