Logistics Market Size, Share,Growth, Trends and Forecast(2024-2031)
The logistics sector is largely dependent on the global economic situation and international trade flows. The assets managed in logistics can contain physical items, such as food, animals, materials, equipment and liquids, as well as intangible items, such as information, particles, and energy. The logistics market in emerging countries is estimated to offer above-average growth rates. Increasing global trade activities of the developing economies, rise in trade-related agreements and global logistics infrastructure and advancement in information technology and transportation sector are the prime factors responsible for the growth of the global market.However, the rise in pollution levels and high inventory cost & low warehousing spaces restraining the logistics market growth. Irrespective of the challenges, the rise in the adoption of green logistics solutions is creating an opportunity for market growth.
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Market Dynamics
Dynamic market conditions and improvement in the global economy are the key factors driving globalization. Owing to the rise in globalization, various activities related to trade are witnessing an increase. Hence, it is becoming difficult for manufactures or retailers to keep track of these activities efficiently. This factor is expected to drive the logistics market for logistics companies. Moreover, the development of the overseas market is a significant factor that fuels the growth of the market. Logistics services are becoming extremely vital for price-sensitive customers who require a wider choice of high-quality products with timely delivery. Thus, an increase in trading activities due to globalization fuels the growth of the logistics market.
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Segment Analysis
The manufacturing and automotive segment is expected to dominate the global logistics market, by end-userThe global logistics market has been segmented by end-user into manufacturing & automotive, oil & gas, mining & quarrying, agriculture, fishing & forestry, and construction among others. The manufacturing & automotive segment is expected to hold the highest market share in the year 2020. Factors such as the policy reforms that have improved the ease of doing business along with the easy availability of cheap labour contribute to the growth of the market.Moreover, globalization coupled with population growth and consumption behaviour has seen an ever-increasing demand for products from all corners of the world. The rise of e-commerce has added to the transport boom, and over the past decade, considerable growth has been seen across the industry’s value chain as a whole.
Competitive Landscape
The global logistics market is fragmented. A few major market players operating in the global logistics market are XPO Logistics Inc., Ceva Holdings LLC, C.H. Robinson Worldwide, Inc., and FedEx Corp., among others. Key players are focusing on strategies such as geographical expansion, and technological innovation.
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