Logistics is one of the supply chain management’s part which is needed to meet consumers’ demands by planning, control, and implementation of the movement of goods from the place of origin to the place of destination.
Increasing internet retailing trends across the globe is one of the major factors responsible for the growth of the logistics market over the entire projected period. Growing e-commerce popularity among the consumers also acts as one of the key factors driving the global logistics market. Rising access to the internet across both developed and developing economies, coupled with increasing e-commerce companies which deliver products to almost all locations are some of the significant factors which will assist the growth of the logistics market over the coming years.
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Growth in global trade activities of the developing nations, coupled with the increase in trade agreements and growing transportation industry will positively impact the growth of the global logistics market.
The market is predicted to restrain by the rising pollution levels and high costs, coupled with low storage space availability. The key players in this market are constantly working on reducing these restraints by implementing the use of green transportation options such as electric and alternative fuel vehicles.
The global logistics market has been segmented based on the type of transport into air, road, rail, and water. Road transport segment held the dominant market share in 2017, followed by rail, in 2017. The road transport segment is majorly preferred by the end-user serving in the end-use industries such as industrial, manufacturing, oil & gas, retail, and military, thus this segment is predicted to have the major revenue share over all other modes of transport.
By logistics types, the global logistics market has been segmented into 1st party logistics, 2nd party logistics, 3rd party logistics and others which include 4th and 5th party logistics. A 1st party logistics provider is the one that requires the transport of goods, cargo or other stock from one place to another. This might be an individual or a manufacturer or a supplier who requires the transport of goods from one place to another. A 2nd party logistics provider is the one who has their own means of transportation. A 3rd party logistics provider is the one who supplies their services to their supply chain management requirements. A 4th party logistics provider is the one who is an independent body who does not depend upon others. A 5th party logistics provider is the one who acts as the management of supply chain networks. Over the forecast period, the 3rd party logistics providers segment is predicted to have the highest market share. This is majorly due to the rising e-commerce industry. Majority of the global e-commerce providers such as Amazon, eBay, and Alibaba prefer the delivery of their goods through 3rd party logistics providers. Additionally, many players in the manufacturing industry prefer the transport of their goods through 3rd party logistics providers instead of maintaining their own fleet of vehicles for transportation.
In terms of end-use industry, the logistics market has been segmented into industrial & manufacturing, retail, government & public utilities, military, oil & gas, and others which include media & entertainment, automotive, aerospace, etc. The logistics market for the retail end-use industry is predicted to have the dominant market share till the end of the forecast period. This is majorly attributed by the rising e-commerce sales in both developing and developed economies. Moreover, the companies functioning in the retail sector are implementing new policies to attract more customers by providing delivery to even remote locations, along with price discounts on some selected products. This majorly influences the customers across all locations, which will further attribute to the growth of the global logistics market for the retail end-use industry.
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At present, Asia Pacific logistics market held the dominant share, followed by North America, and Europe. The trade activities in the Asia Pacific region are predicted to strengthen with North America and Europe over the coming years, which will further favor the market growth. The significant players in this region are primarily focused on developing partnerships with market participants in other regions such as Europe, the Middle East, and Africa. This will further help in the improvement of the regional market size. It is further expected that trade activities between China and Africa will cross the trade activities between the U.S. and Europe over the coming years, which will further help the regional market to grow.
Some of the key players in the global logistics market include J.B. Hunt Transport Services, Ceva Holdings LLC, FedEx Corp., Expeditors International of Washington Inc., Kenco Group, Deutsche Post DHL Group, UTI Worldwide Inc., Americold Logistics, LLC, And XPO Logistics Inc. among many others.
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