According to a new report published by Allied Market Research, titled, “Automotive Logistics Market,” The automotive logistics market was valued at $241.70 billion in 2021, and is estimated to reach $433.6 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031 by Service (Warehousing, Transportation), by Type (Finished Vehicles, Automotive Parts), by Mode of Transport (Land, Air, Sea), by Distribution Area (Domestic, International): Global Opportunity Analysis and Industry Forecast, 2021-2031
Asia-Pacific is expected to dominate the global automotive logistics market. The growth of the market in Asia-Pacific is majorly attributed to the booming e-commerce industry in emerging economies in the region. High government support for development of logistics infrastructure in the region is boosting the market growth. Furthermore, strong economy of Japan, development of infrastructure, and rise in trade facilitation through agreements, such as South Asian Preferential Trade Agreement (SAPTA) are factors that are expected to foster the growth of the automotive logistics industry during the forecast period.
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The introduction of containerization has brought about a dramatic shift in the waterway logistics industry. The increasing popularity of containerization and rise in the number of new ports have influenced the growth of the market. In addition, new technological developments, such as machine-to-machine (M2M) communication, have transformed the transportation industry, with drastic change in the waterway transport, which is expected to propel the demand for the automotive logistics market.
OVID-19 Impact Analysis
The pandemic affected almost every dimension of economic activity and individuals globally. As a consequence of the coronavirus outbreak, important supply chains in the logistics and transportation industry were hampered.
For instance, according to a report by the International Finance Corporation (IFC), total container volumes handled at Chinese ports dropped by 10.1% in the initial of 2020. In addition, air freight volumes fell by 19% in March 2020.
In addition, as the business to business (B2B) logistics industry suffered and came to a halt, business to customer (B2C) emerged during the pandemic, owing to the growth of the online retail and e-commerce industry. Attributed to the lockdown and social distancing impact, the demand for online retailing has increased as compared to offline retailing. For instance, in 2019, online shopping rose by 20% and then by 30% during the lockdown. Rise in online sales compelled companies to restructure their warehouse to manage e-commerce logistics.
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KEY FINDINGS OF THE STUDY
- By service, the warehousing segment is anticipated to exhibit significant growth in the near future.
- By type, the finished vehicles segment is anticipated to exhibit significant growth in the near future.
- By mode of transportation, the sea segment is anticipated to exhibit significant growth in the near future.
- By distribution area, the international segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global automotive logistics market include A.P. Moller-Maersk, CEVA Logistics AG, C.H. Robinson Worldwide, Inc., DB Schenker, Deutsche Post AG, DSV A/S, FedEx Corporation, Hellmann Worldwide Logistics, Kuehne+Nagel International AG, Nippon Express Co., Ltd, Schenker Deutschland AG, and United Parcel Service of America, Inc.
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