The automotive logistics market was valued at US$ 180,723. 8 million in 2020 and is projected to reach US$ 302,822. 8 million by 2028; it is expected to grow at a CAGR of 6. 66% during 2020-2028.
New York, June 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Logistics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Services, and Sector" - https://www.reportlinker.com/p06099446/?utm_source=GNW
The automotive industry has been one of the prime contractors of logistics companies over the years, and the latter has benefitted massively from the automotive industry.The automotive industry players continuously partner with logistics players to transport their components and finished vehicles from one location to another.
With the increasing partnerships, automobile manufacturers and component manufacturers are facilitated with better control in managing inbound and outbound transportation services, shorter lead times, and timely deliveries. Therefore, the increasing number of partnerships between automotive manufacturers and logistics companies drives the growth of automotive logistics market.
Based on type, the outsourcing segment is expected to register a higher CAGR in the global automotive logistics market during the forecast period.The automobile industry relies heavily on the outsourcing of logistics services.
These services aid in the acquisition of new information and the expansion of process flexibility.Over the last several years, 3PL industries have steadily given specialized services and IT solutions to the manufacturer’s regions that are outside of the primary focus of the business.
Outsourcing automobile logistics for parts sequencing or consolidation networks has shown to be a worthwhile investment.
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of automobiles.Lockdown scenarios due to this crisis have led the automotive industry experts to analyze that the industry would face at least a quarter of lag in automotive equipment supply chain.
This disruption is expected to create tremors through till mid-2021.The automotive industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily to revive the economy.
The production of the automobiles is anticipated to gain pace from 2022, which is further foreseen to bolster the automotive manufacturing, including the manufacturing of hardware components of automotive.
The overall automotive logistics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the automotive logistics market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive logistics market.CEVA Logistics AG DB Schenker; DHL International GmbH; DSV A/S; GEODIS; KUEHNE + NAGEL INTERNATIONAL AG; Nippon Express Co.
Ltd.; Ryder System, Inc.; XPO Logistics, Inc.; and United Parcel Service, Inc. are among the key players operating in the market.
Read the full report: https://www.reportlinker.com/p06099446/?utm_source=GNW
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