Logistics Service Market revenue accounted for US$ 1,122.58 Bn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 – 2027, to account to US$ 2,029.38 Bn by 2027. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
In North America, the development of logistics services was majorly influenced by the factors such as time, cost, increased internationalization, competition, virtual organization, and high consumer awareness. Some of the major logistics services providers in North America include DHL Supply Chain North America, XPO Logistics, Ryder Supply Chain Solutions, GEODIS North America, and Americold. Amongst them, in 2017, DHL Supply Chain North America had 673 warehouses with 119 Bn square feet capacity. However, it is found that, the leading logistics services providers in North America has to deal with overcapacity and underutilization of their physical and human resources.
Top Leading Market Players:
PANALPINA WORLD TRANSPORT (HOLDING) LTD.
United Parcel Service (UPS)
C.H. Robinson Worldwide, Inc.
A.P. MOLLER – MAERSK
DHL International GmbH
KUEHNE + NAGEL
Moreover, the growing e-commerce industry of the region is also flourishing thus, propelling the growth of logistics. According to the World Bank, the North American logistics sector is highly developed scoring 3.89 in the LPI index of 2018. The highly developed logistics sector of the region further allows logistics services market to flourish. With the blooming e-commerce industry in the U.S., DHL recently announced its plans to open innovation center near Chicago dedicated for the development of new tools to help handle the acceleration in e-commerce demand. In 2017, XPO Logistics expanded its ten year partnership with Sealed Air Corporation with a new multi-year contract through the rollout of a North American-based integrated warehousing and logistics management program. Also, with the blooming e-commerce market, the market is anticipated to gain momentum.
Globally, the various leading provider of logistics service provides a broad range of customized as well as end-to-end logistics solutions for different end-user industries. As a result, based on logistics provider, the market is broadly classified into first & second party logistics, third-party logistics, fourth party logistics, and fifth party logistics. Further, based on the mode of transportation, the market is segmented into railways, roadways, airways, and waterways. Whereas, by end-users, the market is divided into government & public utilities, healthcare, industrial manufacturing, retail & consumer goods, aerospace & defense, and others. And finally, by organization size, the market is bifurcated into the small & medium enterprise and large enterprise. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
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