Wilmington, Delaware, United States, Dec. 14, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a recent market research report, the automotive logistics industry was valued at US$ 327.4 Bn in 2021, and is estimated to reach the value of US$ 589.1 Bn by 2031. It also projects that the global market would expand at a CAGR of 6% during the forecast period from 2022 to 2031. Automotive manufacturers around the world are adopting several software-based systems to manage different types of logistical processes. This trend is aiding in enhancing supply chain transparency, as well as efficiency of operations in the automotive logistics sector. Automotive logistics industry growth can be attributed to rise in usage of freight or transportation management services by end-users in several industries.
Automotive Logistics Market – Key Findings of Report
- Expansion of E-commerce Sector Propels Market Growth: Logistics services are utilized by stakeholders in the e-commerce sector to monitor and efficiently manage their delivery, distribution, and supply chains. Increase in adoption of smartphones and growing penetration of high-speed internet services are propelling market demand within the global e-commerce industry. Young individuals, who are more tech-savvy, are increasingly opting for online purchasing, to select from a wide range of products, for comfort of shopping from their houses, and to avail e-commerce platform sponsored discounts. The expansion of the e-commerce sector is boosting demand for automotive logistics services.
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Automotive Logistics Market – Growth Drivers
- Rise in trend of outsourcing manufacturing of automotive components offers attractive business opportunities for industry players
- Increase in usage of emerging technologies, such as linked ships, Internet of Things, and Big Data to enhance supply chain management bolsters market development
- Rapid expansion of the e-commerce industry propels the automotive logistics market
Automotive Logistics Market – Key Players
Leading players profiled in the automotive logistics market research are Bollore Transport & Logistics, CJ Logistics Corporation, DHL International GmbH, GEODIS, Imperial Logistics, Nippon Express Co., Ltd., Schnellecke Group AG & Co. KG, United Parcel Service of America, Inc. (UPS), BLG Logistics Group AG & Co. KG, Dachser Group SE & Co. KG, DSV A/S, GEFCO, Kerry Logistics Network International AG, Panalpina World Transport (Holding) Ltd., Sinotrans Limited, XPO Logistics, Inc., CEVA Logistics, Expeditors International of Washington, Inc., Hellmann Worldwide Logistics GmbH & Co. KG, Kuehne + Nagel International AG, Ryder System, Inc., and SNCF.
The global automotive logistics market has a consolidated competitive landscape, owing to the presence of a large number of multinational players accounting for majority market share. Market players are leveraging the power of new and emerging technologies to set themselves apart from their competitors. Industry stakeholders are collaborating with technology providers to leverage the power of new technologies. Other growth strategies employed by key market players include mergers and acquisitions, as well as expansion of existing services portfolios.
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Automotive Logistics Market – Regional Growth Assessment
The largest market size was held by Asia Pacific in 2021. This can be ascribed to growth of the regional automotive industry, rise in demand for passenger vehicles, and increased availability of inexpensive labor in several economies. Furthermore, presence of manufacturing facilities of numerous leading automotive original equipment manufacturers (OEMs), such as Hyundai, Toyota, and Maruti Suzuki, in Asia Pacific also aids in the expansion of the regional market.
Growth of the regional automotive space component logistics sector is estimated to offer several lucrative business opportunities for industry players and stakeholders operating in Europe. Additionally, rise in demand for smart electric vehicles, increased focus of OEMs on rearranging and improving the management of supply chains in the region, and presence of stringent government regulations and guidelines are some other notable drivers boosting the market growth in Europe.
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Automotive Logistics Market: Segmentation
Automotive Logistics Market, Industry Type
- Retail & Consumer Products
- Healthcare & Pharmaceuticals
- Food & Beverage
Automotive Logistics Market, by Service Type
- Transportation/Freight Management
Automotive Logistics Market, by Distribution
Automotive Logistics Market, by Transportation Type
Automotive Logistics Market, by Logistics Service
Automotive Logistics Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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