With the rapid expansion of the Internet and the ubiquity of mobile devices such as smartphones, laptops, and tablets, the digital world has become the world’s favorite shopping avenue, granting the e-commerce industry multi-billion dollar growth opportunities. The significant rise in the world’s middle- and high-income population has also helped accentuate the growth of the e-commerce industry in the past few years, and all its supporting industries all the same. The global e-commerce logistics market, which forms a central support system for the market, is also teeming with growth opportunities.
With competition soaring in the e-commerce world, sellers are increasingly looking at ways to improve their services to gain consumer confidence and hone their capabilities so as to hold sway among domestic and international competitors. Efficient and timely delivery of products being one of the core competencies that decide an e-commerce company’s profitability, e-companies are not shying away from investing more funds for enhancing their logistics capabilities.
Studies indicate that these dynamics will give a significant boost to the global e-commerce logistics market in the next few years. The market is expected to exhibit a remarkable 20.6% CAGR from 2016 through to 2024 and rise to a valuation of US$781 bn by 2024.
Transportation Segment to See More Gains than Warehousing in E-commerce Logistics Market
Of the two key services that come under the purview of the e-commerce logistics market: transportation and warehousing, the segment of transportation holds a dominant share owing to the pivotal role it plays in the delivery of products. The segment is also expected to continue leading the market over the next few years. With product deliveries across remote locations becoming an area of prime focus for e-commerce companies, the transportation segment is expected to gain more importance in the times ahead.
The transportation segment is further split into freight/rail, trucking/over road, maritime, and air/express delivery. Of these, the segment of trucking/over road is presently the dominant mode of transportation, the higher preference to which is influenced by the high costs and logistical difficulties related to air and rail transport.
Asia Pacific E-commerce Logistics Market to Lead to Most Promising Returns
Home to nearly 60% of the world’s population and some of the most promising developing economies of the world, Asia Pacific is presently one of the most promising regions for the growth of the e-commerce industry and consecutively the e-commerce logistics market. The region is also a hot-bed for investment in the e-commerce logistics field owing to the vast rise in the region’s mobile device users, the rapid expansion of high-speed internet connection, and the rising base of affluent consumers. The Asia Pacific e-commerce logistics market is expected to rise at a remarkable 22.4% CAGR over the period between 2016 and 2024.
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However, North America, which presently holds the position of the largest revenue contributor to the global e-commerce logistics market, is expected to retain its dominant stance over the next few years as well. The mature digital infrastructure in the region, the excellent know-how of advanced technologies among the population are factors expected to continue the development of favorable growth opportunities for the e-commerce logistics market in the region.
Some of the leading vendors operating in the global e-commerce logistics market are DHL International GmbH, FedEx Corporation, Aramex International, Gati Limited, Kenco Group, Inc., United Parcel Service, Inc., Clipper Logistics Plc., and XPO Logistics, Inc.