Freight and Logistics Market Is Expected To Grow At A CAGR Of 6.68% Through 2031

The main reason that acts as the driving force to help improve the freight and logistics market size is the increase in global trade.

According to TechSci Research report, “Global Freight and Logistics Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2031”. The Global Freight and Logistics Market will grow from USD 16.93 Billion in 2025 to USD 24.95 billion by 2031 at a 6.68% CAGR.  Driven by the e-commerce and manufacturing sectors, warehousing and logistics stock will likely double by 2030 to cross 700 million square feet. Leasing activity in the segment grew by 40% QoQ in Q3 2022 to amount to 9.2 million square feet. The e-commerce boom also fueled parcel volumes by 21% YoY in 2021 in 13 major economies. It is expected to record a CAGR of 8.5% through 2022-2027. The United States generated the highest revenue, while China generated 108 billion parcels in 2021.

Logistics hubs, like Bahrain's Global Sea-to-Air Logistics Hub, launched in 2021, could provide cost-effective and faster freight transportation. In order to upgrade and modernize warehousing, 90% of Asia-Pacific warehouse operators are investing in next-gen automation tech, which is anticipated to boost the market globally in the next five years. In March 2022, the Asia-Pacific region led in terms of the number of airport infrastructure projects being constructed, with a total of 230 projects encompassing various components like runways and terminals. The combined value of these projects amounted to USD 227.5 billion. Following closely behind, Europe had the second-highest number of airport infrastructure projects under construction, with 178 ongoing projects valued at USD 109 billion. However, when considering the overall expenditure on airport construction worldwide, North America slightly surpassed the other regions, with a total investment of USD 117.5 billion.

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In a competitive and growing market, the last two years, 2020-22, have taught us that we must be both flexible and agile. In 2021, unprecedented growth in online retail was expected, particularly in direct-to-consumer services. The provision of omnichannel services, in which customers enjoy a unified shopping experience regardless of channel, is a major focus. This could be done in-store, online, on mobile, or through social media. Customers now expect a more seamless experience, lower prices, faster shipping, and a greater emphasis on sustainability. One of the most difficult challenges has been the extraordinary demand in the grocery and apparel segments, where one-day deliveries or less are becoming the norm. There was a global shortage of transport capacity and a limited supply of delivery drivers in 2021.

Quick commerce is being adopted by industries such as grocery, pharmaceuticals, and e-commerce. Companies and brands are replacing traditional business models and distribution channels with digital platforms to improve their delivery services by leveraging available technological advancements. This market is typically distinguished by delivery times of less than 20 minutes. The order size, value, and weight are typically small and easily transported via two-wheelers, drones, or small vehicles. The 3PL, on the other hand, has already grown to become an important stakeholder in the supply chain network. With the growing demand for resource-backed fulfillment services, such as improved delivery management software, acute logistics optimization, and increased use of smaller warehouses in urban areas, reliance on 3PLs will only increase.

With delivery volumes increasing all over the world, particularly due to the rapid growth of eCommerce, supply firms are looking for innovative, cost-effective, and efficient approaches to last-mile delivery. This has resulted in investments and trials of cutting-edge technology such as driverless cars, delivery bots, and drones. Aurora (self-driving technology) from Amazon is a prime example.

Key market players in the Global Freight and Logistics Market are following:-

• Deutsche Post DHL Group
• United Parcel Service, Inc.
• FedEx Corporation
• Kuehne + Nagel International AG
• DSV A/S
• DB Schenker
• A.P. Moller – Maersk A/S
• C.H. Robinson Worldwide, Inc.
• CEVA Logistics SA
• Nippon Express Co., Ltd.

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Logistics is the core area of the third-party logistics (3PL) firms, and their proficiency in this area is always superior to that of the core companies. 3PL firms have the expertise to keep IT systems updated and deliver the logistic services more time & cost effectively, along with this, they own the ability to meet the technical requirements. Moreover, 3PL firms also help to reduce inventory cost and can strategize to reduce a company’s overall shipping & delivery costs as well. The core companies may not have the time or expertise to keep logistic services and systems updated. The company often faces challenges in meeting the timely delivery of products during high business growth. Outsourcing the logistics function from a third party is helpful for core companies as these firms manage and maintain warehouses, transportation, and other operations more efficiently with expertise,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Freight and Logistics Market – Global Service Size, Share, Trends, Opportunity, and Forecast Segmented By End User Industry (Agriculture, Fishing and Forestry, Construction, Manufacturing, Oil and Gas, Mining and Quarrying, Wholesale and Retail Trade, Others), By Shipping Type (Airways, Railways, Roadways and Waterways), By Service (Inventory management, Packaging, Warehousing, Transportation, Distribution, Custom clearance and Others), By Region, By Competition 2021-2031F, has evaluated the future growth potential of Global Freight and Logistics Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Freight and Logistics Market.

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