Freight and Logistics Market – Asia Pacific Industry Analysis, Growth, Trends, and Forecast | Growth Market Reports
Freight and Logistics Market
The Asia Pacific freight and logistics market size is anticipated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing e-commerce activities amidst the COVID-19 outbreak.
Logistics is generally known as the most common way of planning and moving assets, such as hardware, food, fluids, inventory, materials, and individuals, from one area to the desired destination. It is the administration of the progression of products from one starting point to the mark of utilization, to meet the prerequisite of clients. Logistics management primarily focuses on the effective management of daily chores concerning the production of the company’s services and finished goods.
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The management takes a shape of the production network, which plans, carries out, and controls the storage of merchandise. Logistics essentially includes different administrations such as third-party Logistics, fourth-party Logistics, development logistics, inbound logistics, switch logistics, outbound logistics, green logistics, computerized logistics, and military logistics.
Market Trends, Drivers, Restraints, and Opportunities
- Expanding trade activities in the emerging is estimated to spur the market growth during the forecast period.
- Technological advancements and improving logistics infrastructure are expected to drive the market growth.
- Growing e-commerce market is anticipated to stimulate the market expansion.
- Travel restrictions, border closures, nightly curfews, and flight cancellations imposed by several countries can restrain the development of the market.
- Rapid increase in trade relating agreement between countries can create lucrative opportunities for market players in the projected timeline.
Market Segment Insights
Freight transport segment is expected to grow at a rapid pace
Based on functions, the market is divided into freight transport, freight forwarding, warehousing, courier, express, and parcel, value-added services, cold chain logistics, last mile logistics, return logistics, and other emerging areas. The freight transport segment is expected to grow at a rapid pace during the forecast period due to the increasing logistics activities in ASEAN and the presence of major economies such as India and China.
Manufacturing & automotive segment is projected to expand at a considerable CAGR
On the basis of end-users, the Asia Pacific freight and logistics market is segregated into construction, oil & gas and quarrying, agriculture, fishing, and forestry, manufacturing & automotive, distributive trade, and others. The manufacturing & automotive segment is projected to expand at a considerable CAGR during the forecast period. The rapid development in the manufacturing and automotive industry owing to rising disposable income and increasing government initiatives to support the manufacturing industry.
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Geographical Outlook
In terms of geography, the Asia Pacific freight and logistics market is classified as China, India, Australia, Japan, Malaysia, New Zealand, Indonesia, Korea, Thailand, and Rest of Asia Pacific. The market in India is expected to constitute a key share of the market during the forecast period due to rapid increase in the e-commerce activities.
Competitive Landscape
Key players competing in the Asia Pacific freight and logistics market are Rhenus Logistics; DB Schenker; Kuehne + Nagel; DHL; and Mainfreight Limited.
Some of these players are adopting several business strategies, which includes acquisitions, mergers, collaborations, partnerships, and capacity expansion to enhance their market share.
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