The global contract logistics market is forecast to reach US$ 282.27 billion in 2023, and is expected to surpass US$ 544.98 billion by 2033. The demand for contract logistics is estimated to grow by 6.8% CAGR between 2023 and 2033, resulting from a variety of factors.
The growth of the contract logistics industry is being driven by government initiatives to promote economic diversification, resulting in the development of infrastructure, digitization, and industrialization, as well as by the increasing foreign direct investments and rapid growth of the e-commerce sector.
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.
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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.
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.
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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Rest of World
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About Future Market Insights, Inc.
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