The contract logistics market size was valued at $243.60 billion in 2021, and is estimated to reach $505.3 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.
Contract Logistics Market by Service (Transportation, Warehousing, Distribution, Aftermarket Logistics), by Type (Insourcing, Outsourcing), by Industry Vertical (Retail, E-Commerce, Manufacturing, Others), by Mode of Transportation (Railways, Airways, Roadways, Waterways): Global Opportunity Analysis and Industry Forecast, 2021-2031
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In addition, the contract logistics market has witnessed significant growth in recent years, owing to the improvement in focus on risk management in supply chains and emphasis on escalating need for achieving cost efficiency, task optimizations, and technological integration related to supply chain activity. Furthermore, the companies operating in the market have adopted partnerships, business expansions, and product launches to increase their market share and expand their geographical presence. For instance, in October 2019, CJ Logistics Corporation continued its business expansion under its ‘Pan Asia No.1’ strategy with the official launch of the ‘CJ Logistics Smart Hub Bangna’, the latest parcel central distribution center in Thailand. It is fully equipped with advanced K-logistics technologies and platforms, offers exceptional parcel and logistics services with a maximum daily capacity of 408,000 units responding to market trends and demands as well as to the rapid expansion of e-commerce in the country.
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COVID-19 Impact Analysis:
The supply chain disturbance created by COVID-19 impacted the competitiveness, economic growth, and led to jobs lost in the contract logistics industry. For instance, according to a report by International Finance Corporation (IFC), total container volumes handled at Chinese ports dropped by 10.1% in the first months of 2020. In addition, air freight volumes fell by 19% in March 2020. Although, there are some industries that are struggling due to the pandemic, but some are thriving such as healthcare & pharmaceuticals, e-commerce, and daily essentials goods industry, which are expected to affect the contract logistics industry positively during the COVID-19 outbreak globally. For instance, according to new data from IBM’s U.S. Retail Index, the pandemic has accelerated the shift away from physical stores to digital shopping. In addition, according to the report from the U.S. Census Bureau 2020, the U.S. retail e-commerce industry reached $211.5 billion, up 31.8% from the first quarter of 2020 and 44.5% year-over-year. However, online food & beverages and essential good demand surged by 11.3% and 36.7%, respectively in the first quarter of 2020.
KEY FINDINGS OF THE STUDY
- By service, the aftermarket logistics segment dominated the global contract logistics market in terms of growth rate.
- By type, the insourcing segment dominated the global contract logistics market in terms of growth rate.
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- By industry vertical, the retail segment dominated the global contract logistics market in terms of growth rate.
- By mode of transportation, the airways segment dominated the global contract logistics market in terms of growth rate.
The leading players operating in the contract logistics market are A.P. Moller – Maersk, Agility, CEVA Logistics AG, CJ Logistics Corporation, DB Schenker, Deutsche Post AG, DSV, GEODIS, Hellmann Worldwide Logistics, Hitachi Transport System, Ltd., Kuehne+Nagel International AG, Neovia Logistics Services, LLC, Penske, Ryder System, Inc., United Parcel Service, Inc. (UPS), XPO Logistics, Inc., and Yusen Logistics Co., Ltd.
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