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According to the new research report titled “Automotive Logistics Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 302,822.8 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.
Increase in vehicle sales due to changes in lifestyle such as increased purchasing power and improved living standards of citizens across the world is expected to fuel the development of the automobile market in the coming years. Furthermore, the aftermarket need for vehicle spare parts for a large on-the-road current automobile fleet would drive the automotive logistic market during the forecast period.
The automobile logistics is always a busy industry, as the manufacturers keep the transporters on their toes. Most of the manufacturers shift their completed vehicles and their components from their plants to logistics centers. For instance, PSA, the manufacturer of Peugeot and Citroën cars, is expected to transfer some of their engine production from Asia to Europe to reduce logistics costs and time. Also, DB Cargo, the German rail freight company, recently started a weekly service transporting car parts from Stuttgart to Barcelona to reduce the logistic cost and time required for transportation. In addition, DHL is continuing to manage overland transport of BMW in 17 countries worldwide. The company has also extended its contractual relationship by taking supply chain management for automotive manufacturers in more than seven areas. As a result, the growing presence of automobile manufacturers would boost the demand for automotive logistics worldwide.
The COVID-19 outbreak is adversely affecting the world and is continuing to shatter several countries. The automotive original equipment manufacturers (OEMs) are experiencing the hardest hit due to the pandemic. The outbreak is likely to pose a lasting impact on mobility as it has led to a dramatic change in the consumer behaviors, macroeconomic environment, and regulatory changes. The automotive market witnessed a downfall in the beginning of the pandemic, whereas with the increasing recovery of patients and decreasing numbers of COVID-19 confirmed cases, the automotive logistics market started to improve and witness an uptrend.
Key Findings of Study:
The automotive logistics market is segmented on the bases of type, services, sector, and geography. By geography, the market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South & Central America (SCAM). Asia Pacific held the largest share of the market in 2020, followed by North America and Europe. Further, the market in Asia Pacific is projected to witness the highest growth rate during the forecast period. Based on type, the automotive logistics market is bifurcated into insourcing and outsourcing. The insourcing segment represented a larger share of the overall market in 2020. In terms of services, the automotive logistics market is segmented into transportation, warehousing, packaging processes, integrated service, and reverse logistics. In 2020, the transport segment accounted for the substantial market share.
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