Press release
Logistics Market: Soaring Popularity of Online Shopping Serves as Major Growth Driver
The global logistics market, in terms of revenue, is set to expand from US$8.1 trillion in 2015 to US$15.5 trillion by 2023, registering a CAGR of 7.5% from 2015 to 2024. By volume, the market is expected to clock in a 6.0% CAGR from 2016 to 2024.
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First-party Logistics Offering Increased Scope for Growth
Based on transport infrastructure, the road transport infrastructure segment dominated the global logistics market in 2015, accounting for a 44.6% share in terms of revenue. However, by volume, waterways account for the leading share of 47.9% in the global market that year.
Based on logistics model, second-party logistics constituted the leading share in terms of revenue as well as volume in 2015. However, first-party logistics are likely to expand at a growth rate higher than any other logistics model through the forecast period. By application, manufacturing is the dominant sector at present, followed by retail, and this segment is expected to witness robust growth in the coming years considering that manufacturing has the longest supply chain compared to other application sectors.
In 2015, Asia Pacific dominated the logistics market, with a 46.6% share in terms of revenue. However, the logistics market in RoW is expected to expand at a CAGR of 7.4% from 2016 to 2024, exhibiting the fastest growth rate.
Rapid Growth of Ecommerce Catapults Demand for Logistics Services
The speedy and large-scale growth of ecommerce has had a significant impact on the global logistics market. “The rising popularity of online shopping globally serves as one of the major factors driving the demand for logistics services,” the author of the report points out. This can be attributed to the increasing access to high-speed internet and the growing preference of consumers for online shopping owing to benefits such as customization, variety, and ease of access.
Logistics offer various advantages, including a reduction in operational cost, an improvement in delivery performance, and an increase in customer satisfaction. This is also projected to continue supporting the growth of the global logistics market.
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Global Organizations Training Youth to Overcome Challenges Posed by Older Workforce
The logistics industry is facing several challenges owing to poor infrastructure in many developing and underdeveloped countries, lower wages, a shortage of skilled manpower, and low diversification and poor adoption of technology in some nations. These factors have resulted in the industry relying on the skills of older workers, which may hamper service quality in the coming years.
However, organizations around the world are involved in initiatives aimed at training younger workers in different logistics services. A case in point would be the U.S Army’s Logistic Support Activity (LOGSA) workshop designed to train youth in logistics management. In addition, logistics companies are investing heavily in training, educating, and developing a younger workforce.
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