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Contract Logistics Market Size
- Report ID: GMI7226
- Published Date: Oct 2023
- Report Format: PDF
Contract Logistics Market Size
Contract Logistics Market was valued at USD 281.4 billion in 2022 and is anticipated to register a CAGR of over 7% between 2023 and 2032, driven by globalization and the positive outlook of international trade.
The WTO forecast indicates that global merchandise trade volume could experience a 1.7% growth in 2023 and a subsequent acceleration to 3.2% in 2024. In 2022, the total value of worldwide merchandise trade reached USD 25.3 trillion, with a significant portion of this increase attributed to elevated global commodity prices. Additionally, the value of international commercial services trade witnessed a remarkable 15% surge in 2022, reaching USD 6.8 trillion. Notably, digitally delivered services exports alone accounted for a substantial value of USD 3.82 trillion in the same year.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Contract Logistics Market Size in 2022: | USD 281.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7% |
| 2032 Value Projection: | USD 593.9 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 315 |
| Segments covered: | Service, Mode, Type, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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As businesses expand their operations across borders, there is a growing need for efficient and cost-effective supply chain solutions. Contract logistics providers play a crucial role in managing the movement of goods, customs compliance, and distribution on a global scale, thus stimulating industry landscape.
The rapid growth of e-commerce and the shift toward omnichannel retailing have increased demand for contract logistics services. According to the US Census Bureau, the e-commerce estimate for the second quarter of 2023 shows a growth of 7.7 percent compared to the same period in 2022. E-commerce sales constituted 14.7 percent of the total sales in the second quarter of 2023. Companies require sophisticated warehousing, order fulfillment, and last-mile delivery solutions to meet customer expectations for quick and flexible delivery options, strengthening the contract logistics market outlook.
However, regulatory and compliance challenges could drive down industry growth over the next ten years. The contract logistics industry is subject to a multitude of regulations, especially in terms of customs, environmental standards, labor laws, and safety regulations. Complying with these regulations can be costly and time-consuming for logistics providers. Changes in the regulatory framework, such as trade restrictions and customs duties, can also affect the flow of goods and create uncertainties in the market.
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Contract Logistics Market Scope
