LONDON, June 28, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the automotive logistics market, the increasing efficiency in finished vehicle logistics is expected to propel the growth of the automotive logistics market going forward. Finished vehicle logistics refers to a series of stages and processes through which cars get safely delivered to the end customers. This process consists of transportation or delivery of vehicles from the manufacturer to the customer, domestically or internationally. Finished vehicle logistics is used by the automotive industry for the safer delivery of cars. As a result, an increase in efficiency in finished vehicle logistics will increase the demand for automotive logistics. For instance, in December 2021, according to Economic Times Auto, an India-based article, India’s intercity road logistics spending reached USD 209 billion in 2021, with an annual compounding growth rate of 8%. Therefore, the increasing efficiency in finished vehicle logistics is driving the growth of the automotive logistics market.
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The global automotive logistics market size is expected to grow from $223.68 billion in 2021 to $247.12 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The global automotive logistics market growth is expected to reach $330.86 billion in 2026 at a CAGR of 7.6%.
The USA was the second largest automotive logistics market among the major countries covered in the report and was worth $41,171 million in 2021. The market accounted for 0.188% of the country’s GDP. In terms of per capita consumption, the market accounted for $124.2, $97.4 higher than the global average. The US automotive logistics market is supported by the presence of large vehicle manufacturing companies; increased investments by various companies in the country; and advancements in technology, which are gaining prominence among automotive logistics market trends. For example, in 2021, South Korea’s Hyundai Motor Group planned to invest $7.4 billion in the USA by 2025 to produce electric vehicles, upgrade production facilities, and further its investment in smart mobility solutions. Also, in the USA, leading states such as California and New York offer subsidies and tax incentives and collaborate with electric utilities to promote electric vehicle (EV) deployment.
Major players in the automotive logistics market are Penske Corporation, Deutsche Post DHL Group, XPO Logistics Inc., SNCF, Panalpina World Transport (Holding) Ltd., DSV A/S, Ryder Systems Inc., CEVA Logistics, Nippon Express, Expeditors International , BLG Logistics, DB Schenker, Hellmann Worldwide Logistics, GEFCO, Schnellecke group ag & co. Kg, Hitachi Transport System Ltd., Neovia Logistics Services LLC., CFR Rinkens, GEODIS, Kerry Logistics Network Limited, Dachser Group SE & Co. KG, Yusen Logistics Co., Ltd., and Neovia Logistics Services LLC.
The global automotive logistics market is segmented by type into outsourcing, insourcing; by activity into warehousing and handling, transportation and handling; by mode of transport into roads, airways, railways, maritime; by service into transportation, warehousing, packaging processes, integrated service, reverse logistics; by distribution into domestic, international.
Asia-Pacific was the largest region in the automotive logistics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global automotive logistics market during the forecast period. The regions covered in the global automotive logistics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Automotive Logistics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive logistics market overviews, automotive logistics market analyze and forecast market size and growth for the whole market, automotive logistics market segments and geographies, automotive logistics market trends, automotive logistics market drivers, automotive logistics market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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