The global automotive logistics market is gaining traction due to the rise in free-trade agreements between several countries, an expanding e-commerce sector, and a substantial growth of global trade activities.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Automotive Logistics Market by Service (Warehousing and Transportation), by Type (Finished Vehicles and Automotive Parts), by Mode of Transport (Land, Air, and Sea), and by Distribution Area (Domestic and International): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report states that the global automotive logistics market size is anticipated to grab $433.6 billion by 2031. The market was valued at $241.7 billion in 2021 and is expected to grow at a notable CAGR of 6.1% during the forecast period of 2022 to 2031. The report provides an in-depth study of competitive scenarios, regional landscapes, value chains, key investment areas, top segments, and dynamic market trends.
The global automotive logistics market is gaining traction due to the rise in free-trade agreements between several countries, an expanding e-commerce sector, and a substantial growth of global trade activities. Additionally, the surge in the number of seaports across the world is estimated to accelerate the growth of the market. However, stringent emission norms may hinder the market growth to some extent. Nevertheless, technological advancements like machine-to-machine communication have brought a paradigm switch in the transport domain, specifically in waterway transportation. This is expected to offer lucrative growth opportunities to the market in future.
The land segment to grab the lion’s share
On the basis of mode of transport, the land segment contributed to the largest market share of nearly two-thirds in 2021 and is expected to retain its dominance throughout the forecast timeframe. The segment is driven by a surge in investments in road transport activities as they need lesser requirements as compared to air and railway transportation. Also, the increase in the export and import of goods through land has accelerated the growth of the segment. The sea segment, on the other hand, is expected to register the highest CAGR of 7.5% during the forecast period, owing to an increase in the transportation of major goods via sea route.
Based on distribution area, the domestic segment held the largest market share of nearly two-thirds of the global market share in 2021 and is expected to dominate the market share by 2031. The growth is attributed to an increase in domestic services involving sending of documents from one place to another and goods delivery in a country like parcel delivery, document courier, and cargo transport. The international segment, on the other hand, is estimated to showcase the fastest growth with 7.3% CAGR throughout the forecast timeframe. The growth is driven by factors such as large-scale distribution of goods and logistics from one country to another via flight and sea route.
The transportation segment to retain its dominance during the forecast period
On the basis of service, the transportation segment accounted for the highest market share in 2021, contributing to m=nearly four-fifths of the global automotive logistics market and is expected to rule the roost throughout the forecast timeframe. The growth is attributed to the surge in usage of transportation management software for enhancing routes, transforming paper-derived documentation into digital/analog, and handling carriers. Moreover, transportation management software assists in enhancing customer service, tracking deliveries in real-time, and decreasing freight costs. The warehousing segment, on the other hand, would showcase a notable CAGR of 7.4% during the forecast period of 2022 to 2031. The rising robot’s penetration in warehouse management processes like inspection, transporting, packing, sorting, and picking.
Asia-Pacific to dominate the market by 2031
The regional analysis in the report indicates that the Asia-Pacific region held the major market share of more than two-fifths in 2021 and is expected to lead the trail from 2022 to 2031. Also, the same region would portray the fastest CAGR of 7.1% by 2031. The growth is attributed to the expanding e-commerce sector in developing countries across the region. Additionally, beneficial government policies regarding the development of strong automotive logistics infrastructure in the region will accelerate the regional market trends.
The report offers a thorough analysis of prominent players in the global automotive logistics market. These frontrunners have employed various strategies, including making acquisitions, launching new products, obtaining product approvals, forming partnerships, and expanding their operations, all with the goal of augmenting their market share and upholding dominant positions across diverse regions. The report is instrumental in spotlighting the business performance, operating segments, product portfolios, and strategic maneuvers of these market players, providing a comprehensive overview of the competitive landscape.
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