Logistics is one of the important aspects from the trading perspective. As the world comes closer in terms of trade policies, the global logistics market is expected to attain high growth in the next few years. In addition, favorable government regulations concerning trade policies are likely to act as a major benefit for the growth of the logistics market across the globe. The increasing use of advanced technology in the logistics industry to improve their services will help the leading players in expanding their operations in their region.
According to a research study by Transparency Market Research, in 2015, the global logistics market was worth US$8.1 trillion and is likely to reach a value of US$15.5 trillion by the end of 2023. In terms of revenue, the market is estimated to register a 6.0% CAGR between 2016 and 2024.
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Which factors are encouraging the growth of the global logistics market?
The rising ecommerce sector is one of the key factors fuelling the growth of the global logistics market. A tremendous rise in the use of internet and social media has resulted in a substantial growth of web based shopping. Thanks to this, the demand for quick, better, and cost effective logistic services have increased considerably. To cater the rising demand, several new players have entered the global market with improved services and products. Furthermore, the favorable and relaxed trade agreements are estimated to drive the global logistics market in the next few years.
Which mode of logistic transport is likely to lead in the global market?
In terms of transport infrastructure, the global logistics market has been categorized into waterways, railways, roadways, and airways. Among these, the roadways segment is expected to lead the global market in the coming years. The high growth of this segment can be attributed to the availability of door to door service, flexibility of operations, reliability, and easy accessibility. In addition to this, the rising focus on road infrastructure development in developing economies is predicted to act as a driving factor for the growth of the roadways segment in the next few years.