According to IMARC Group, the global logistics market size reached US$ 4,730 Billion in 2018. The market is further projected to reach a value of US$ 6,300 Billion by 2024, registering a CAGR of 4.9% during 2019-2024. Logistics is the process which assists in efficient and effective transportation as well as storage of goods and services. The logistics industry is continuously undergoing rapid transformation, in turn, paving a path for innovations in the upcoming years. Innumerable emerging technologies are carving the future of logistics, such as the incorporation of GPS, biometrics, and automated material handling equipment. In addition, the Internet of Things has the potential of transferring the data through networks while ensuring safety and security. Some of the other emerging technological trends in the logistics industry include artificial intelligence, driverless vehicles and drone delivery. The global logistics market is fragmented with several small and large companies currently operating in the market. The top 10 companies include:
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J. B. Hunt Transport Services
J.B. Hunt Transport Services, Inc., is a logistics company based in the USA and provides surface transportation and delivery services in the United States, Canada, and Mexico. It also offers single-source logistics management for customers who desire to outsource their transportation functions. The company also transports or arranges for the transportation of freight, including general merchandise, specialty consumer items, appliances, forest and paper products, food and beverages, building materials, soaps and cosmetics, automotive parts, agricultural products, electronics, and chemicals.
C. H. Robinson Worldwide, Inc.
C.H. Robinson Worldwide, Inc. (CHRW) is a provider of third-party logistics services. It has contracts with more than 71,000 carriers and handles about 18 million shipments per year for its 113,000-plus customers in food and beverage, manufacturing, and retail industries. Apart from this, CHRW also buys, sells, and transports fresh produce throughout the US.
Ceva Holdings LLC
CEVA Holdings LLC (CEVA) is a non-asset-based supply chain management company. The company is engaged in designing and implementing a range of solutions in freight management and contract logistics businesses. CEVA focuses on a wide range of industries, including automotive, technology, industrial, consumer and retail, energy and healthcare. Its supply-chain solutions include solution design, engineering and analysis, logistics service contracting, supply chain management and supply chain management technologies.
FedEx Corporation was founded in 1971 and is headquartered in Memphis, Tennessee. It is a provider of transportation, e-commerce and business services. The company offers transportation, e-commerce, and business services all over the world. The company’s FedEx Express segment provides shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
United Parcel Service, Inc
United Parcel Service (UPS) is the world's largest package delivery company, transporting some 15 Million packages and documents per business day throughout the US and other parts of the world. Over the years, UPS has enhanced its operations through mergers and acquisitions (M&A). It has obtained UK-based Freightex, an asset-light provider of truckload, less-than-truckload, specialized and refrigerated over-the-road services.
Expeditors International of Washington Inc.
Expeditors International of Washington purchases air and ocean cargo space on a volume basis and resells that space to its customers at lower rates than they could obtain directly from the carriers. The company also acts as a customs broker for air and ocean freight shipped by its customers and offers supply chain management services.
XPO Logistics, Inc.
XPO Logistics, Inc. was founded in 1996 and is based in Greenwich, Connecticut. It offers transportation and logistics services in the United States, North America, France, the United Kingdom, Spain, Europe and Asia. XPO's strategy for growth involves making significant acquisitions that extend its global reach or add new product and service offerings. For instance, it acquired a 67% stake in Norbert Dentressangle, a leading transportation and logistics provider in Europe. Similarly, XPO also obtained Con-way, one of the largest trucking providers in the US.
Kenco Group, Inc.
The company traces its historical roots back to 1950. Kenco Group (doing business as Kenco Logistic Services) specializes in providing warehousing and distribution services. It draws customers from the appliance, automotive, construction, food, health care, pharmaceutical, and textile industries. Other Kenco businesses offer truckload freight transportation and transportation management services and distribute freight-handling equipment.
Americold Logistics, LLC
The company was incorporated in 1911 and is headquartered in Atlanta, Georgia. It provides temperature-controlled warehousing, transportation, and logistics services to the food industry in the United States and internationally. It manages consolidation, public, production, and dedicated distribution warehousing facilities. The company also offers transportation management services, including shipment management, operations management, claims management, direct-store-delivery, nationally less than truckload transportation, consolidation programs, carrier control, brokerage capacity management, real-time information control, shuttle, and multi-vendor consolidation.
Deutsche Post DHL Group
Deutsche Post is a leader in the worldwide market for express delivery services. DHL COLDCHAIN is a dedicated, fully monitored and temperature-controlled service for volumes of less than truckload (LTL). The company provides delivery services from a network of nearly 4,700 offices, and it employs a fleet of some 72,000 vehicles and about 350 aircraft. In addition, DHL is a major provider of freight forwarding, logistics, and supply chain management services.
DSV Air & Sea Inc.
As a US subsidiary of its Danish parent company (DSV Air & Sea Holding A/S), it offers airfreight services such as next flight out, oversize airfreight, and clearance through customs. DSV Air & Sea plans to use organic expansion as a means for growth and use strategic acquisitions in the growing markets of Asia and South America in order to extend its worldwide reach.
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