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Automotive Logistics Market Size Worth $306.12Bn, Globally, by 2028 at 6.5% CAGR - Exclusive Report by The Insight Partners
NEW YORK , March 16, 2022 /PRNewswire/ -- The Insight Partners published latest research study on " Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Outsourcing and Insourcing), Services (Transportation, Warehousing, Packaging Processes, Integrated Service, and Reverse Logistics), and Sector (Passenger Vehicle, Commercial Vehicle, Tire, and Component)", the global automotive logistics market is expected to grow from $197.63 Bn in 2021 to $306.12 Bn by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028.
DHL International GmbH (Deutsche Post DHL Group), CEVA Logistics, DB Schenker Logistics, DSV A/S, GEODIS, Kuehne + Nagel International AG, Nippon Express Co., Ltd. Ryder System, Inc., United Parcel Service of America, Inc., and XPO Logistics are among the key players operating in the global automotive logistics market. Several players are analyzed to understand the automotive logistics market.
In April 2021 , DSV Panalpina completed the acquisition of South African-based Globeflight Worldwide Express after the relevant competition authorities approved the details in the agreement. The deal was initially announced in December 2020 .
In March 2019 , the Swedish Transport Agency (STA) approved a partnership between Einride, an autonomous truck developer, and DB Schenker to commence with trials of driverless vehicles on public roads.
With the increase in vehicle production, logistics service providers are focusing on developing better automotive logistics operations. Thus, the logistics service providers are implementing finished vehicle logistics (FVL) services to manage logistics operations better. FVL operations help gain real-time vehicle location data and analytics, obtain complete control over vehicle movement for logistics service providers, and reduce cost & errors linked with legacy technologies, including manual scanning & radio-frequency identification (RFID). Rhenus Group (a leading logistics service provider) observed a significant decline on automobile production in 2020 due to COVID-19 impact. The company implemented FVL and automotive logistics services from 2021.
Based on type, the global automotive logistics market is bifurcated into outsourcing and insourcing. In 2021, the insourcing segment led the automotive logistics market, accounting for the largest share in the market. The insourcing logistics provide complete visibility of the supply chain operations of shipments. Various companies have adopted different initiatives to propel the growth of the automotive logistics. In 2017, McLaren Automotive aimed to insource the production of carbon fiber chassis by 2020. The company has stated details about its £50 million investment—Composite Technology Centre, in Sheffield, England . The technology center would be responsible for developing and manufacturing Monocell and Monocage carbon fiber chassis in future McLaren cars. The entire procedure of research & development and production of chassis in-house would offer McLaren better control. Similarly, in 2018, Ford Motor Company insourced its fourth-party logistics (4PL) services in India .
Manufacturing disruptions in China generated tremors through global supply chains. Travel restrictions led to a shortage of truck drivers to pick up containers, and ocean carriers canceled (or blanked) sailings. Studies claim that the overall automotive container volumes held at Chinese ports fell by 10.1% in the first half of 2020. As a result, these factors adversely impacted the automotive logistics market in the APAC region.
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