Albany, NY -- (SBWire) -- 01/24/2018 --The growth of the global logistics market is directly related to the development of international trade flow and the current economic environment.
The usage of logistics services in different application such as manufacturing, retail, trade and transportation, government and public utilities, healthcare, media and entertainment, telecommunication, banking and financial services, and information technology is expected to rise considerably during the forecast period, which in turn, is estimated to strengthen the growth of the logistics market globally.
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The global logistics market, in terms of revenue, is set to expand from US$8.1 trillion in 2015 to US$15.5 trillion by 2023, registering a CAGR of 7.5% from 2015 to 2024. By volume, the market is expected to clock in a 6.0% CAGR from 2016 to 2024.
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Roadways to continue being Most Favored Mode of Logistic Transport
Flexibility of operations, easy accessibility, reliability, and availability of door-to-door services have enabled road transport to gain an increasingly higher share in the logistics market, both in terms of freight traffic and passenger transport. With improved road infrastructure in economies such as North America, Europe, and Asia Pacific, road transport is likely to continue its trend as the most favored mode of logistic transport.
The logistics market in North America has grown significantly over the years. This can be attributed to an increase in trade activities between the U.S. and South America and Europe. U.S.'s trade relations with Asia Pacific, particularly China and India, has strengthened owing to the rising demand for foreign goods in these countries.
Key players in this market include J.B. Hunt Transport Services (U.S.), C.H. Robinson Worldwide, Inc. (U.S.), Ceva Holdings LLC (U.K.), FedEx Corp. (U.S.), United Parcel Service, Inc. (U.S.), Expeditors International of Washington Inc. (U.S.), XPO Logistics Inc. (U.S.), Kenco Group (U.S.), Deutsche Post DHL Group (Germany), Americold Logistics, LLC (U.S.), and UTi Worldwide Inc. (U.S.).
Increase in Trade Agreement Globally to Contribute in Demand for Logistics Market