Logistics Market To Reach USD 728.9 Billion By 2032 Report By DataHorizzon Research
The growth of e-commerce and the adoption of IoT-enabled connected devices are boosting the logistics market
Fort Collins, Colorado, Oct. 30, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Logistics Market size was valued at USD 267.3 Billion in 2022 and is expected to have a market size of USD 728.9 Billion by 2032 with a CAGR of 10.7%.
The e-commerce sector is growing due to globalization. Businesses expanding their operations worldwide need efficient logistics solutions to manage the flow of goods across borders, driving market growth.
The logistics industry is embracing new technologies and processes to ensure compliance with regulations and minimize costs. Sustainability concerns drive demand for eco-friendly logistics solutions that reduce waste and carbon emissions, contributing to the market’s growth.
Logistics involves efficiently moving and storing goods and services from origin to utilization while minimizing costs. It includes transportation, inventory management, warehousing, packaging, and customer service. Logistics is crucial in supply chain management, requiring transportation, warehouse management, and inventory control expertise. As global supply chains become more complex, logistics has become a key competitive differentiator for many businesses.
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The logistics market has been segmented into transport, applications, logistics model, and regions. Road transport dominates the logistics market with over 50% share, due to its capacity to transport retail goods over long distances. Retail holds the largest logistics market share due to growing e-commerce, while the need for faster supply chain operations is driving industrial and manufacturing applications.
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Logistics Market Report Highlights:
- The logistics market growth is anticipated at a CAGR of 10.7% by 2032.
- The rise in e-commerce and reverse logistics, trade agreements, tech-driven logistics services, and IoT-enabled devices drive market growth.
- Asia Pacific has the largest logistics market share, driven by economic growth and increasing trade, with China leading the market due to its well-developed transportation infrastructure.
- Some prominent players in the logistics market report include J.B. Hunt Transport Services, Inc., Deutsche Post DHL Group, Ceva Holdings LLC, FedEx Corp., C.H. Robinson Worldwide, Expeditors International of Washington Inc., United Parcel Service, Inc., Kenco Group, XPO Logistics Inc., Americold Logistics, LLC, and DSV Air & Sea Inc.
Industry Trends and Insights:
- Kenco Group, a third-party logistics provider based in Tennessee, launched a new Life Sciences Division to expand its distribution, transportation, material handling, and supply chain services.
- FedEx Corp’s subsidiaries, FedEx Express, FedEx Ground, and FedEx Freight, will raise their shipping prices by an average of 5.9% for U.S. domestic, U.S. export, and U.S. import services, including FedEx Ground Economy.
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Logistics Market Segmentation:
- By Transport: Roadways, Waterways, Railways, and Airways
- By Application: Retail, Industrial and Manufacturing, Healthcare, Media and Entertainment, Oil & Gas, Military, Food & Beverages, and Others (Governments and Public Utilities, Agro Commodities & Fertilizer)
- By Logistics Model: In-House Logistics, Hybrid Logistics, Third Party Logistics and Fourth Party Logistics
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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