What are the top factors impacting the global logistics market?

Logistics refers to the overall process of managing how resources are acquired, stored, and transported to their final destination. It is a business-planning framework to manage material, service, information, and capital flows. Logistics manages the flow of resources from the point of production to the point of consumption, in order to meet the requirements of customers. These resources may include physical items such as food, liquid, materials, and abstract items such as energy or information. Some of the foremost logistics operations include procurement, production, disposal, distribution and after-sales logistics.

The global logistics market is estimated to account for US$ 8627.4 Mn in terms of value by the end of 2027, exhibiting a CAGR of 5.3% during the forecast period (2020-2027).

Market Dynamics- Drivers

Rising trend of outsourcing in MNCs to manufacture and distribute on global scale is expected to drive growth of the global logistics market during the forecast period
Logistics offer various advantages including improvement in delivery performance, reduction in operational cost, and increase in customer satisfaction levels. Hence, it is being considered a vital aspect of the business by many manufacturers and retailers worldwide. Furthermore, it helps to make an organization more competitive in regards of delivery, flexibility, cost, and quality. Globalization is another factor supporting growth of the market with a number of multi-national companies outsourcing their logistics solutions. Moreover, logistics helps organizations segregate different parts of a production process across different countries. This significantly brings reduction in the overall cost of production. Therefore, these factors are expected to drive growth of the global logistics market during the forecast period.

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High growth of e-retailing is expected to propel the global logistics market growth over the forecast period
Internet retail market includes the display and purchase of items via internet and the delivery of the purchased item to the consumer. The popularity of online shopping has increased globally in the last couple of years. This is due to increasing access to the internet and the rising preference of customers for online shopping over traditional shopping. Moreover, ease of access, convenience related to the home delivery of objects and advantages such as customization and refinement of results from a variety of objects are supporting the market currently. Therefore, these factors are expected to propel the market growth over the forecast period.

Statistics:

Asia Pacific region held dominant position in the global logistics market in 2019, accounting for 33% share in terms of value, followed by North America, Europe, Middle East & Africa (MEA), and Latin America respectively.

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