Associated directly with the advancements in the international trade flow and the present economic scenario, the global market for logistics is experiencing a significant rise in its valuation. Intra-regional trade has gained significant impetus in emerging regions and, together with escalating GDP rates, it has been reflecting greatly on the demand for logistics across the world. Over the coming years, the application of logistics services in various sectors, such as retail, manufacturing, trade and transportation, medical and healthcare, government and public utilities, media and entertainment, banking and financial services, telecommunication, and information technology, is anticipated to boost this market, substantially.
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According to Transparency Market Research (TMR), the global market for logistics is expected to rise at a CAGR of 7.50% between 2015 and 2024 in terms of value. By volume, the market is anticipated to register a CAGR of 6.0% during the same time period.
In this blog post, analysts at TMR are answering some of the important questions about the global logistics market:
Which factors have strong impact on the global logistics market?
The global logistics market is propelled remarkably by the rise in the Internet industry. As online shopping has become significantly popular among consumers, thanks to the comfort and wide collection it offers, the need for logistics services and better, speedier, and more productive logistics administrations for transporting goods has increased substantially. The main contributor to this situation is the ever-rising number of consumers with access to fast internet connections.
Moreover, the present logistics services are ending up increasing being consumer driven, providing a number of points of interest to their buyers, including promotional offers and discounts, better conveyance services through computerized stamping, which is projected to continue supporting the global market in the near future.
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Which regional market is likely to acquire the leading position in the near future?
North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe are the main regional markets for logistics across the world. Asia Pacific, among these, has been leading the overall market, thanks to the increased penetration of Internet, as well as the rise in the disposable income of consumers. The region is anticipated to remain on the top over the next few years, thanks to the increasing consumer base.