NEW YORK, March 2, 2021 /PRNewswire/ -- The project logistics market is expected to grow by USD 32.15 billion, progressing at a CAGR of almost 3% during 2020-2024. The report identifies APAC as the key growth region for the market and the region is expected to offer significant opportunities for market vendors over the forecast period.
"One of the primary growth drivers for this market is the rising demand for project logistics from the automotive industry," says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the project logistics market size to grow by USD 32.15 billion during the period 2020-2024.
Project Logistics Market Segment Highlights for 2020
The project logistics market is expected to post a year-over-year growth rate of 2.53%.
Based on the segmentation by service, the market witnessed maximum growth in the transportation services segment in 2019.
The transportation services segment is driven by the increased number of customized and innovative transportation solutions offered by major vendors in the market.
The market growth in the transportation services segment will be significant over the forecast period.
55% of the growth will originate from the APAC region.
The establishment of new manufacturing plants by international players will be crucial in the growth of the market in APAC during the forecast period.
China and India are the major markets in the region. Over the forecast period, market growth in APAC will be faster than that of other geographies.
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The project logistics market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
The project logistics market is segmented by Service (Transportation, Warehousing, and Others) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including C.H. Robinson Worldwide Inc., CEVA Logistics AG, DB Vertrieb GmbH, Deutsche Post AG, DSV AS, FedEx Corp., Kuehne + Nagel International AG, Nippon Express Co. Ltd., United Parcel Service Inc., and XPO Logistics Inc.
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