Ottawa, July 31, 2024 (GLOBE NEWSWIRE) -- The global logistics market size is predicted to increase from USD 8.96 trillion in 2023 to approximately USD 21.91 trillion by 2033, According to Precedence Research. The logistics market is driven by increasing demand for e-commerce, changing consumer preferences, and evolving novel technologies.
The logistics market encompasses the global industry involved in the planning, implementation, and control of the movement and storage of goods, services, and information within the supply chain, from the point of origin to the point of consumption. Logistics management is a critical component of a company’s supply chain, which includes shipping, packaging, inventory management and product storage.
The efficiency of logistics operations is intimately related to customers' experience, with inventory management playing a critical role. The ‘Seven Rs’ of logistics management are: deliver the right product, at the right time, to the right place, at the right quantity, to the right customer, in the right condition and at the right cost.
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Logistics Market Revenue (US$ Billion), By Transportation Type, 2020-2023
| Transportation Type | 2020 | 2021 | 2022 | 2023 |
| Airways | 390.66 | 410.38 | 428.41 | 485.38 |
| Waterways | 2,311.03 | 2,422.81 | 2,524.17 | 2,853.85 |
| Railways | 1,721.34 | 1,796.11 | 1,862.44 | 2,095.78 |
| Roadways | 2,988.73 | 3,086.94 | 3,168.25 | 3,528.38 |
Logistics Market Revenue (US$ Billion), By End User, 2020-2023
| End User | 2020 | 2021 | 2022 | 2023 |
| Industrial & Manufacturing | 2,418.05 | 2,500.89 | 2,570.59 | 2,867.46 |
| Retail & E-Commerce | 1,349.62 | 1,398.06 | 1,439.24 | 1,607.90 |
| Healthcare | 799.32 | 850.60 | 899.54 | 1,032.35 |
| Oil & Gas | 544.54 | 573.43 | 600.09 | 681.54 |
| Others | 2,300.24 | 2,393.25 | 2,473.81 | 2,774.13 |
Logistics Market Revenue (US$ Billion), By Region, 2020-2023
| By Region | 2020 | 2021 | 2022 | 2023 |
| Asia Pacific | 3,145.16 | 3,319.43 | 3,480.71 | 3,952.34 |
| Europe | 1,636.81 | 1,697.05 | 1,748.34 | 1,955.51 |
| Latin America | 320.53 | 324.91 | 327.31 | 359.23 |
| Middle East & Africa | 440.22 | 448.98 | 455.05 | 502.60 |
| North America | 1,869.04 | 1,925.86 | 1,971.87 | 2,193.70 |
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Logistics Market Key Insights:
- Asia Pacific dominated the logistics market with the largest market share of 44.09% in 2023.
- Europe held the second-largest share of the market in 2023.
- By transportation type, the roadways segment has generated the biggest market share of 39.38% in 2023.
- By logistics type, the third-party segment has captured the largest market share of 36.73% in 2023.
- By end user, the industrial & manufacturing segment has held a major market share of 31.99% in 2023.
Asia Pacific Logistics Market Size and Forecast 2024 to 2033
The Asia Pacific logistics market size accounted for USD 4.44 trillion in 2024 and is expected to expand to around USD 10.67 trillion by 2033, growing at a double-digit CAGR of 10.45% from 2024 to 2033.
Asia-Pacific dominated the logistics market in 2023. The Asia Pacific Logistics industry is expanding due to the increased use of blockchain technology in logistics. Block chain technology, which incorporates encrypted data and a pointer to prior blocks, enhances privacy and security in the logistics sector. Vendors are working with technology suppliers to develop platforms that improve productivity and visibility in the trucking business. The implementation of block chain technology is helping to boost the region’s transportation and logistics sector.
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Europe held the second-largest share of the logistics market in 2023. The European e-commerce sector is driving market growth, thanks to growing demand for logistics and supply chain management systems. Businesses are prioritizing core capabilities, increasing their dependence on third-party logistics providers (3PLs) to ensure effective operations. This growing reliance on logistics services is propelling market expansion and emphasizing their important role in achieving corporate requirements.
Logistics Industry Coverage:
| Report Attribute | Key Statistics |
| Market Size by 2033 | USD 21.91 Trillion |
| Market Size in 2024 | USD 9.97 Trillion |
| Market Size in 2023 | USD 8.96 Trillion |
| Growth Rate from 2024 to 2033 | CAGR of 9.35% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Year | 2024-2033 |
| Segments Covered | Transportation Type, Logistics Type, End User and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Logistics Market Segments Outlook:
Transportation Type Outlook
The roadways segment dominated the logistics market in 2023. Road transport offers numerous advantages over other modes of transportation, including lower capital investment, flexibility in rural areas, door-to-door services, and flexible services. It is suitable for short distances, reducing intermediate handling and feeder connectivity costs. Road transport also reduces the risk of damage in transit, making it ideal for transporting fragile goods.
Packaging costs are lower in road transport due to less complicated processes. Road transport is also faster and more cost-effective than other modes, with less capital investment and operation and maintenance costs. Road transport serves as a feeder to other modes of transport, providing doorstep services for goods transported via air, water and rail.
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The waterway segment is expected to grow at the fastest rate during the forecast period. Water transportation has various benefits, including enormous storage capacity, environmental friendliness, safety owing to durability and reliability, and cost-effectiveness. Rivers are self-contained highways that do not require construction or maintenance, making them cost-effective for a variety of applications.
Water transport is also the cheapest mode of transportation for goods between sites, with low operational expenses. Bigger boats use less gasoline since their costs are spread out across a bigger volume. Furthermore, water transport enables the cost-effective delivery of huge and heavy products. Water transportation generally has a smaller carbon emission making it suitable for transportation.
Logistics Type Outlook
The third-party segment dominated the logistics market in 2023 and is expected to grow at its fastest rate during the forecast period. A third-party logistics provider (3PL) provides organizations with outsourced logistics services such as shipping, warehousing, and order fulfillment.
Cost reductions may be realized by using the 3PL’s network, economies of scale, technology, allowing enterprises to concentrate on their core capabilities. Faster deliveries are becoming the standard in the e-commerce market, with 3PLs specialized in shipping and managing several warehouses. Scalability and flexibility enable firms to respond swiftly to shifts in demand and market conditions. End-to-end warehouse management eases inventory management.
End-User Outlook
The industrial and manufacturing segment dominated the logistics market in 2023. Logistics and manufacturing are interrelated and have a substantial impact on one another. Efficient logistics management includes strategic raw material purchase, freight transportation, storage, manufacturing, dispatch, and information flow. It maintains long-term profit levels and cost-effective order fulfillment by planning and carrying out standard operations, sustaining production and information flows, and meeting customer needs.
The health care segment is expected to grow at the fastest rate during the forecast period. Efficient heath logistics are essential for providing timely and effective healthcare services to patients. It guarantees that the appropriate equipment, medical supplies, and resources are available at the appropriate moment, so decreasing treatment delays, increasing patient outcomes, and maximizing resource use. Key benefits include lower inventory costs, faster supply delivery, simpler operations, improved emergency response capabilities, and optimized transportation routes. Focusing on effective health logistics enhances the efficiency and quality of services provided by healthcare organizations.
Browse More Insights:
- Cold Chain Logistics Market Size and Forecast: The global cold chain logistics market size was valued at USD 342.8 billion in 2023 and is expected to surpass around USD 1,242 billion by 2033, expected to grow at a compound annual growth rate (CAGR) of 13.9% during the forecast period 2024 to 2033.
- Drone Logistics and Transportation Market Size and Forecast: The drone logistics and transportation market size was valued at US$ 9.52 billion in 2022 and is expected to hit US$ 54.71 billion by 2032 with a CAGR of 19.7% from 2023 to 2032.
- Blockchain IoT Market Size and Forecast: The global blockchain IoT market is expected to drive growth at a CAGR of 54% during the estimated period and to reach USD 20,938.59 million by 2032 from USD 280 million in 2022.
- Intelligent Transportation System Market Size and Forecast: The global intelligent transportation system (ITS) market size surpassed USD 34 billion in 2022 and is projected to hit around USD 65.33 Bn by 2032, expanding at a CAGR of 6.80% during the forecast period from 2023 to 2032.
- Retail Logistics Market Size and Forecast: The global retail logistics market size was valued at USD 250.9 billion in 2023 and is predicted to hit around USD 753.69 billion by 2032, expected to grow at a compound annual growth rate (CAGR) of 13% from 2023 to 2032.
- Chemical Logistics Market Size and Forecast: The global chemical logistics market size was estimated at USD 261 billion in 2022 and is expected to hit USD 377.14 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2032.
- Connected Logistics Market Size and Forecast: The global connected logistics market size was exhibited at USD 23.5 billion in 2022 and is projected to hit around USD 72.94 billion by 2032, growing at a CAGR of 11.99% between 2023 and 2032.
- Transportation Management Systems Market Size and Forecast: The global transportation management systems market size was evaluated at USD 12.1 billion in 2022 and it is projected to be worth around USD 35.34 billion by 2032, registering a CAGR of 11.32% during the forecast period from 2023 to 2032.
- Automotive Logistics Market Size and Forecast: The global automotive logistics market was valued at USD 315.99 billion in 2022 and is expected to hit USD 636.26 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.3% during the forecast period 2023 to 2032.
- IoT in Transportation Market Size and Forecast: The global IoT in transportation market size was estimated at USD 85.21 billion in 2022 and is expected to hit around USD 498.47 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 21.69% during the forecast period 2023 to 2032.
Logistics Market Dynamics
Driver: Technological advancement
Artificial intelligence, internet of things (IoT), robots, blockchain, cloud computing, big data analytics, and drones are all driving the growth in logistics market. These technologies are changing the way items are transported and handled, allowing logistics companies to optimize operations, boost efficiency, reduce costs, increase transparency, and improve customer service.
AI helps with demand forecasting, inventory management, route optimization, and anomaly detection, whilst blockchain enables safe transactions and contracts. IoT enables the monitoring and real-time tracking of vehicles, assets, and shipments. Cloud computing provides scalable storage and processing capabilities, while big data analytics yields important insights. Robotics automates tedious activities, while drones may transport commodities to faraway locations.
Restraint: Counterfeiting
Counterfeiting entails misappropriating a brand, falsely branding products, or utilizing counterfeit or inferior components. This lack of consumer confidence can have a substantial influence on a manufacturer’s ability to sell their products, particularly in Asia, where counterfeiting is common and consumer trust is low. The problem is intensifying as online ordering grows more common, enabling more counterfeiters to enter the market and offer bogus goods, further eroding customer confidence.
Opportunity: Autonomous trucks and drones for delivery
Autonomous vehicles and trucks are becoming more prevalent, with businesses such as Embark and Uber deploying them for long hauls. Tesla released a truck this year that is not entirely driverless but does have a passenger seat to supervise the computer. This technology can streamline the delivery procedure. Amazon has introduced Amazon Prime Air, the future of package delivery by drones.
While drone deliveries are still a few years away due to legal requirements and expenses, the prospect of not having to wait four hours for a product is intriguing.
Logistics Market Top Companies
- Robinson Worldwide Inc.
- Nippon Express
- United Parcel Service Inc. (UPS)
- DSV (DSV Panalpina)
- MOLLER – MAERSK
- GEODIS
- FEDEX
- Kuehne+Nagel
Recent Developments:
- In June 2024, Allan Ancheta, a former Logistics Executive, has been named president and CEO of Intelligent Manpower and Logistics (INT), a company that offers manpower and logistics solutions for e-commerce fulfillment centers, warehouses, and transportation networks. Ancheta wants the company to become one of the largest employers in the Philippines.
- In June 2024, Allan Ancheta, a former Logistics Executive, has been named president and CEO of Intelligent Manpower and Logistics (INT), a company that provides manpower and logistics solutions to e-commerce fulfillment centers, warehouses, and transportation networks.
- In June 2024, Bleckmann, a global logistics service company, will take over Superdry’s logistics operations at ‘The Duke’ in Burton-on-Trent. The transition will involve 170 employees, who will be shifted seamlessly and on the same terms and conditions. There are no Scheduled layoffs, and Bleckmann will actively seek new customers for the warehouse, adding more jobs in the region.
Segments Covered in the Report
By Transportation Type
- Airways
- Waterways
- Railways
- Roadways
By Logistics Type
- First Party
- Second Party
- Third Party
- Contract Logistics
- Freight Forwarders
- Asset-based logistics provider
- Contract Warehousing
- Providers
- Others
By End User
- Industrial and Manufacturing
- Retail
- Healthcare
- Oil & Gas
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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