Dublin, May 15, 2024 (GLOBE NEWSWIRE) -- The "Global Spare Parts Logistics Market Report by Type, End User, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global spare parts logistics market size reached US$ 45.6 Billion in 2023. Looking forward, the market is projected to reach US$ 62.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.47% during 2023-2032. The increasing demand in the automotive industry, various technological advancements, and rising expenditure capacities of consumers represent some of the key factors driving the market.
Asia Pacific was the largest market for spare parts logistics. Some of the factors driving the Asia Pacific spare parts logistics market included rising expenditure capacities of consumers, extensive research and development (R&D) activities and increasing consumer preference toward used or old vehicles.
Spare parts logistics refers to a process or a range of services used to manage the flow of accessories required by different industries from one location to another. Spare parts are interchangeable components of machines and systems that are stored as inventory and used to replace failed or damaged parts. These components are designed in such a way that they can be easily removed or fixed.
Spare parts logistics helps in planning the process chain, inspecting the quality of spare parts, controlling the availability of stocks and service parameters, and tracking consignment. It also performs a series of checks, such as modification, storage, post-production, and technical problems, prior to the delivery of spare parts. As a result, spare parts logistics is widely used across the electronics, aerospace, industrial, and automotive industries.
Spare Parts Logistics Market Trends
The increasing demand for spare parts in the automotive industry across the globe is one of the key factors driving the market growth as they are widely used to interchange a dysfunctional section of a machine with a functional one. In line with this, the rising consumer preference toward used or old vehicles owing to increasing prices of new vehicles is facilitating the demand for spare parts. Additionally, the introduction of multi-story shelf systems and automated storage and retrieval systems (ASRS) for storing spare pacers and protecting them from hazardous substances is favoring the market growth.
Apart from this, key players are focusing on better transparency and efficiency, and minimizing the delivery time is providing an impetus to the market growth. Along with this, the utilization of a global positioning system (GPS) to monitor the speed and routes of the vehicle going to the assigned destination is propelling the market growth. Moreover, the integration of the Internet of Things (IoT), transportation management systems (TMS), and the adoption of warehouse management, order entry, automated transportation, and dispatching communication systems for streamlining operations and reducing risks are positively influencing the market growth.
Furthermore, the increasing utilization of spare parts logistics in the electronics industry to ensure an optimal level of availability of essential components used for electronic devices is creating a positive outlook for the market. Other factors, including increasing production of passenger vehicles, rising expenditure capacities of consumers, and extensive research and development (R&D) activities, are anticipated to drive the market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $45.6 Billion |
| Forecasted Market Value (USD) by 2032 | $62 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
Companies Featured
- CEVA Logistics (CMA CGM S.A.)
- DB Schenker (Deutsche Bahn AG)
- Deutsche Post DHL Group
- DSV A/S
- FedEx Corporation
- Kerry Logistics Network Limited (SF Express Co. Ltd.)
- Kuehne + Nagel International AG
- Logwin AG (Delton AG)
- Nippon Express Co. Ltd.
- Toyota Tsusho Corporation
- TVS Supply Chain Solutions
- United Parcel Service Inc.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the global spare parts logistics market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on type and end user.
Type Insights:
- Ocean Freight
- Air Freight
- Inland Freight
The report has provided a detailed breakup and analysis of the spare parts logistics market based on the type. This includes ocean, air, and inland freight. According to the report, ocean freight represented the largest segment.
End User Insights:
- Automotive
- Electronics
- Industrial
- Aerospace
- Others
The report has provided a detailed breakup and analysis of the spare parts logistics market based on the end user. This includes automotive, electronics, industrial, aerospace, and others. According to the report, automotive represented the largest segment.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/mz1pgj
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