Logistics is no longer a support service for the global e-commerce industry but has become the single-most critical factor in retaining consumers. The bevy of e-commerce firms of all sizes mushrooming the world over has spoiled consumers for choice and made them more fickle. Consequently, innovation has become a game-changer for the e-commerce industry in general and the e-commerce logistics market in particular.
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Although the global e-commerce logistics market is currently teeming with opportunities, the next few years will mark a tough climb uphill owing to the intensifying competition. According to a new report featured on Market Research Reports Search Engine (MRRSE), the global e-commerce logistics market will post impressive gains as it climbs to US$781 bn by 2024 at a CAGR of 20.6% between 2016 and 2024. The report has been published by Transparency Market Research.
The e-commerce industry in countries such as India and China, though relatively young, has shown dramatic growth in the last five years. Companies have been undertaking last-mile connectivity efforts aggressively with the realization that logistics could indeed be a game-changer for them. The e-commerce industry in India, for instance, is valued at US$300 billion, of which logistics forms an increasingly pivotal component.
Transportation Segment to be More Valuable than Warehousing in E-commerce Logistics Market
Revenues contributed by the transportation segment to the global e-commerce logistics market were higher than that of the warehousing segment as of 2015. While warehousing forms just one component of the supply chain in the e-commerce industry, transportation is ubiquitous throughout. This service type will therefore continue leading the global e-commerce logistics market through to 2024. With last-mile connectivity and delivery efforts afoot in nearly every major e-commerce market, the transportation segment will only grow in importance.
Within the transportation segment, the over road and trucking segment is poised to post strong volume gains in the long-term because it is not only the most prevalent mode of transportation worldwide, but is regarded as being more economical and convenient. The high costs and logistical complexities often associated with air and rail transport further work in favor of the transportation service segment in the global e-commerce logistics market.
Asia Pacific E-commerce Market to Register Both Value and Volume Gains Through 2024
Although the e-commerce industry took root in countries such as the United States and the United Kingdom before spreading elsewhere across the world, the scales are now tipping in favor of emerging countries such as China and India. The thriving online sales in the retail sector are expected to bring in new opportunities for the e-commerce logistics market in Asia Pacific. According to TMR, the CAGR of the Asia Pacific e-commerce logistics market is projected to stand at an impressive 22.4% between 2016 and 2024.
Even as this trend garners the attention of leading companies in the global e-commerce logistics business, North America will firmly stay put in its position as the leading regional market. The key players in the global e-commerce logistics market are DHL International GmbH, FedEx Corporation, and Gati Limited, among others.