The global spare parts logistics market size reached US$ 43.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 55.6 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028. The increasing demand in the automotive industry, various technological advancements, and rising expenditure capacities of consumers represent some of the key factors driving the market.
Spare parts logistics refers to a process or a range of services used to manage the flow of accessories required by different industries from one location to another. Spare parts are interchangeable components of machines and systems that are stored as inventory and used to replace failed or damaged parts. These components are designed in such a way that they can be easily removed or fixed. Spare parts logistics helps in planning the process chain, inspecting the quality of spare parts, controlling the availability of stocks and service parameters, and tracking consignment. It also performs a series of checks, such as modification, storage, post-production, and technical problems, prior to the delivery of spare parts. As a result, spare parts logistics is widely used across the electronics, aerospace, industrial, and automotive industries.
Spare Parts Logistics Market Trends:
The increasing demand for spare parts in the automotive industry across the globe is one of the key factors driving the market growth as they are widely used to interchange a dysfunctional section of a machine with a functional one. In line with this, the rising consumer preference toward used or old vehicles owing to increasing prices of new vehicles is facilitating the demand for spare parts. Additionally, the introduction of multi-story shelf systems and automated storage and retrieval systems (ASRS) for storing spare pacers and protecting them from hazardous substances is favoring the market growth. Apart from this, key players are focusing on better transparency and efficiency, and minimizing the delivery time is providing an impetus to the market growth. Along with this, the utilization of a global positioning system (GPS) to monitor the speed and routes of the vehicle going to the assigned destination is propelling the market growth. Moreover, the integration of the Internet of Things (IoT), transportation management systems (TMS), and the adoption of warehouse management, order entry, automated transportation, and dispatching communication systems for streamlining operations and reducing risks are positively influencing the market growth. Furthermore, the increasing utilization of spare parts logistics in the electronics industry to ensure an optimal level of availability of essential components used for electronic devices is creating a positive outlook for the market. Other factors, including increasing production of passenger vehicles, rising expenditure capacities of consumers, and extensive research and development (R&D) activities, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global spare parts logistics market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type and end user.
The report has provided a detailed breakup and analysis of the spare parts logistics market based on the type. This includes ocean, air, and inland freight. According to the report, ocean freight represented the largest segment.
End User Insights:
The report has provided a detailed breakup and analysis of the spare parts logistics market based on the end user. This includes automotive, electronics, industrial, aerospace, and others. According to the report, automotive represented the largest segment.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, Asia Pacific was the largest market for spare parts logistics. Some of the factors driving the Asia Pacific spare parts logistics market included rising expenditure capacities of consumers, extensive research and development (R&D) activities and increasing consumer preference toward used or old vehicles.
The report has also provided a comprehensive analysis of the competitive landscape in the global spare parts logistics market. Detailed profiles of all major companies have also been provided. Some of the companies covered include CEVA Logistics (CMA CGM S.A.), DB Schenker (Deutsche Bahn AG), Deutsche Post DHL Group, DSV A/S, FedEx Corporation, Kerry Logistics Network Limited (SF Express Co. Ltd.), Kuehne + Nagel International AG, Logwin AG (Delton AG), Nippon Express Co. Ltd., Toyota Tsusho Corporation, TVS Supply Chain Solutions, United Parcel Service Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Ocean Freight, Air Freight, Inland Freight
|End Users Covered
||Automotive, Electronics, Industrial, Aerospace, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||CEVA Logistics (CMA CGM S.A.), DB Schenker (Deutsche Bahn AG), Deutsche Post DHL Group, DSV A/S, FedEx Corporation, Kerry Logistics Network Limited (SF Express Co. Ltd.), Kuehne + Nagel International AG, Logwin AG (Delton AG), Nippon Express Co. Ltd., Toyota Tsusho Corporation, TVS Supply Chain Solutions, United Parcel Service Inc., etc.
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Key Questions Answered in This Report:
- How has the global spare parts logistics market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global spare parts logistics market?
- What are the key regional markets?
- Which countries represent the most attractive spare parts logistics markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the end user?
- What is the competitive structure of the global spare parts logistics market?
- Who are the key players/companies in the global spare parts logistics market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the spare parts logistics market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global spare parts logistics market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the spare parts logistics industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.