Pune, India, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The global automotive logistics market is set to gain traction from the increasing adoption of third-party logistics (3PL) for reducing operating costs and investments. It also helps companies to enter the international market quickly. This information is given by Fortune Business Insights™ in a report, titled, “Automotive Logistics Market, 2021-2028.” As per the report, the market size was USD 256.85 billion in 2020. It is expected to grow from USD 262.06 billion in 2021 to USD 393.71 billion in 2028 at a CAGR of 6.0% in the forecast period.
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COVID-19 Pandemic: Shortage of Raw Materials to Hamper Growth
The outbreak of the COVID-19 pandemic across the globe has compelled car manufacturers to focus more on localizing their production. This is because the heavy dependence on a single region has put them at high risk. China and Taiwan are considered to be the major production hubs of semiconductors used in vehicles.
But, several companies were unable to meet the unexpected rebound in demand after the lockdown was lifted. Since the third quarter of 2020, the industry is facing shortages of raw materials, such as steel and this is why OEMs are striving to surge the demand to replenish their inventories. This is resulting in the shift of automakers towards the changing sourcing strategies, which, in turn, would affect the automotive logistics industry.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-logistics-market-105662
Segments-
Domestic Segment Held 63.5% Share in 2020: Fortune Business Insights™
Based on distribution, the market is bifurcated into international and domestic. Out of these, the domestic segment earned 63.5% in terms of the automotive logistics market share in 2020. The implementation of favorable policies by regulatory bodies to incentivize local production in India and China would bolster growth of this segment.
Report Coverage-
The report studies decisive segments of this industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
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Drivers & Restraints-
Increasing Need to Reduce Customer Lead Time will Aid Growth
The rising efficiency of finished vehicle logistics (FVL) is expected to bolster the automotive logistics market growth in the upcoming years. The adoption of FVL would reduce the number of trucks. NVD, an Irish vehicle distributor, for instance, enhanced its logistics process by using intelligent solutions. It has therefore doubled its productivity and shortened customer lead times. It can now load eight to ten cars on the truck in 45 minutes. Usually, in Eastern European facilities, this entire process takes more than three hours. However, the shortage of truck drivers may obstruct the demand for automotive logistics.
Regional Insights-
High Demand for Vehicles to Favor Growth in Asia Pacific
Geographically, Asia Pacific earned USD 130.99 billion in 2020 in terms of revenue in the automotive logistics industry. The low wages of laborers, abundance availability of raw materials, and the high demand for vehicles would bolster regional growth. In Europe, the expansion of the e-commerce sector and the increasing demand for electric vehicles would accelerate growth. On the other hand, North America is set to show steady growth on account of the presence of an improved automotive logistics infrastructure in the region.
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Competitive Landscape-
Key Players Focus on Partnerships & Collaborations to Gain a Competitive Edge
The global market houses a large number of big, small, and medium companies that are majorly focusing on participating in collaborations and partnerships to co-develop innovative products. They are mainly trying to automate the inventory and supply chain processes for higher efficiency. Below are the two latest industry developments:
- April 2021: GEFCO joined hands with DP World, UAE Region to provide integrated, flexible solutions for vehicle handling and storage to automotive customers in covered parking of Jebel Ali Port.
- October 2020: DSV partnered up with Verity, a tech innovator to use an autonomous drone system in its warehouses for inventory management. These drones are capable of detecting empty or occupied pellet positions. They can also scan barcodes without the requirement of humans.
A list of renowned companies present in the automotive logistics industry:
- DB Schenker
- BLG LOGISTICS GROUP AG & Co. KG
- CEVA Logistics
- Kuehne+Nagel
- Expeditors International
- DSV
- XPO Logistics, Inc.
- Deutsche Post AG
- SINOTRANS Limited
- C.H. Robinson Worldwide, Inc.
- GEFCO
- Ryder System, Inc.
- Schnellecke group ag & co. Kg
- Penske Automotive Group, Inc.
- Others
Major Table of Content for Automotive Logistics Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distributor Analysis
- Impact of COVID-19
- Global Automotive Logistics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Distribution
- Domestic
- International
- Market Analysis, Insights and Forecast – By Mode of Transport
- Roadways
- Airways
- Maritime
- Railways
- Market Analysis, Insights and Forecast – By Activity
- Warehousing & Handling
- Transportation & Handling
- Market Analysis, Insights and Forecast – By Type
- Finished Vehicle
- Automobile Parts
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…
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