The logistics industry is likely to bloom owing to the transportation of goods from point of origin to point of consumption. The acquisition, storage, and management of products constitute a large part of the industry. The use of information technology for monitoring the progress of goods as well as transparency of the process is likely to revolutionize the industry. The global logistics market report by Market Research Future (MRFR) considers various growth variables and challenges for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report as well.
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Market Scope
The global logistics market is expected to grow at a CAGR of 7.2% during the forecast period. This can be attributed to international trade and changing scenario of the worldwide market. The surge of the ecommerce industry is expected to bode well for the market. The lockdown restrictions imposed on consumers has led to a surge in online shopping and facilitated growth for the logistics market. Favorable government policies and end-to-end supply solutions for essentials can drive the market demand exponentially. Transfers of government personnel have induced the demand for logistics vendors for safe transport of goods as well as their tracking via a smartphone application.
The COVID-19 virus has badly hit the global logistics market owing to restriction on transportation of goods domestically and internationally. Efforts to contain the virus by governments and measures to reverse the flow of raw material supply may alleviate the stress on the market.
Market Segmentation
The global logistics market can be classified based on logistic type, end-user industry, transportation type, and region.
Based on logistic type, the global logistics market can be segregated into the first party, the second party, and a third party.
Based on the end-user industry, the global logistics market can be segregated into oil & gas, retail, industrial and manufacturing, healthcare, and others. The Manufacturing segment accounted for the largest market share.
Based on transportation type, the global logistics market can be segregated into railways, waterways, airways, and roadways.
Based on the region, the global logistics market can be segregated into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Regional Analysis
The geographical analysis of North America, Europe, Asia Pacific, and Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the APAC region acquired the largest market share. The evaluation also states that the region is likely to expand at the maximum CAGR during the review period. The increasing exports and imports are one of the prime factors augmenting the growth in the region. Besides, the growing adoption of outsourced logistics services in the area is propelling the market in the region. The emerging economies like India, Japan, China, Australia, and Indonesia are the most lucrative markets in the APAC area. China is the biggest market owing to the large population and the presence of key players.
Moreover, the economic growth and rapid urbanization in the region is leading to additional growth of the market. The second position is attained by North America. It is a lucrative market for the expansion of the market. The rising demand for foreign commodities from countries like India, Thailand, and Indonesia has made a robust relationship with the U.S. The third position is attained by Europe. Europe plays a vital role in expanding the market. Germany, France, and the U.K are the most important markets in the region.
However, due to the outbreak of pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of worldwide lockdown.
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Key Players
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.
Read more related insights:
https://www.globenewswire.com/fr/news-release/2021/04/08/2206725/0/en/Logistics-Market-Eyeing-Phenomenal-Growth-at-a-healthy-CAGR-of-7-2-Market-Research-Future-MRFR.html
https://medium.com/@rgade395/logistics-market-upcoming-demands-and-growth-analysis-with-worldwide-industry-analysis-by-2027-4553e8be458c
https://paperzz.com/doc/6750722/logistics-market
https://www.xn--aazco-ota.com/blogs/807/Logistics-Market-Rapid-Growth-Dynamic-Forecast-To-2027
https://ipsnews.net/business/2020/07/31/logistics-market-size-share-report-2020-analysis-by-top-players-cagr-value-business-opportunities-revenue-segments-outlook-research-trends-growth-challenges-and-regional-forecast-2023/
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