The global logistics market is highly fragmented, with the top four players acquiring not more than 15% of the market in 2015. These players are Deutsche Post DHL, Ceva Logistics, UPS, Inc., and FedEx. Transparency Market Research has observed that companies across the market have been investing in product innovation, business expansions, and new facilities to keep up with local as well as global competitors and strengthen their foothold in the logistics industry.
The global logistics market, in terms of revenue, is set to expand from US$8.1 trillion in 2015 to US$15.5 trillion by 2023, registering a CAGR of 7.5% from 2015 to 2024. By volume, the market is expected to clock in a 6.0% CAGR from 2016 to 2024.
Rapid Growth of Ecommerce Catapults Demand for Logistics Services
The speedy and large-scale growth of ecommerce has had a significant impact on the global logistics market. "The rising popularity of online shopping globally serves as one of the major factors driving the demand for logistics services," the author of the report points out. This can be attributed to the increasing access to high-speed internet and the growing preference of consumers for online shopping owing to benefits such as customization, variety, and ease of access.
Logistics offer various advantages, including a reduction in operational cost, an improvement in delivery performance, and an increase in customer satisfaction. This is also projected to continue supporting the growth