(MENAFN- GlobeNewsWire - Nasdaq) Westford USA, Oct. 01, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Logistics market will attain a value of USD 689.08 Billion by 2031, with a CAGR of 11.5% during the forecast period (2024-2031). As the vast consumer need for increased delivery speed is met by the rising emphasis on ecological sustainability, the market is growing rapidly due to factors such as intense development in the e-commerce sector, trade liberalization across borders, and the adoption of Internet of Things (IoT). In contrast, globalization and technological advancement have contributed to a steady increase in this industry. Furthermore, significant diversity in services such as advanced logistics systems, storage facilities and regular freight are some of its expansions drivers. Download a detailed overview:
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Logistics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $288.45 Billion |
| Estimated Value by 2031 | $689.08 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use Industry, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising integration of technology and sustainability |
| Key Market Opportunities | Emergence of AI, ML and integrated logistics |
| Key Market Drivers | Increasing E-commerce Activities Worldwide |
Third Party Logistics Model to Dominate the Market Due to Businesses Outsourcing Logistics
Third Party Logistics (3PL) is unrivalled third-party logistics global force of business as they are driven by the need for individuals to be able to concentrate on their core abilities by shipping materials or when moving investments if applicable. As such, globalization plays a role in This dependence on 3PL providers is also influenced by booming e-commerce and a need for advanced technology as well as rapid growth of dedicated logistics services.
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Freight Transportation Service is Largest Growing Sub-Segment Due to Cost-Effective Movement of Goods
The rise in international trade and need for quick, cheap delivery of goods have resulting in the supremacy of goods carrying services within the global logistics market. Their hegemony is also boosted by the rising infrastructure, advancement in technology as well as effective supply chain management systems; this, therefore, ties them closely with freight services and consolidates their position in the market.
Flourishing E-Commerce Sector Helped North America to Dominate the Market
For a long time now, North America has been at the top of the logistics industry due to its fast economic growth. This dominance is due to the region's large scale manufacturing activities in addition to its booming online retail trade. Another reason for this region being superior in logistics includes significant players such as Southeast Asian countries, China, and India that engage in global commerce.
Logistics Market Insight
Drivers:
Increasing International Trade and Cross-Border Commerce
E-commerce Growth
Demand for Faster Delivery and Personalized Services
Restraints:
Varying Regulations Across Regions
Growing Pressure to Reduce Carbon Emissions
Difficulty in Finding Skilled Labor for Logistics Operations
Prominent Players in Logistics Market
The following are the Top Logistics Companies :
C.H. Robinson Worldwide Inc. (US) IJ.B. Hunt Transport Services (US) Ceva Holdings LLC (France) FedEx Corp (US) Expeditors International of Washington Inc. (US) XPO Logistics Inc. (US) United Parcel Service, Inc. (US) Deutsche Post (Germany) DHL Group (Germany) Americold Logistics (US) Kenco Group, LLC (US) DSV Air & Sea Inc (UAE)
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Key Questions Answered in Global Logistics Market Report
By 2031, how much is the global logistics market expected to be worth? Which logistics model-and why-is anticipated to rule the market? Which are some of the main factors propelling the global logistics market's expansion?
This report provides the following insights:
Analysis of key drivers (Simplified trade regulations encourage cross-border logistics activities, greener logistics practices, electric vehicles & efficient route planning and outsourcing logistics to specialized providers), restraints (Straining resources & profitability, pressure to meet increasingly high customer expectations and risk of cyberattacks) opportunities (Expansion into developing regions, Growing demand for eco-friendly logistics solutions and rise of omni-channel retail), and challenges (Inconsistent infrastructure quality and Keeping pace with rapid technological advancements) influencing the growth of logistics market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the logistics market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the logistics market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
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