Spare Parts Logistics Market in Europe to increase by USD 5.74 billion during 2023-2028; Growing Free Trade Agreements to drive the growth - Technavio

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The spare parts logistics market in Europe size is expected to grow by USD 5.74 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 4.99% during the forecast period. The market is segmented by Type (Forward and Reverse) and End-user (Automotive, Industrial, Aerospace, and Electronics). The growing free trade agreements in Europe drive market growth. There is a growing volume of imports and exports in Europe, which can be attributed to the growing free trade agreements with many developing countries. Such free trade agreements are expected to fuel volume shipments from various manufacturing industries, including electronics and automotive. Given rising industrial production, the need for spare parts increases, and thus, such factors are positively impacting the market which in turn drives the European spare parts logistics market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Higlights:

• The report recognizes the following as some of the key players in the spare parts logistics market in Europe: Bertelsmann SE and Co. KGaA, Beumer Group GmbH and Co. KG, BLG LOGISTICS GROUP AG AND Co. KG, CMA CGM SA Group, Deutsche Bahn AG, Deutsche Post AG, DILO Co. Inc., DSV AS, Expeditors International of Washington Inc., FedEx Corp., FIEGE Logistik Stiftung and Co. KG, Fujitsu Ltd., Honda Motor Co. Ltd., Kerry Logistics Network Ltd., Kuehne Nagel Management AG, Lufthansa Cargo, SNCF Group, TVS Motor Co. Ltd., United Parcel Service Inc., and XPO Inc.
• Spare Parts Logistics Market in Europe is fragmented in nature.
• Market to observe 4.51% YOY growth in 2024.

Market Dynamics:

Trend

• The over-the-air updates for ECUs are an emerging market trend.
• Electronic components in cars have been witnessing growth in the last few years due to the increased installation of driver assistance and safety features in automobiles.
• As a result of the advent of in-vehicle infotainment (IVI) and connected car technologies in automobiles, there is an increase in the complexity of automotive components and systems.
• Furthermore, the number of ECUs and program execution is rising in automobiles due to the increased demand for infotainment systems and connected vehicles.

Challenge

• Shortage of skilled drivers resulting in high lead times hinders market growth.
• This challenge leads to the disruption of the supply chain, where the lead time is of critical importance.
• As a result, this shortage of skilled drivers would increase the lead times in spare parts deliveries.
• Additionally, there is a lack of interest among individuals, mainly due to low wages and long working hours.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

• The forward segment is significant during the forecast period. This segment comprises handling activities including transportation, warehousing, and value-added activities. Forward logistics services in Europe have witnessed growth due to various factors including the adoption of the PPP model in warehouse management and container logistics. These factors fuel the growth of the forward segment which in turn will drive the Europe spare parts logistics market growth during the forecast period. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

The apparel logistics market size is estimated to grow at a CAGR of 6.52% between 2022 and 2027. The market size is forecast to increase by USD 40.17 billion.

The Europe - logistics market size is estimated to grow at a CAGR of 3.86% between 2022 and 2027. The market size is forecast to increase by USD 51.35 billion.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio