Automotive Logistics Market- Global Analysis and Forecast to 2027”, the global automotive logistics market is expected to reach US$ 370.8 billion in 2027, registering a CAGR of 6.6% during the forecast period 2019-2027.
The rising demand for Chinese manufactured vehicles in these countries are pressurizing the Chinese automakers to engage themselves in partnering with logistics companies increasingly. This factor is posing a significant business growth opportunity for Chinese logistics companies as well as international logistics partners, thereby, is anticipated to boost the automotive logistics market in the coming years. China accounted for a significant market share in the Asia Pacific automotive logistics market in 2018.
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The key companies functioning in the market include – DHL, CEVA Logistics, DB Schenker Logistics, DSV A/S, GEODIS, Kuehne + Nagel International AG, Nippon Express Co., Ltd. Ryder System, Inc., United Parcel Service of America, Inc., and XPO Logistics among others.
The global automotive logistics market is segmented on the basis of type, services, and sector. Based on the type, the market is segmented into outsourcing and insourcing. On the basis of the services, the market is classified into transportation, warehousing, packaging processes, integrated service, and reverse logistics. The market by sector is fragmented into passenger vehicle, commercial vehicle, tire, and component.
Automotive industry is experiencing significant demand for vehicles, which is pressurizing the vehicle manufacturers to deliver the required amount of vehicles. he rise in demand for passenger and commercial automobiles among the global mass is majorly driven by the rise in disposable income and an increase in manufacturing facilities in the developed countries and developing economies. These factors has led the automobile manufacturers to focus on logistics of the vehicle components, wheels significantly, and tires, vehicle skeleton as well as wholly assembled vehicles from one location to another worldwide.
The autonomous vehicles segment majorly, the passenger cars is gaining substantial popularity in recent time, and several automobile manufacturers are testing autonomous trucks. The autonomous trucks would benefit the logistics companies as well as the suppliers with enhanced safety and shorter lead times. The introduction of autonomous trucks is foreseen to catalyze the industry size of the automotive logistics market.
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This post was originally published on The Picayune Current