Transportation and Logistics Services Market to Reach USD 1804.49 Billion by 2029 | Exhibiting CAGR of 5.11%
Transportation and Logistics Services Market to Expand at 5.11% CAGR During 2022-2029; Kuehne+Nagel Group Acquired Apex International Corporation: Fortune Business Insights
Pune, India, April 14, 2023 (GLOBE NEWSWIRE) — The global transportation and logistics services market size was USD 1,149.92 billion in 2021. The market is projected to grow from USD 1,211.06 billion in 2022 to USD 1,804.49 billion by 2029, exhibiting a CAGR of 5.11% during the 2022-2029 period. Transportation and logistics services include the acquisition of raw materials and delivery of finished goods to customers via various modes of transportation. In a nutshell, they include goods storage, delivery, inventory, and distribution from one point to another. The primary goal of these services is to deliver goods in a timely, safe, and cost-effective manner. This information is provided by Fortune Business Insights, in its report titled, “Transportation and Logistics Services Market, 2022-2029.”
May 2021: The Kuehne+Nagel Group gained acquisition of Apex International Corporation. Together, Kuehne+Nagel and Apex offer their customers a compelling value proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech, and e-mobility. Apex’s experienced management team will continue to run the company after the acquisition with valuable support from the Kuehne+Nagel Group.
|Forecast Period 2022 to 2029 CAGR||5.11%|
|2029 Value Projection||USD 1,804.49 Billion|
|Market Size in 2021||USD 1,149.92 Billion|
|Historical Data for||2018-2020|
|No. of Pages||206|
|Segments covered||Transportation and Logistics Services Market Size, Share & COVID-19 Impact Analysis, By Service Type (Warehouse Services, Transportation, Inventory Management, and Administration & Supplies), By Mode of Transport Type (Airways, Railways, Roadways, and Waterways), By End Use (Automobiles, Machinery, Apparel and Footwear, Pharmaceutical Products, Retail, Aircraft, Ships and Railways, Electronics, Petrochemicals, Agriculture, Building Materials, and Others)|
|Growth Drivers||Substantial Rise in Trade Activities Worldwide to Elevate Market Expansion|
|Transport Restrictions Imposed Amid the Pandemic Hindered Market Growth|
Drivers and Restraints
Global trade activities include the import and export of goods and services to several economies worldwide. The growing trade activities globally increased the volume of goods transported to different countries and generated the need for transportation and logistics services. For instance, according to the United Nations, exports from emerging economies increased by 30%, and global trade reached a record level of USD 28.5 trillion in 2021. Moreover, the development of overseas markets and rising globalization will also contribute to market escalation.
On the other hand, concerns regarding product safety while transportation due to lack of control in cases of outsourcing will pose as a challenge for businesses operating in this domain.
The spread of COVID-19 worldwide resulted in the implementation of stringent lockdowns and social distancing norms worldwide. Manufacturing facilities were closed to curb the spread of the virus. Shippers faced problems in the movement of goods due to transport restrictions imposed by several countries worldwide. Decreased working hours and limited staff affected logistics activities negatively, which hindered the transportation and logistics services market growth amid the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/transportation-and-logistics-services-market-107357
The report briefs readers regarding drivers, restraints, opportunities, and threats affecting market growth in the analysis period. Moreover, it studies the market at micro and macro levels by dividing it based on segment, region, and country. Statistical information about each region, country and segment is also provided. Furthermore, the report analyzes the impact of the pandemic on the global market, thus enabling readers to make informed decisions.
Inventory Management to Lead Stoked by Rapid Technological Advancements
Based on service type, the market is split into warehouse services, transportation, inventory management, administration & supplies. Among these, the inventory management segment is the fastest-growing segment, with a CAGR of 6.12% from 2022 to 2029. Rapid technological advancements in inventory management are expected to offer beneficial opportunities for the growth of the market outlook.
Roadways Segment to Hold Largest Share Due to Cost Effective Nature and Extensive Use
As per mode of transport, the market is divided into airways, railways, roadways, and waterways. The roadways segment captured majority of the global market share. Roadways are the most commonly used means of transportation as they are cost-effective and can provide door-to-door service to consumers. Moreover, growing e-commerce sector, rising import and export activities worldwide, and increasing technological advancements will propel the growth of this segment.
Petrochemicals Segment to Dominate Backed by Surging Demand for Green Warehouses
According to end use, the market is segmented into automobiles, machinery, apparel and footwear, pharmaceutical products, retail, aircraft, ships and railways, electronics, petrochemicals, agriculture, building materials, and others. Among these, petrochemicals segment is one of the significant segments in various industrial processes. Products, such as industrial oils, plastics, detergents, and tires, are derived from petrochemicals. Additionally, the increase in demand for green warehouses is another factor driving the growth of the petrochemicals segment over the forecast period.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and rest of the world.
Growing Political Tensions between China and Other Economies to Aid Asia Pacific Market Proliferation
Asia Pacific captured majority of the transportation and logistics services market share in 2021 and is projected to register the highest growth rate across all regions. Growing foreign investments in South Asian countries, such as Malaysia, Philippines, Thailand, and Singapore, due to rising political tensions between China and other nations will drive market expansion in this region. China is the leading market due to growing exports to North America and Europe.
The North America market is predicted to augment in the forthcoming years due to growing e-commerce sector and rising trend of online shopping. Moreover, the surging demand for green logistics to combat rising environmental concerns will further stimulate market proliferation in this region.
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Expansion of Product Portfolios by Industry Leaders to Escalate Market Expansion
FedEx Corporation is a Tennessee-based transportation and logistics services provider. It mainly operates through four segments, FedEx Express, FedEx Freight. FedEx Ground, and FedEx Services. Its fleet comprises 697 aircraft working with approximately 650 airports. The company has presence in around 220 countries worldwide. It is one of the world’s largest transport, logistics & courier companies, with main cargo hubs in the U.S. and Hong Kong. In June 2022, FedEx Corporation and Four Kites announced a strategic alliance to make supply chains smarter by bringing highly granular visibility into multi-carrier and multi-modal operations with deep network and rich insights of their combined networks.
List of Key Players Covered in Transportation & Logistics Services Market Report
- C.H. Robinson Worldwide Inc. (U.S.)
- United Parcel Service, Inc. (UPS) (U.S.)
- FedEx Corp. (U.S.)
- Deutsche Post AG (Germany)
- Kuehne+Nagel International AG (Switzerland)
- A.P. Moller – Maersk (Denmark)
- Schenker AG (Germany)
- DSV Solutions (Denmark)
- Nippon Express Holdings, Inc. (Japan)
- Landstar System Holdings, Inc. (U.S.)
Transportation & Logistics Services Market Segmentation: –
By Service Type
- Warehouse Services
- Inventory Management
- Administration & Supplies
By Mode of Transport
By End Use
- Apparel and Footwear
- Pharmaceutical Products
- Ships and Railways
- Building Materials
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Table of Content:-
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments – Mergers, Acquisitions, and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 PEST Analysis
4.4 COVID-19 Impact
5. Global Transportation & Logistics Services Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Definitions
5.2. Market Analysis, Insights and Forecast – By Service Type
5.2.1. Warehouse Service
5.2.3. Inventory Management
5.2.4. Administration & Supplies
5.3. Market Analysis, Insights and Forecast – By Mode of Transport
5.4. Market Analysis, Insights and Forecast – By End Use
5.4.6. Building Materials
5.4.8. Aircraft, Ships & Railways
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