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Logistics Service Market - Mode of Transportation Insights | Key Players United Parcel Service, MOLLER - MAERSK, Nippon Express, FedEx, DB Schenker, DHL International

09-25-2019 01:15 PM CET | Logistics & Transport

Press release from: The Insight Partners

Logistics Service Market

Logistics Service Market

Globalization has led to increasing domestic and international trade relations between nations. Further, as many international companies lean towards globalization and market expansions, logistical challenges have become more complex than ever. The logistical complexities have multiplied mainly due to the diverse nature of consumer demands observed in different regions of the world pertaining to any product. For successful market expansions, organizations focus on increasing the product assortments catering to the needs of the local market, giving rise to a highly diverse portfolio of products. The larger the diversity, the higher is the complexity of the supply chain for the organization to manage efficiently in delivering products as well as services.

Global Logistics Service Market revenue accounted for US$ 1,122.58 Bn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 – 2027, to account to US$ 2,029.38 Bn by 2027.

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Efficient transportation is physically moving supplies in relatively safe manner on right time, in right condition, and in a cost effective manner. The role of transport is the movement of goods from the point of manufacturer or storage to the point of use or the distribution points to end use. On the basis of mode of transport, the global market is segmented into roadways, railways, waterways, and airways. The selection criteria of mode of transport is depends on the physical characteristics of goods and supplies. In certain situations, environmental factors such as destruction of roads and railways may have a considerable impact on the mode of selection. The factors considered in mode of selection would be speed which the mode exhibits, flexibility that the mode offers, and comparative unit cost.

Logistics services are essential for businesses that involve transportation of goods from one place to other, and to avoid the complications related to the process various SMEs and large organizations are adopting logistics services. Currently, outsourcing logistic services are worldwide growing business dynamics. With the rapid development of technology, several small & medium and large enterprises are opting for logistics services to focus on core competencies, restructuring of the company, and to gain cost reduction. Based on organization size, the global logistics service market is categorized into small & medium enterprises and large enterprises.

The logistics service industry is growing at a rapid pace due to the growing unique demands of manufacturers related to various sectors. The demand for tailored logistics services is growing as the competition is growing, and manufacturers are focusing on the development of advanced products related to their core competencies. Companies related to various industry verticals are focusing on outsourcing supply chain functions to logistics service providers to gain operational efficiencies, reduce cost, and focus on product enhancement. Therefore, the increasing demand for tailored logistics services is creating opportunities for logistics service providers. Logistics service providers are efficient in managing the entire supply chain, starting from packaging until the time of delivery. The logistics service is used among different industry verticals under the name of end-user segment, which consists of government & public utilities, healthcare, industrial manufacturing, retail & consumer goods, aerospace & defense, and others.

The Logistics Service Market by logistics provider is further segmented into first & econd party logistics, third party logistics, fourth party logistics, and fifth party logistics. The third party logistics dominated the global logistics service market in 2018 and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The growing popularity of outsourcing the non-essential supply chain and other logistics process among different end users, is catalyzing the growth of third party logistics segment in a logistics service market.

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The prominent market players operating in the market are CEVA Logistics, PANALPINA WORLD TRANSPORT (HOLDING) LTD., United Parcel Service (UPS), C.H. Robinson Worldwide, Inc., A.P. MOLLER - MAERSK, Nippon Express, FedEx, DB Schenker, DHL International GmbH, and KUEHNE + NAGEL to name a few prominent market players operating in the market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.

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