The global logistics market was valued at $7,641.20 billion in 2017, and is projected to reach $12,975.64 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
This type of management forms a part of the supply chain management; and plans, implements, & controls the efficient, effective forward, reverse flow, and storage of goods. Logistics mainly comprises various services such as Third-Party Logistics (3PL), Fourth-Party Logistics (4PL), inbound logistics, outbound logistics, reverse logistics, green logistics, construction logistics, digital logistics, military logistics, and others logistics services.
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he factors, such as growing e-commerce industry coupled with rise in reverse logistics operations and rise in trade related agreements, fuel the market growth. In addition, rise of tech-driven logistics services and growing adoption of IoT-enabled connected devices are also expected to drive the market growth.
Covid-19 Scenario Analysis
- Travel restrictions, nightly curfews, border closures, and flight cancellations imposed by several countries led to decline in logistics activities and also revenues of logistics and transportation service providers.
- The lockdown restrictions due to COVID-19 are expected to fuel the online delivery and e-commerce industry.
- COVID-19 is anticipated to negatively affect non-essential goods retail and ground cargo demand across the world.
- The COVID-19 crisis may affect commodity chains in the short & long term and decline the foreign investment.
The market is segmented on the basis of mode of transport, end use, and region. On the basis of mode of transport, the market is divided into railways, airways, roadways, and waterways. On the basis of end use, it is categorized into healthcare, manufacturing, aerospace, telecommunication, government & public utilities, banking & financial services, retail, media & entertainment, technology, trade & transportation, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
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Emergence of last mile deliveries coupled with logistics automation
The inception of logistics 4.0 is one of the key logistics trends offering lucrative opportunities in the logistics industry. For instance, in July 2020, Movile Group, a mobile commerce platform company, invested in a Colombia-based last-mile delivery startup Mensajeros Urbanos. It aims to expand its operations in 10 major cities in Colombia and Mexico. In addition, getting a package within the same day of delivery is almost common in the present day, resulting in the growth of the last mile delivery services. Moreover, rising pharmaceuticals and food & beverages e-commerce industries are also witnessing greater emphasis on last mile delivery options across logistics industries.
Third-party logistics service providers encompass shipping of products to consumers. In addition, the e-commerce industry utilizes logistics service to manage and oversee the supply chain of e-commerce companies, which allow these companies to focus on marketing and other business operations. Thus, due to numerous benefits provided by logistics to the e-commerce industry, adoption of logistics service is rising at a significant rate, which is driving the growth of the logistics market.
Rise in trade related agreements
This factor is expected to drive the logistics market for logistics companies. Moreover, 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.Dynamic market conditions and improvement in global economy are the key factors driving globalization. Attributed to rise in globalization, various activities related to trade are witnessing increase.
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Lack of control of manufacturers on logistics service
In addition, the manufacturer is not able to monitor the operations at warehouse, which is a serious threat to the quality of products. Moreover, outsourcing to a third-party logistics (3PL) could potentially lead to breach of confidentiality, resulting in the exposure of customer personal data or sharing of commercially-sensitive information.
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