Spare parts logistics is defined as the storage, transportation and delivery of the exchangeable parts of the machinery and systems, known as spares, required by different industries from one location to another. Spare parts are the exchangeable components which are used in machines and systems and is utilise in replacing the failed or damaged parts. These are parts are designed in such a way that it provides easy installation and removal. Spare part logistics aids in designing the process chain, to inspect the spare parts quality, tracking consignment and controlling the availability of stocks and services. It undergoes a series of checks, starting from modification to delivery of spare parts. Industries such as electronics, aerospace and automative widely uses this spare parts logistics.
According to SPER Market Research, ‘Spare Parts Logistics Market Size- By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast till 2033’ states that the Spare Parts Logistics Market is estimated to reach USD 62.54 billion by 2033 with a CAGR of 3.69%.
The requirement for the efficient supply chain management and optimization of inventory in various industries is the main driving factor for the spare parts logistics market. The rising complications of modern machineries and equipment creates a demand for maintenance, repair and easy availability of spare parts. With the advancement in technology, such as automation, real-time tracking enables the companies and organisation to improve their stock management, reduce operational cost and optimise the efficacy of supply chains. The key driver in the spare parts logistics market is expansion of e-commerce, this rise in e-commerce increased the demand for reverse logistics.
Out of many challenges and restraints, high cost in maintaining stock, warehousing and transportation is one of the primary factors hindering the growth of the market. To ensure effective and timely delivery of spare parts to customers, there need to be a better transportation and logistics system. The raising competition with the unauthorized suppliers and third-party service provider pose another challenge for the growth of the market. This service providers sells the spare parts at a lower price with reduced profit margins as compared to the original manufacturer. Furthermore, the growth of spare parts logistic market gets affected by global economic climate and political instability.
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Impact of COVID-19 on Global Spare Parts Logistics Market
With the outbreak of the COVID-19 pandemic, the World Health Organisation declared public health emergency in almost all the countries around the globe. The spread of corona virus significantly affected the spare parts logistic market. Worldwide the disease led to the flight cancellation, travel-bans, quarantines, all indoor and outdoor events and activities got confined. The pandemic further led to decline in the supply chain, instability in stock market, fall in the confidence of a business with uncertainty about future. Shutdown of various factories and plants impacted the global supply chains including the production, delivery and sales of the product.
Spare Parts Logistics Market Key Players:
North America followed by Asia-Pacific accounts for the largest market share in terms of spare parts logistics market. The region was dominant due to the rising dissipation capacities of consumer, R&D activities and an increase in the consumers using old or used vehicles. Some of the major players in the Global Spare Part Logistics Market are CEVA Logistics (CMA CGM S.A.), Deutsche Post DHL Group, DB Schenker (Deutsche Bahn AG), DSV A/S, FedEx Corporation, Kerry Logistics Network Limited (SF Express Co. Ltd.), Kuehne + Nagel International AG, Logwin AG (Delton AG) and others are among the companies covered.
Global Spare Parts Logistics Market Segmentation:
By Type: Based on the Type, Global Spare Parts Logistics Market is segmented as; Ocean Freight, Inland.
By Application: Based on the Application, Global Spare Parts Logistics Market is segmented as; Aerospace, Automotive, Consumer Goods, Electronics, Healthcare, Industrial Sector, Technology Industry, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Global Spare Parts Logistics Market Future Growth
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