The market for contract logistics is anticipated to grow from US$ 544.98 billion in 2033 to US$ 282.27 billion in 2023. A number of reasons are expected to drive the 6.8% CAGR growth in the demand for contract logistics between 2023 and 2033.
Government efforts to encourage economic diversification, which have led to the development of infrastructure, digitization, and industrialization, as well as rising foreign direct investment and the explosive expansion of the e-commerce sector, are the main drivers of the growth of the contract logistics industry.
The increasing demand for cost-efficient and technology-integrated supply chains, as well as the focus on core competencies of the manufacturing sector, are also contributing to the growth of the contract logistics industry. The integration of artificial intelligence, IoT, and innovative technologies in the industry is projected to accelerate the market’s development and bring cost savings in logistics operations. The adoption of cloud-integrated logistics management software is also rising due to its ability to enable real-time tracking and inventory updates, accurate monitoring of product life cycles, and real-time accuracy. Furthermore, cloud-based logistics software provides scalability to meet the demands of contract logistics market players and the capacity to reroute misplaced consignments.
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Over the past two decades, inventive logistic robotic companies have worked hard to incorporate AI and machine learning, better sensors and reaction times, warehouse management software, and logistics management software. The supply chain has recently seen an increase in warehouse automation. Huge amounts of money and investment have been given to the sector. While Google invested $500 million in JD’s automated logistics, Alibaba invested $15 billion in robotic logistics infrastructure. The demand for warehouse robotics in the supply chain is anticipated to reach $22.4 billion by the end of 2021.
Key Takeaways from the Contract Logistics Market:
- With a projected value of US$ 832.5 billion through 2033, the United States is expected to hold a 20.5% share of the North America contract logistics industry in 2022.
- Germany is likely to account for 4.1% of the global contract logistics industry in 2022. In 2022, the German contract logistics industry is expected to be worth US$ 142.9 billion.
- The contract logistics industry in Japan is expected to be worth US$ 325 billion in 2022 and to grow at a strong CAGR of 7.56% during the forecast period.
- Outsourcing is expected to dominate the market throughout the forecast period, accounting for more than 60% of revenue share in 2022.
- Distribution management also provides a competitive advantage over other contract logistics services, allowing it to capture more than 59.5% of the market in 2022.
- During the forecast period, retail and e-commerce are expected to dominate the market, with a combined market share of around 70%.
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Who is Winning?
The contract logistics industry is a constantly changing sector of the logistics industry, with increased competition and a diverse range of product innovations propelling the market forward. Contract logistics providers are constantly innovating and introducing new solutions, products, and services to meet the demands of their customers. Automation, the Internet of Things (IoT), and big data analytics are among the industry’s most important trends, allowing providers to increase efficiency, lower costs, and provide more value to customers. Key players are frequently focused on providing end-to-end solutions, whereas the smaller players are usually focused on specific services, such as warehousing or transportation.
Recent Developments in the Market:
- Penske and Röhlig Logistics established a brand-new joint venture company, Rohlig Penske Logistics GmbH, in January 2022. The joint venture included 55,000 square meters of additional warehousing, transport management operations, and e-commerce logistics, with plans to expand further across Europe.
- The e-commerce behemoth Mercado Libre acquired a minority stake in Kangu, a Brazilian logistics startup, in September 2020. This was done to boost e-commerce and allow small retailers to collect and withdraw e-commerce purchases.
Key Players in the Contract Logistics Industry
- SNCF Logistics/GEODIS
- UPS Supply Chain
- Kuehne + Nagel
- Yusen Logistics
- Penske
- XPO Logistics, Inc.
- Hitachi Transport System
- DHL Supply Chain
- DB Schenker
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Contract Logistics Market by Category
By Type:
- Insourcing
- Outsourcing
By Service:
- Warehousing
- Transportation
- Aftermarket Logistics
- Distribution
- Others
By Industrial Vertical:
- E-Commerce
- Retail
- Manufacturing
- Others
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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