Logistics enterprises directly involved in the packing and loading of goods were adversely affected during the initial phase of the pandemic. Flight terminations and travel bans also led to distorted supply chain and logistics across the globe. However, as the lockdown measures are slackening, the manufacturing activities are gradually being restored, and the global logistics market is seeing the revival opportunities.
According to the report published by Allied Market Research, the global logistics market is anticipated to reach $12.97 billion by 2027, which was pegged at $7.64 billion in 2017, thus registering a CAGR of 6.5% from 2020 to 2027.
Growing e-commerce industry coupled with increase in reverse logistics operations, rise in trade related agreements, surge in the number of tech-driven logistics services, and mounting adoption of IoT enabled connected devices drive the growth of the global logistics market. While, poor infrastructure, higher logistics costs, and lack of control of manufacturers on logistics service impede the growth to some extent. Based on region, the market across Asia-Pacific would remain productive by the end of 2027 says report.
Nevertheless, emergence of last mile deliveries is expected to pave the way for numerous opportunities in the coming years. Leading players in the logistics markets are: A.P. Moller–Maersk, C.H. Robinson Worldwide, Inc., DB Schenker, Deutsche Post AG (DHL Group), DSV, FedEx, Geodis, Kuehne+Nagel, Nippon Express, and United Parcel Service, Inc.
