Press release
Logistics Market: Colossal Opportunities Offered by Emerging Economies to Spur Growth,Popularity of Online Shopping to Jack up Growth
According to TMR, the global market for logistics was valued at US$8.1 tn during 2015. It is expected to expand at a promising CAGR of 7.5% between 2015 and 2024, reaching a revenue worth US$15.5 tn by the end of 2024.
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Application across Numerous Areas to Spawn Further Expansion
By transport infrastructure, the leading segment during 2015 was road transport infrastructure segment, claiming a whopping 44.6% of the global market in terms of revenue. Based on geography, Asia Pacific emerged at the fore in 2015, and is expected to retain its position, displaying a CAGR of 5.6 % in terms of volume during the forecast period.
The exceptional growth of the logistics market in Asia Pacific can be attributed to the increasing deployment of logistics services across several sectors including media and entertainment, manufacturing, government and public utilities, retail, healthcare, banking, information technology (IT), telecommunication, trade, and transportation. The major contributor countries are Singapore, Malaysia, India, Indonesia, China, and Japan. China, by virtue of its broad manufacturing base, appears to be the topmost contributor.
Popularity of Online Shopping to Jack up Growth
The fast-paced growth in the internet retailing market and towering popularity of online shopping have been propelling the global market for logistics. The convenience of home delivery, customization, and ease of access offered by online shopping vendors has created greater preference for online shopping among customers. As the internet retailers require efficient logistics to fulfill their promises made to customers pertaining time of delivery and customer support services, the upcoming years will bring about greater demand for logistics services.
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Large scale globalization has led to the outsourcing of logistics services by several multi-national firms, accelerating the growth of the market. Technological advancement in the domain of logistics is another prominent growth driver of the market. The deployment of advanced technologies in logistics such as dispatching communication system, global positioning system (GPS), and warehouse management system has enabled to market to grow considerably.
Conversely, inadequate infrastructural facilities, shortage of skilled professionals, and lower wages have been restricting the growth of the market. Lower diversification of products and poor rate of technological adoption in some regions of the world are some other challenges faced by the market. Nevertheless, the negative effect of these factors can be invalidated through the exploration of untapped opportunities presented by the emerging economies.
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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