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Logistics market size to grow by USD 12.09 billion from 2023 to 2030; Increase in e-commerce activities globally will boost the market growth - Facts & Factors
Logistics is referred to as a strong network of roads, airways, railways, and seaways. Moreover, it is involved in the storage, management, transportation, and delivery of goods from the place of production to the destination. In addition to this, the use of RFID sensors, Bluetooth, and GPS trackers in cargo monitoring systems has prompted the demand for logistics in recent years. Breakthroughs in computing technologies including machine learning, IoT, big data, and artificial intelligence are projected to spearhead the demand for logistics in the coming years. For the record, logistics comprises services such as inbound logistics, third-party logistics, reverse logistics, fourth-party logistics, green logistics, digital logistics, military logistics, and other kinds of logistics services.
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The thriving e-commerce sector and increase in reverse logistics operations have propelled the growth of the global logistics market. Apart from this, an increase in trade agreements and a surge in tech-driven logistics solutions will embellish the business space.
Furthermore, the growing IoT trend and its use in various industries have enhanced the popularity as well as the use of logistics in a slew of industries. Integration of logistics management for improving operational efficiency will steer the global logistics market trends.
Furthermore, the acceptance of new technologies based on data analytics will boost the expansion of the logistics market across the globe. In addition to this, data analytics enables cloud-calling intending to confirm the order, real-time tracking of the good, and choosing the most cost-efficient carrier partner depending on various kinds of key metrics. Such initiatives will steer the growth of the market globally.
The lack of uniform governance laws witnessed in the fragmented logistics industry can impede the growth of the logistics industry globally. Furthermore, less control of manufacturing units on logistics services, lack of infrastructure facilities, and huge logistics costs can put further brakes on the global industry surge.
The evolution of logistic automation techniques along with just-in-time deliveries will open new growth opportunities for the global logistics market. Furthermore, the use of multi-modal systems for lead-time reduction has assisted the global market in exploring new facades of expansion in the near future.
High upfront costs of implementation of new logistics technologies have posed a huge challenge to the global logistics industry surge. Apart from this, the digitization of logistics functions needs massive capital funding, thereby posing a big challenge to the growth of the global industry.
In terms of model, the global logistics market is sectored into 1PL, 2PL, 3PL, and 4PL. Furthermore, the 4PL segment, which accounted for more than 62% of the global market share in 2022, is set to hold its segmental dominance in the forecasting timespan.
The segmental growth in the ensuing eight years can be a result of the beneficial features of the 4PL model. Moreover, 4PL logistics service providers help in reducing overhead as well as labor costs, minimize inventory costs, eliminate wasteful procedures, and enhance purchase leverage through an extended supplier base. Apart from this the 4PL service provider helps in reducing supply chain complexity, improves operational efficiencies, and enables cost-savings.
Based on transportation, the logistics industry across the globe is divided into rail, road, sea, and air segments. Moreover, the air segment, which garnered nearly 45% of the global industry share in 2022, is slated to dominate the global industry expansion even in the forecasting years. The growth of the segment in the coming years can be due to the ability of air transportation to rapidly manage processes & documenting them in a structured manner.
Apart from this, air cargo requires less handling and there is no necessity for heavy packaging. Moreover, a firm can easily ship goods & cargo to many countries in lesser time in comparison to other modes of logistics transportation without causing damage to cargo.
Based on end-user, the global logistics market is divided into automotive, industrial machinery & equipment, healthcare, FMCG, and energy & utilities segments. Moreover, the healthcare segment, which accounted for a major share of the global market in 2022, is predicted to register the fastest CAGR in the ensuing years. The segmental expansion over the forecast timespan can be subject to an increase in the significance of fast-track guidance in the healthcare sector.
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Asia-Pacific , which accounted for more than 75% of the global logistics market revenue in 2022, is anticipated to record the highest CAGR during the assessment timeline. The regional market expansion over 2023-2030 can be due to the swift expansion of trade routes and the rise in industrial production in Asia .
Furthermore, the North American logistics industry is set to witness a noteworthy surge in the forecasting timeframe. The factors that are likely to determine the growth of the regional market include the presence of giant players in the countries such as the U.S. along with massive demand for 4PL logistics in the region.
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