Revenue in the Contract Logistics Market is projected to reach US$ 454.74 bn in 2024, showing an annual growth rate (CAGR) of 7.41% (2024-2032), resulting in a projected market volume of US$ 805.40 bn by 2032

The global contract logistics market size was valued at USD 426.00 billion in 2023. The market is expected to expand from USD 454.74 billion in 2024 to USD 805.40 billion by 2032, exhibiting a CAGR of 7.41% over the study period.

Companies offering logistics services possess expertise in planning & creation of supply chains, inventory management, order processing & collection of payments, handling aftermarket logistics, transportation & distribution of products, warehousing, and designing facilities. The notable advantages provided by contract logistics services are anticipated to propel the market's growth over the forecast period.

A huge and unforeseen change was triggered in the logistics sector by the COVID-19 pandemic. The market faced a major influence on account of the upheavals in the supply chain, business closures, halt in transportation activities, and unavailability of labor and raw materials.

Fortune Business Insights™ provides this information in its research report, titled "Contract Logistics Market, 2024-2032".

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Segmentation:

Outsourcing Segment Dominates Due to Access to Additional Tools

On the basis of type, the market is classified into outsourcing and insourcing. The outsourcing segment registers the dominating position as it helps supply chain management boost businesses by outsourcing services as they get access to additional knowledge and tools.

Growing Demand for Warehousing from Majority of End-use Industries to Impel the Segment Expansion

By service, the market is categorized into transportation, warehousing, aftermarket, distribution, and others. The warehousing segment accounts for the largest contract logistics market share owing to the surging demand for warehousing from a majority of end-use industries.

Expansion of Automotive Sector to Expedite Segment Growth

On the basis of end use, the market for contract logistics is segregated into high-tech, industrial, e-commerce, retail, aerospace & defense, healthcare, automotive, and others. The automotive segment leads the market due to the growing automotive sector, which demands logistics services.

From the regional perspective, the market is divided into Europe, the Middle East & Africa, Latin America, North America, and Asia Pacific.

Report Coverage

The key factors impacting the market growth have been mentioned in the report. Besides this, it analyzes the competitive strategies undertaken by prominent companies to stand out from the competition in detail. The report further offers detailed insights into the COVID-19 pandemic impact, the latest trends, and key industry developments.

Drivers and Restraints:

Surging Incorporation of Artificial Intelligence in the Solution to Foster Market Growth

The growing deployment of AI in the industry has decreased operational costs and majorly boosted seamless operations & productivity. The increase in the incorporation of AI by key manufacturers in the sector is boosting the contract logistics market growth.

Despite such growth opportunities, the prohibitive logistics prices, along with the lack of total control, may impede market expansion.

Regional Insights:

Asia Pacific Leads Due to Strong Presence of Small and Medium-sized Firms

Asia Pacific registers the largest market share on the back of the robust presence of medium and small-sized firms that transport the region's key electronic goods from Japan, Korea, and China to the U.S. or Germany.

Latin America market growth is poised to observe steady growth in the upcoming years due to the surge in demand for contract warehousing and distribution services by the manufacturing and retail sectors.

Competitive Landscape:

Top Players Leverage Mergers and Acquisitions to Boost Their Presence

Leading companies have a consistent emphasis on the expansion of their customer base across regions by bringing innovations in their existing product range. Leading companies are implementing a wide array of competitive strategies to sustain their industry leadership in the contract logistics market. Top players are also adopting mergers and acquisition strategies to enhance their position.

Key Industry Development:

October 2022: GEODIS, a prominent name in transport and logistics, unveiled the acquisition of Need It Now Delivers. This move helped the company in the significant expansion of its presence in the U.S. in the field of contract logistics.

To get to know more about this market, please visit: https://www.fortunebusinessinsights.com/contract-logistics-market-109771

List of Key Players Mentioned in the Report:

Nefab Group (Sweden)
DHL Supply Chain (Germany)
GXO Logistics, Inc.(U.S.)
Kuehne + Nagel (Switzerland)
LOGISTEED Group (Japan)
CEVA (France)
Geodis (France)
Ryder (U.S.)
UPS Supply Chain Solutions (U.S.)
DB Schenker Logistics (U.S.)
Nippon Express (Japan)
Broekman Logistics (Netherlands)
D. Logistics (France)
Q. Packaging & Logistics Inc. (Philippines)
GAC (UAE)

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This release was published on openPR.