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Automotive Logistics Market Size is Projected To Reach USD 350700 Million By 2028 at a CAGR of 4.3% - Valuates Reports
The global Automotive Logistics market size is projected to reach USD 350700 million by 2028, from USD 253630 million in 2021, at a CAGR of 4.3% during 2022-2028.
Major Factors Driving The Growth Of Automotive Logistics Market Are
The tendency of outsourcing logistics operations to outside businesses in the automobile industry is one of the major factors driving the automotive logistics market. Moreover, the digitization of logistics will propel the growth of the automotive logistics market
The automotive logistics market is expected to rise due to increased vehicle production, and the introduction of electric vehicles.
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TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE LOGISTICS MARKET
The Automotive Logistics market growth is dependent on the demand generated for the automobile industry. Due to increased purchasing power and higher living standards worldwide, the automotive sector is predicted to develop significantly during the forecast period. In emerging nations, this change in lifestyle has increased the sales of automobiles, which is anticipated to fuel the expansion of the automotive logistics market over the forecast period. In addition, the necessity for vehicle spare parts for a sizable existing automobile fleet on the road is anticipated to fuel the market during the course of the forecast period.
The companies in the automobile sector collaborate frequently with those in logistics to move their finished vehicles and component parts from one place to another. Automobile and component manufacturers now have improved control over inbound and outward transportation services, shorter lead times, and on-time deliveries thanks to the growing partnerships. Therefore, the automotive logistics market is expanding as a result of the rising number of collaborations between automakers and logistics providers.
Cost is the main motivating element for modifying a logistics strategy, as it is with almost everything else in business. The most visible components of these costs are labor and tangible assets. They are significant and must be reduced in the auto manufacturing industry. 3PLs could perform at a similar or lower cost since managing logistics is their primary focus. Additionally, because they operate with a variety of industries, they are able to adapt efficiency and cost-saving strategies.
One of the major innovations anticipated to fuel automotive logistics market expansion in the upcoming years is the integration of blockchain technology into finished vehicle logistics systems. A distributed ledger technology called blockchain can safely and permanently record business transactions. By sharing databases across many parties, blockchain effectively eliminates the need for middlemen who were previously necessary to serve as trusted third parties to verify, record, and coordinate transactions. The majority of businesses use this technology to run car logistics operations more cheaply. The transportation process will become more efficient and transparent with the usage of blockchain in the logistics sector for finished automobiles.
Automatic identification, data collecting, and transmission are being implemented using digital technologies like barcodes, OCR, and RFID devices. The precise parameters relating to location, elevation, altitude, and other performance indicators are tracked by geopositioning and navigational satellites. They keep an eye on how the finished car logistics are moving and provide vital information via wireless networks for further analysis and corrective action. Users of automated control systems can evaluate their alternatives and receive advice depending on the circumstances. These elements will encourage the automobile logistics market to grow in the years to come.
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AUTOMOTIVE LOGISTICS MARKET SHARE ANALYSIS
The Transportation Segment is expected to be the most lucrative during the forecast period. The market's present leader, transportation, is anticipated to continue dominating during the anticipated time frame. One of the most important services in the auto industry is transportation. This is due to the fact that automakers purchase components from a wide range of global sectors and then market the final vehicle in a different nation.
The Asia Pacific Market is expected to be the most lucrative during the forecast period. The market for automotive logistics is expanding as a result of the rising demand for electric and plug-in automobiles in the region.
Based on application, the automobile parts segment is expected to be the most lucrative. This is because aftermarket dealers and OEMs concentrate on managing the delivery of spare parts, and because there is a demand for updated parts due to stringent carbon emission standards.
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Market By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Key players
Hellmann Worldwide Logistics
APL Logistics
BLG Logistics
CEVA Logistics
DB Schenker
DHL Group
GEFCO
Kerry Logistics Network
Kuehne + Nagel
Penske Logistics
Ryder System
DSV
Expeditors
Panalpina
XPO Logistics
Tiba Group
Bollore Logistics
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