The growing GDPs indicate the rise of both imports and exports. It also points out the prolific growth in trade across the globe and the ways in which it has shaped the global logistics market. According to a research report published by Transparency Market Research, the opportunity in the global market is expected to be worth US$15.5 trillion by 2023 as compared to US$8.1 trillion in 2015. Analysts predict that overall market is expected to grow at a CAGR of 7.5% between the forecast period of 2015 and 2024 in terms of revenue.
Q. What is driving the rapid progress of the overall logistics market?
A. The remarkable growth of the global logistics market is attributable to the emergence of e-commerce. The growing online shopping industry has giving the logistics market tremendous impetus. The increasing access to efficient Internet has allowed consumers across to global to shop for various items online, which has augmented the demand for efficient logistics. Today, the various types of logistical solutions are being used by the manufacturing, retail, telecommunication, banking and financial services, and information technology sectors.
Q. Which is the preferred mode of logistic transport?
A. Roadways are the most popularly used mode of transport and are thus regarded as the backbone of economic development. In terms of both, revenue and volume the roadways held a dominant share in 2015. The other modes of transport under the global logistics market are waterways, railways, and airways. Analysts predict that the roadways segment will continue to enjoy popularity as it offers easy accessibility, flexibility, and provides a door-to-door service. The improving infrastructure of developing regions is anticipated to provide ample of growth opportunities to the global market in the coming few years.
Q. Which region will witness the rise of logistics industry in the coming years?
A. Geographically, the global logistics market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, Asia Pacific is anticipated to lead the global market in the coming years by a significant margin. The developing economies of Japan, China, India, Singapore, Indonesia, and Malaysia are anticipated to offer an outstanding scope for growth of the overall market. Of these, India and China are anticipated to be major contributors as both the countries are known to be key manufacturing hubs of the world. Furthermore, the growing investments by the governments to improve the infrastructure is also anticipated to play a key role in shaping the global logistics market in the near future.
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Some of the leading players operating in the global logistics market are Americold Logistics, LLC., Ceva Holdings LLC, J.B. Hunt Transport Services, FedEx Corp., C.H. Robinson Worldwide, Inc., United Parcel Service, Inc., and Deutsche Post DHL Group. Most of these companies are investing in tremendous production innovation, business expansions, and setting up newer facilities in order to expand their businesses and improve their revenues. For instance, FM Logistic is planning on setting up shop in India as the country plans to offer the company warehousing space. The French company services clients such as Nestle and L’Oreal and is looking forward to developing its business for automotive vendors. Thus, such strategic alliances are anticipated to help players retain their dominance in the global market in the coming years.