OTTAWA, Oct. 13, 2020 (GLOBE NEWSWIRE) — The global automotive logistics market size was valued at USD 144.9 Billion in 2019 and expected to reach USD 231.9 Billion by 2027. Read more information@ https://www.precedenceresearch.com/automotive-logistics-market
Automotive logistics include transportation of finished vehicles, production material, and spare parts.It also provides continuous warehousing services of finished automotive vehicles as well as their components &systems in the supply chain. This would ensure a smooth flow of operations.
Rise in sale of vehicle and their spare parts across the globe significantly drive the market growth. The requirement of customized service in automotive logistics as per the on-going trend offer significant opportunity to the logistic service providers to differentiate their service from others. These service provider companies adopt advanced technologies such as Big Data, Internet of Things (IoT), and analytics to enhance their services by real time monitoring and tracking of shipment to avoid delay. These technologies also help to manage the inventory along with reducing the overall labor cost.
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- In 2019, the Asia Pacific captured more than 30.0% market value share in the global automotive logistics market and expected to witness the highest growth during the forecast period. Economic growth in India and China has significantly boosted the market growth in the region.
- Europe analyzed to witness slower growth as compared to the Asia Pacific over the next few years due to concern related to labor shortage and talent management. However, expansion of e-commerce sector and restructuring of supply chain activities is anticipated to positively influence the industry growth over the next few years.
- Based on type, automobile parts encountered the maximum market value share accounted for more than 75% share in the global automotive logistics market in 2019. Stringent government norms for carbon emission have triggered the need for upgradation of automotive parts that flourishes the demand for automobile parts in the coming years. On the other hand, finished vehicles expected to register the highest growth over the forecast period due to rising demand for electric vehicles and low emission vehicles.
- Transportation segment led the global automotive logistics market with significant revenue of nearly 82% in the year 2019 and analyzed to maintain its dominance over the projected years. Besides this, warehousing projected to exhibit the fastest growth over the analysis period. This is mainly due to increasing demand for capacity expansion in storage centers and warehouses.
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In 2019, the Asia Pacific occupied more than 30% revenue share in the global automotive logistics market and anticipated to register the fastest CAGR over the analysis period. Economic growth in emerging nations such as India and China flourishes the demand for automotive logistics market. In addition, these nations encounter significant investment in the transportation infrastructure to upgrade it and make it compatible with the smart city, thereby bolster the growth of automotive logistics in the region. Rising adoption of battery-powered vehicle as well as electric cars in the Asian countries drives the growth of the market. On-going investment for the smart city projects and stringent norms for environment-friendly mobility to curb the carbon emission adds as an advantage for the growth of the region.
On the other side, Europe follows the Asia Pacific in terms of CAGR. The prime factor responsible for the significant growth of the region is increasing sale of luxury and premium cars in the region. High disposable income and purchasing power of the consumer empowers them to adopt advanced transportation that provides high-level of comfort without compromising safety and security. Furthermore, the region is an automotive hub and a home for several automobile manufacturers that again boost the growth of automotive logistics in the region.
Key Players & Strategies
The global automotive logistics market is oligopolistic in nature. Market players are moving towards consolidation as some of the key operating players occupy the major revenue share in the global market. Market participants are mainly focusing on merger & acquisition, collaboration, partnership, and other inorganic growth strategies to capture maximum revenue share in the market. Furthermore, they are also integrating smart technologies in their logistic services to provide technology-driven services to their customers along with route optimization and real-time tracking of shipments. This helps the market players to retain their position in the highly competitive market and also to attract more customers by providing them the technology-driven services.
Some of the key players operating in the market are CEVA Logistics, BLG LOGISTICS GROUP AG & Co. KG, Hellmann Worldwide Logistics, Ryder System, Inc., GEFCO, CFR Rinkens, Penske Automotive Group, Inc., Imperial Logistics, Expeditors International of Washington, Inc., Nippon Express Co. Ltd., Kerry Logistics Network, and Schnellecke group ag & co. KG among others.
- Automobile Parts
- Finished Vehicle
By Logistics Solution
- Reverse Distribution (International and Domestic)
By Regional Outlook
- North America
- Asia Pacific
- Rest of the World
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