Albany, NY -- (SBWIRE) -- 03/20/2019 -- According to a new market report published by Transparency Market Research titled 'LogisticsMarket – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global logistics market is expected to reach a value of US$ 16445.1 Bn by 2026. The market is estimated to expand at a CAGR of 7.4% during the forecast period from 2018 to 2026. In terms of volume, the market is expected to reach over 93104.9 Million Tons at a CAGR of approximately 6.6% by 2026. The logistics market in Asia Pacific is projected to expand at a rapid pace during the forecast period. According to the report, the global logistics market is experiencing high-paced expansion in its size and valuation, due to the growth in the e-commerce retail market which is driving the logistics market at present and a similar trend is anticipated to be witnessed over the forecast period. One of the biggest drivers of the logistics market is investment in technological innovation.

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Logistics is a business to control, execute, and plan the movement of material, capital, and service. Logistics is a part of supply chain management that controls, implements, and plans the effective and efficient flow of goods, information, and services between the point of origin and point of consumption. The logistics market includes all the activities of the supply chain such as transportation, customer service, inventory management, flow of information, and order processing. Some other activities of the supply chain are warehousing, material handling, purchasing, packaging, information and maintenance, among others. Demand for logistics solutions is much higher in the B2B sector and is anticipated to continue rising over the next few years.

The logistics market can be segmented based on type of transport, application, customer type, and logistics model. Based on type of transport, the market can be categorized into road, waterways, rail, and air. The waterwayssegment accounted for a prominent market share in 2017and is forecasted to continue its dominance in the coming year till 2026,as waterways being the cheapest mode of transportation between countries, is mostly used by businesses to deliver heavy and bulky goods to distant suppliers. In terms of application,the industrial and manufacturing segment is expected to expand at a CAGR of over 7.0% to reach over US$ 4,000 Bn in the near future. The segment is expected to be followed by the oil and gas and retail segment. For warehousing, in addition to increased demand resulting from rise in consumer spending and manufacturing output, the industry is experiencing increased demand from outsourcing by producers (manufacturers) seeking to cut costs and preserve profit margins.In terms of customer type, the market is largely dominated by the B2Bsegment, which is expected to expand at a steady pace as the foremost part of the total logistics market is linked to B2B transactions, which includes logistic service providers and transporters that also account for major portion of revenue. Based on logistics model, the market is currently dominated by second party logistics. However, in the near future,third party logistics sales are anticipated to rise at a fast pace due to technological advancements.Third party logistics provide additional services to boost the transportation capabilities, that have enabled service providers to increase their supply chain activities.

In terms of geography, Asia Pacific dominated the global logistics market in 2017 with more than 25% market share and is expected to maintain its leading position during the forecast period, followed by North America. This is due to major contributions from countries such as China, India, Singapore, Indonesia, Japan, and Malaysia. China is the major contributor to the growth in this region due to the presence of a large manufacturing base. India is one of the most promising markets due to which both government and logistics players are making huge investments in the country. In addition, intra-regional trade in emerging markets is becoming important particularly in Asia Pacific and this is combined with the high GDP growth rates.

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Some of the leading players of the logistics market are Americold Logistics, LLC, C.H. Robinson Worldwide, Inc., Ceva Holdings LLC, DHL Supply Chain, Expeditors International of Washington Inc., FedEx Corp., J.B. Hunt Transport Services, Kuehne + Nagel Inc., Penske Logistics, Ryder Supply Chain, Solutions, SNCF Logistics, The Boeing Company, United Parcel Service, Inc., XPO Logistics Inc. and DSV A/S. These players are competing against each other to increase their market share. For example, in February 2016, UTi Worldwide Inc opened two multimodal hubs in Kuala Lumpur and Ho Chi Minh, Vietnam to connect its logistics service with North America and Europe. Moreover, product development and innovation, business expansion, strategic partnerships, and opening new facilitiesare another key business strategiesadopted by logistics companies across different regions.