What is the demand for Global Logistics Market?
The size of the Global Logistics Market was valued at USD XX Billion in the year 2017 and this value predicted to hit USD XX Billion by the end of 2023 witnessing a CAGR of XX% during the forecast period.
Global Logistics Market Overview:
Logistics is a business which controls, executes and plans the movement of materials, capital and services. Logistics is part of the management of the supply chain that controls, implements and plans the efficient and effective flow of goods, information and services between the point of origin and the point of consumption. The logistics market includes all activities in the supply chain, such as transportation, customer service, inventory management, information flow and order processing. Other activities in the supply chain include storage, handling, purchasing, packaging, information and maintenance, among others. The demand for logistics solutions is much higher in the B2B sector and is expected to continue increasing in the coming years.
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Global Logistics Market- Drivers and Restraints:
The increase in commercial activities of developing countries around the world, the proliferation of trade agreements and the global logistics infrastructure, as well as the advancement of information technology and the transport sector, are the main factors responsible for the growth of the global logistics market. However, the increase in pollution levels and the high cost of inventory and low storage space are holding back the growth of the market. Regardless of the challenges, the increasing adoption of green logistics solutions creates an opportunity for market growth. The increase in the number of trade agreements between two countries is another important factor that has influenced the logistics sector. The free trade agreement allowed the reduction of tariffs and taxes. In addition, commercial activities have increased because the exporter and the importer do not have to pay taxes to the government. The countries of the trade bloc are lifting bans and making trade more flexible. Capacity development and the logistics function greatly influence the logistics infrastructure. The logistics infrastructure has been improved to meet the need for additional logistics functionality, with the help of IT, for a continuous flow of information from one source to another. The increasing use of radio frequency identification (RFID), Bluetooth and other recently introduced technologies, such as the transmission of unmanned aircraft and the driverless vehicle, are being used more effectively for logistics services.
From a geographical perspective, Asia Pacific dominated the global logistics market in 2017 with a market share of over 25% and is expected to maintain its leading position during the forecast period, followed by North America. This is due to significant contributions from countries such as China, India, Singapore, Indonesia, Japan and Malaysia. China is the main contributor to the growth of this region due to the presence of a large manufacturing base. India is one of the most promising markets for which both the government and the logistics players are making large investments in the country. In addition, intra-regional trade in emerging markets is becoming important, especially in the Asia-Pacific region, which adds to the high GDP growth rates.
Top Companies Included in Global Logistics Market Report are:
C.H. Robinson Worldwide, Inc., Americold Logistics, LLC, DHL Supply Chain, Ceva Holdings LLC, FedEx Corp., Expeditors International of Washington Inc., Kuehne + Nagel Inc., J.B. Hunt Transport Services, Ryder Supply Chain, Penske Logistics, SNCF Logistics, Solutions, United Parcel Service, Inc., The Boeing Company, DSV A/S, and XPO Logistics Inc. are the major players of the market.
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