Global Contract Logistics Market on Track to Reach $505.3 Billion by 2031, Fueled by E-commerce & Supply Chain Tech

Asia-Pacific dominated the market in 2021. This is primarily due to the booming e-commerce industry in emerging economies. In addition, the increased adoption of outsourced logistics services in the region drives the growth of the contract logistics market in Asia-Pacific. Moreover, high government support for the development of logistics infrastructure in the region boosts market growth. In addition, new trade agreements such as the Regional Comprehensive Economic Partnership, which went into force in 2022, rise in disposable incomes, and increase in internet access support the region's rapid e-commerce boom and burgeoning digital economy, which in turn propel the market.

According to a new report published by Allied Market Research, titled, "Contract Logistics Market," The contract logistics market was valued at $243.60 billion in 2021, and is estimated to reach $505.3 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.

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Moreover, automotive is one of the most important areas in contract logistics, especially in places such as China, which has the world's largest automotive industry. For 2021, new vehicle sales in the Chinese market increased by 3.8% year-over-year to 26,275,000 units (on a factory-shipped basis, including exports), marking the first full-year increase in four years, despite a monthly year-over-year decline since May 2021. Despite the pandemic, carmakers in the region have kept pace going with the introduction of new models. Moreover, the rapid growth in cross-border e-commerce transactions is one of the major factors that drives the growth of the contract logistics market in China. In addition, growth in industrial & manufacturing activities coupled with increase in cross-border trade & export activities propel the growth of the contract logistics in China.

In addition, the surge in maritime transportation, growth in logistics & supply chain innovation, rapid modernization of warehouse facilities, and heavy consumer demand for e-commerce are the primary factors that propel the expansion of the contract logistics market in Japan. For instance, Japan is currently the world's third largest and is one of the fastest-growing e-commerce markets in the world. Hence, small Japanese vendors are actively moving to the online market in response to the surge in use of the internet by Japanese consumers driving the demand for the market.

The global contract logistics market report includes an in-depth analysis of the prime market players such as A.P. Moller - Maersk, CEVA Logistics AG, Agility, DB Schenker, CJ Logistics Corporation, DSV, GEODIS, Hellmann Worldwide Logistics, Deutsche Post AG, Kuehne+Nagel International AG, Hitachi Transport System, Ltd., Penske, Neovia Logistics Services, LLC, United Parcel Service, Inc. (UPS), Ryder System, Inc., Yusen Logistics Co., Ltd., and XPO Logistics, Inc.

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Furthermore, high requirements for outbound and inbound logistics, such as transportation of new vehicles, raw materials, or prototypes transportation, have a positive impact on the growth of the market. For instance, in May 2020, Ford Motor Company awarded a new contract to DHL Supply Chain to provide freight management services under its Lead Logistics Partner solution. Under the contract, DHL Supply Chain manages the movement of prototype parts from suppliers to Ford's R&D locations around the world.

Moreover, the demand for more adaptable and agile supply networks as well as growth in trends to outsource non-core duties to specialized providers' perfectors drive the growth of the industrial contract logistics market. Material receiving & material distribution are important aspects of the industry in the logistics market. An increase in demand for procuring raw materials and then handing them over to manufacturers for production is expected to create demand for the contract logistics.

Based on industry vertical, the manufacturing segment held the largest share in 2021, accounting for more than one-third of the market, and is expected to continue its dominance during the forecast period. However, the retail segment is expected to register the highest CAGR of 9.03% during the forecast period.

On the basis of mode of transportation, the roadways segment held the largest share in 2021, contributing to more than two-fifths of the market. However, the airways segment is projected to register the highest CAGR of 11.26% during the forecast period.

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KEY FINDINGS OF THE STUDY

By service, the transportation segment is anticipated to exhibit significant growth in the near future.
By type, the outsourcing segment is anticipated to exhibit significant growth in the near future.
By industry vertical, the retail segment is anticipated to exhibit significant growth in the near future.
By mode of transportation, the roadways segment is anticipated to exhibit significant growth in the near future.
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.

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