Global Logistics Market to Reach US$ 6.8 Trillion by 2028, Impelled by Increasing Number of International Trades

According to the latest report by IMARC Group, titled "Logistics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global logistics market size reached a value of US$ 5.2 Trillion in 2022. Logistics involves managing the flow of goods and services between the point of origin and the point of consumption to meet customer requirements. It involves integrating information, transportation, inventory, warehousing, material handling, and packaging. It is used to reduce the time, cost, and risks associated with transporting and storing materials and products. Additionally, it also encompasses the planning and control of the storage and movement of goods, services, and materials. It is a critical part of the supply chain and is responsible for ensuring that goods and services are delivered to customers promptly and efficiently. It is a multi-faceted process that includes planning, procurement, warehousing, packaging, transportation, inventory control, and other related activities. Moreover, it is an important part of the success of any business as it ensures that customers receive the products and services in a specified time. It is a complex process that requires coordinating multiple resources, including technologies and transportation. As a result, it is a key factor in the supply chain to determine the efficiency and cost-effectiveness of the entire process.

Global Logistics Market Trends:

The escalating demand for logistics from the industrial sector majorly drives the market. This can be supported by the increasing service utilization across the consumer goods and retail, healthcare and pharmaceuticals, manufacturing and automotive, and information technology industries. As the e-commerce industry continues to expand rapidly, there is an increasing need for reliable logistics services in order to rely on third-party logistics providers to help them manage the delivery of their products, which is contributing to the market. With significant growth in global trade practices, there has been a considerable rise in the demand for effective logistics services that can handle international shipments, coordinate multi-country shipments, and manage customs clearance. In addition, numerous logistics companies are offering their services as subscription-based services to customers to reduce costs for the provider, which is positively influencing the market. As companies need logistics services that can help them stay compliant with local, state, and federal regulations, which is impacting the demand for logistics services, including customs clearance and regulatory requirements on the global level. Furthermore, the advent of automation technologies, such as robotics and artificial intelligence, increases efficiency in logistics operations and improves customer service and profitability are creating a positive market outlook. Some of the other factors driving the market include the growing penetration of the Internet of Things (IoT) and rapid industrialization. On account of the aforementioned factors, the market size is anticipated to reach a value of US$ 6.8 Trillion by 2028, exhibiting a CAGR of 4.5% during 2023-2028.

Market Summary:

• On the basis of the model type, the market has been segmented into 2 PL, 3 PL, and 4 PL. 3 PL currently represents the largest market segment.
• Based on the transportation mode, the market has been classified into roadways, seaways, railways, and airways. Roadways presently exhibit the biggest market share.
• On the basis of the end-use, the market has been segregated into manufacturing, consumer goods, retail, food and beverages, IT hardware, healthcare, chemicals, construction, automotive, telecom, oil and gas, and others. Among this, the manufacturing industry represents the majority of the market share.
• Based on the region, the market has been categorized into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. At present, Asia Pacific holds the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include J.B. Hunt Transport Services, C.H. Robinson Worldwide, Inc., Ceva Holdings LLC, FedEx Corp., United Parcel Service, Inc., Expeditors International of Washington Inc., XPO Logistics Inc., Kenco Group, Deutsche Post DHL Group, Americold Logistics, LLC and DSV Air & Sea Inc.

Report Scope:

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