Global Logistics Service Market Set to Register a Robust 6.9% CAGR During 2019-2024, Enabling the Market to Reach $2,029.38 Bn by 2027

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Logistics Service

The Global Logistics Service Market revenue accounted for US$ 1,122.58 Bn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 – 2027, to account to US$ 2,029.38 Bn by 2027. Globally, the market continues to witness a surge in demand for logistics services owing to rise in trade activities especially from emerging economies.

As per the LPI (Logistics Performance Index) published by the World Bank, Europe’s score was 3.68, which was the relatively highest score in 2018. Europe’s leadership as the LPI score is majorly attributed to its robust infrastructure, custom services, logistics competence, timeliness and tracking and tracing abilities.

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Top Market Players: CEVA Logistics, PANALPINA WORLD TRANSPORT (HOLDING) LTD., United Parcel Service (UPS), C.H. Robinson Worldwide, Inc., A.P. MOLLER – MAERSK, Nippon Express, FedEx, DB Schenker, DHL International GmbH, KUEHNE + NAGEL

The timeliness factor has been derived as a vital contributor to Europe’s position in the global LPI, which was 4.04. Furthermore, snowballing interest of the manufacturing, automotive, retail, and other industries in outsourcing of the logistics services has also fueled the growth of the logistics service market in Europe. Besides, persistent propulsion in industrialization 4.0 is also expected to contribute to the growth of the logistics service market, as the production index of the region enhances and the demand for timely and complicated delivery would also increase. Warehousing, inventory management, and transportation are some of the popular logistics services that are highly outsourced in the European region. However, the key challenge faced by the logistics service providers in the region is to gain profits despite the surging price pressure from the end-consumers.

Logistics Service Market – Market Insights
Continuous surge in demand form manufacturing industry to propel the market growth
The global manufacturing industry has witnessed rapid growth in recent times owing to huge investments coming up from Governments of various countries and especially the developing economies. As per the China Federation of Logistics and Purchasing (CFLP), the global manufacturing purchasing managers index (PMI) accounted 55.1 in October 2017, which was down from 55.9 in September 2017 however, still at a comparatively high level. The PMI index remained above 53.5 since the beginning of 2017, signifying a steady recovery of the manufacturing sector in developed countries.

Rise in demand for unification of complex supply chain process
Globalization has led to increasing domestic and international trade relations between nations. Further, as many international companies lean towards globalization and market expansions, logistical challenges have become more complex than ever. The logistical complexities have multiplied mainly due to the diverse nature of consumer demands observed in different regions of the world pertaining to any product.

This factor is foreseen to increase the procurement volume of smart kitchen appliances during the forecast period, thereby, helping the logistics service market to foster during the coming period.

Logistics Service Market – Mode of Transportation Insights
Efficient transportation is physically moving supplies in relatively safe manner on right time, in right condition, and in a cost effective manner. The role of transport is the movement of goods from the point of manufacturer or storage to the point of use or the distribution points to end use. On the basis of mode of transport, the global market is segmented into roadways, railways, waterways, and airways.

Logistics Service Market – Organization Size Insights
Logistics services are essential for businesses that involve transportation of goods from one place to other, and to avoid the complications related to the process various SMEs and large organizations are adopting logistics services. Currently, outsourcing logistic services are worldwide growing business dynamics.

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Logistics Service Market – End-user Insights
The logistics service industry is growing at a rapid pace due to the growing unique demands of manufacturers related to various sectors. The demand for tailored logistics services is growing as the competition is growing, and manufacturers are focusing on the development of advanced products related to their core competencies. Companies related to various industry verticals are focusing on outsourcing supply chain functions to logistics service providers to gain operational efficiencies, reduce cost, and focus on product enhancement. Therefore, the increasing demand for tailored logistics services is creating opportunities for logistics service providers.

Logistics Service Market – Logistics Provider Insights
The Logistics Service Market by logistics provider is further segmented into first & econd party logistics, third party logistics, fourth party logistics, and fifth party logistics. The third party logistics dominated the global logistics service market in 2018 and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The growing popularity of outsourcing the non-essential supply chain and other logistics process among different end users, is catalyzing the growth of third party logistics segment in a logistics service market.

GLOBAL LOGISTICS SERVICE MARKET SEGMENTATION
Global Logistics Service Market – By Mode of Transportation
• Roadways
• Railways
• Waterways
• Airways

Global Logistics Service Market – By Logistics Provider
First & Second Party Logistics
• Third Party Logistics
• Fourth Party Logistics
• Fifth Party Logistics

Global Logistics Service Market – By Organization Size
• Small & Medium Enterprise
• Large Enterprise

Global Logistics Service Market – By End-user
• Government & Public Utilities
• Healthcare
• Industrial Manufacturing
• Retail & Consumer Goods
• Aerospace & Defence
• Others

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