Logistics Market to Reach $12.97 Billion, Globally, by 2027 at 6.5% CAGR: Allied Market Research
Growing e-commerce industry, surge in trade related agreements, increase in the number of tech-driven logistics services, and rising adoption of IoT enabled connected devices drive the growth of the global logistics market
PORTLAND, Ore., Feb. 23, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Logistics Market by Mode of Transport (Railways, Airways, Roadways, and Waterways) and End Use (Healthcare, Manufacturing, Aerospace, Telecommunication, Government & Public Utilities, Banking & Financial Services, Retail, Media & Entertainment, Technology, Trade & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2017–2027." According to the report, the global logistics industry was estimated at $7.64 billion in 2017, and is expected to hit $12.97 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
Mounting e-commerce industry coupled with rise in reverse logistics operations, increase in trade related agreements, surge in the number of tech-driven logistics services, and growing adoption of IoT enabled connected devices fuel the growth of the global logistics market. On the other hand, poor infrastructure, higher logistics costs, and lack of control of manufacturers on logistics service restrain the growth to some extent. However, emergence of last mile deliveries in addition to logistics automation is expected to create lucrative opportunities in the industry.
Logistics firms which are directly involved in the movement, storage, and flow of goods were severely hampered during the first phase of the lockdown. Flight cancellations and travel bans also led to supply chain and logistics across the world.
Nevertheless, as the lockdown has loosened off, the standard manufacturing activities are gradually being restored, and the global market for logistics is expected to recoup soon.
The roadways segment to maintain the lion's share by 2027-
Based on mode of transport, the roadways segment accounted for more than two-fifths of the global logistics market share in 2017, and is anticipated to rule the roost by the end of 2027. Low capital investment and operational cost drive the growth of the segment. The waterways segment, on the other hand, would grow at the fastest CAGR of 7.4% throughout the forecast period, due to increasing popularity of containerization and rise in the number of new ports.
The manufacturing segment to dominate during the estimated period-
Based on end-use, the manufacturing segment contributed to nearly one-third of the global logistics market share in 2017, and is anticipated to rule the roost by the end of 2027, due to increase in demand for procuring and handling of raw materials and finished products. Simultaneously, the healthcare segment would exhibit the fastest CAGR of 9.3% by 2027, owing to increasing online pharmacies and rise in seaborne pharmaceutical transportation.
Asia-Pacific, followed by North America, to dominate in terms of revenue-
Based on geography, Asia-Pacific, followed by North America, held the major share in 2017, garnering nearly half of the global logistics market. The same region would also portray the fastest CAGR of 6.9% during the forecast period, owing to the booming e-commerce industry, increased adoption of outsourced logistics services, and high government support for development of logistics infrastructure.
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