Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Finished Vehicle Logistics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Finished Vehicle Logistics Market is on a trajectory of impressive growth, set to achieve a commendable Compound Annual Growth Rate (CAGR) of 5% during the forecasted period. This upward momentum is driven by various compelling factors, propelling the market to a projected total value of USD 209.90 billion by 2021.
The Asia Pacific region has witnessed remarkable growth across several key indicators, a testament to the increasing utilization of multiple logistics services by automotive companies.
This surge is a direct response to shifting consumer preferences and the rapid expansion of e-commerce platforms. Furthermore, the escalating production of vehicles, with a particular focus on three-wheeled vehicles, in countries like India, Thailand, and Bangladesh, is poised to stimulate substantial demand for finished vehicle logistics services in the region.
The Asia Pacific Finished Vehicle Logistics market is further bolstered by the implementation of an enhanced regulatory framework designed to streamline goods transportation across the supply chain. Coupled with the presence of well-established automaker models, these regulatory advancements are positioned to catalyze market growth.
The industry's prospects are further brightened by strategic collaborations between logistics companies and automakers, aimed at enhancing overall efficiency and effectiveness in transportation and logistics operations.
Japan, China, and South Korea stand as the primary contributors to the regional market share, with Japan leading the pack. The regulatory modifications targeted at simplifying goods transportation across the supply chain will continue to drive growth for the Asia Pacific Finished Vehicle Logistics Market.
Key Highlights:
Rise in Automotive Logistics Outsourcing in the Asia Pacific Region
The Asia Pacific region is witnessing a surge in automotive logistics outsourcing, spurred by rapid automotive production growth, the need for efficient transportation, and the adoption of advanced technology services. Digital supply chain capabilities are expanding, and the widespread adoption of e-commerce is further fueling this trend. Government support for logistics and transportation services is also a contributing factor.
The competitive landscape in the automotive logistics outsourcing market is intense, with both global and local players vying for a slice of the pie. To cater to the diverse needs of clients, logistics providers are increasingly offering customized services, including contract logistics, warehousing, and transportation tailored to customer preferences. The demand for advanced logistics services such as 3PL and 4PL is on the rise, promising substantial market growth in the region.
Expansion of Electric Vehicle Fleets in the Asia Pacific Region to Enhance Vehicle Logistics
The Asia Pacific region has witnessed a rapid surge in the electric vehicle (EV) sector, driven by increasing consumer demand for environmentally friendly vehicles. As the adoption of EVs continues to grow, there is heightened pressure on EV fleet operators to enhance operational efficiency and reduce logistical costs.
To achieve these goals, fleet operators are shifting away from traditional fuel-based logistics and embracing sustainable solutions. Strategies include facilitating pooled EV fleets, deploying advanced data management systems for route optimization, and gaining deeper insights into operations through telematics systems. These initiatives are poised to revolutionize vehicle logistics in the region.
Asia Pacific Finished Vehicle Logistics Industry Overview
The Asia Pacific Finished Vehicle Logistics Market is experiencing a promising upward trajectory, fueled by the flourishing automotive industry and the surging demand for cost-effective and efficient logistics solutions. With a booming automotive sector comes increased demand for the shipment of vehicles across the region.
Governments are investing in infrastructure development to address logistical challenges, further improving the market landscape. Additionally, substantial investments in logistics technology by regional governments are expected to propel the market to even greater heights in the coming years.
The Asia Pacific Finished Vehicle Logistics market is characterized by a competitive landscape, with several companies actively competing in the space. Key players are continuously innovating to expand their product portfolios. Notable participants in the market include DHL, DSV, CEVA Logistics, Kuehne + Nagel, among others.
A selection of companies mentioned in this report includes
- DSV
- Kuhene + Nagel
- DHL
- EKOL Logistics
- APL Logistics
- CEVA Logistics
- GEFCO
- Yusen Logistics
- EZ Logistics
- VASCOR Logistics*
For more information about this report visit https://www.researchandmarkets.com/r/hal8g5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
