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.
The Logistics Service Market by logistics provider is further segmented into first & second 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.
Globally, the various leading provider of logistics service provides a broad range of customized as well as end-to-end logistics solutions for different end-user industries. As a result, based on logistics providers, the market is broadly classified into first & second party logistics, third-party logistics, fourth party logistics, and fifth party logistics. Further, based on the mode of transportation, the market is segmented into railways, roadways, airways, and waterways. Whereas, by end-users, the market is divided into government & public utilities, healthcare, industrial manufacturing, retail & consumer goods, aerospace & defense, and others. And finally, by organization size, the market is bifurcated into small & medium enterprises and large enterprises. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Some of the prominent market players operating in the market are 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, and KUEHNE + NAGEL to name a few prominent market players operating in the market.
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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. For successful market expansions, organizations focus on increasing the product assortments catering to the needs of the local market, giving rise to a highly diverse portfolio of products. The larger the diversity, the higher is the complexity of the supply chain for the organization to manage efficiently in delivering products as well as services.
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. With the rapid development of technology, several small & medium and large enterprises are opting for logistics services to focus on core competencies, restructuring of the company, and to gain cost reduction. Based on organization size, the global logistics service market is categorized into small & medium enterprises and large enterprises.
Table of Contents:
- Key Takeaways
- Research Methodology
- Logistics Service Market Landscape
- Logistics Service Market – Key Market Dynamics
- Logistics Service Market – Global Market Analysis
- Logistics Service Market – Revenue and Forecasts to 2027 – Product Type
- Logistics Service Market – Revenue and Forecasts to 2027 – Application
- Logistics Service Market – Revenue and Forecasts to 2027 – Compound
- Logistics Service Market Revenue and Forecasts to 2027 – Geographical Analysis
- Industry Landscape
- Logistics Service Market, Key Company Profiles
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