(MENAFN- PR Newswire) BANGALORE, India, Nov. 24, 2023 /PRNewswire/ -- The Global Contract Logistics market Size, Share, Competitive Landscape and Trend Analysis Report by Service (Transportation, Warehousing, Distribution, Aftermarket Logistics), by Type (Insourcing, Outsourcing), by industry Vertical (Retail, E-Commerce, Aerospace, Automotive, Industrial, High-tech, Pharma and healthcare, Others), by Mode of transportation (Railways, Airways, Roadways, Waterways): Global Opportunity Analysis and Industry Forecast - 2031.
The global contract logistics market size was valued at USD 243.6 Billion in 2021 and is projected to reach USD 505.3 Billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.
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Major Factors Driving the Growth of Contract Logistics Market :
The growth of the contract logistics market is aided by variables such as the e-commerce sector's expansion, the rise in trade-related agreements, and the manufacturing sector's expansion.
Furthermore, the advent of last-mile delivery combined with automated logistics and a sharp increase in the usage of IT systems and software opens up new business potential for the major players in the industry.
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TRENDS INFLUENCING THE GROWTH OF THE CONTRACT LOGISTICS MARKET :
E-commerce is the term for the online purchasing and selling of commodities. Shipping goods to customers is included in the services offered by third-party logistics companies. Additionally, the e-commerce sector makes use of contract logistics services to supervise and manage the supply chain of its businesses, freeing them up to concentrate on marketing and other aspects of their operations. The e-commerce business has benefited greatly from logistics, and as a result, the use of logistics services has grown significantly, propelling the expansion of the contract logistics market.
The main forces behind globalization are improving global economic circumstances and dynamic market conditions. A surge in a number of trade-related activities has been seen as a result of globalization. It is now more challenging for producers or merchants to effectively monitor these actions. Contract logistics services are essential for consumers who are cost-conscious and need a larger selection of premium goods delivered on time. For major players, this feature is anticipated to propel the expansion of the contract logistics market. Furthermore, a key driver of the industry's expansion is the expansion of the international market.
Strong supply chains, trade facilitation, and infrastructure are necessary for contract logistics. Due to high financial expenses, businesses without these must accumulate greater working capital and stock reserves, which can negatively impact regional and national competitiveness. The absence of infrastructure also hurts the market by raising prices and lowering supply chain dependability. These consist of large transportation inefficiencies, deteriorating infrastructure for storage, a complicated tax system, a slow rate of technological adoption, and inadequate logistics specialists' abilities. Consequently, the expansion of the contract logistics market is anticipated to be hampered by elements including inadequate warehouse space, expensive inventory, and inadequate infrastructure.
The last leg of the delivery process from a warehouse or distribution center to the customer is referred to as "last-mile logistics." The contract logistics business has seen a significant upsurge in the supply of efficient last-mile deliveries due to the ongoing expansion of e-commerce companies. Additionally, contract logistics businesses' ongoing efforts to provide effective last-mile deliveries are another potential driver anticipated to support the growth of the contract logistics market in the near future.
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CONTRACT LOGISTICS MARKET SHARE ANALYSIS
The increasing complexity of global supply chains, growing customer expectations for prompt and effective product support, and technological advancements like IoT and analytics that provide improved visibility and control over the entire aftermarket supply chain are some of the main drivers driving the growth of aftermarket logistics. The need for effective reverse logistics procedures is also being driven by an increasing emphasis on sustainability and circular economy practices, which is fueling the sector's rise in the aftermarket logistics segment. The aforementioned issues emphasize the need for adaptable and efficient aftermarket logistics solutions to fulfill the changing demands of both enterprises and customers.
Due to businesses realizing the strategic benefits of bringing some logistical tasks in-house, the insourcing sector of the contract logistics industry is expanding. The trend towards insourcing is being driven by factors including the need for more control over crucial supply chain components, the ability to customize services to fit individual demands, and the possibility of cost savings through operational synergies and economies of scale. Furthermore, the progress made in technology and data analytics has enabled companies to effectively oversee internal logistics, leading to a growing trend where companies aim to utilize their internal resources to improve flexibility, agility, and responsiveness in the ever-changing contract logistics market.
Based on the industrial vertical, retail is expected to be the fastest growing during the forecast period.
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Key Companies:
GEODIS United Parcel Service of America Inc XPO Logistics, Inc Neovia Logistics Services Agility Deutsche Post AG Ryder System, Inc. Kuehne + Nagel Hellmann Worldwide Logistics Penske LOGISTEED A.P. MOLLER - MAERSK YUSEN LOGISTICS CO.,LTD. DSV DB Schenker CEVA Logistics CJ Logistics Corporation
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