A recent study conducted by Allied Market Research projects that the global logistics market is poised to exceed $16 trillion by the year 2032.
In 2022, the global logistics industry generated an impressive $9.83 trillion in revenue. The study anticipates a robust compound annual growth rate (CAGR) of 5.6% from 2023 to 2032, underpinning the sector’s substantial growth.
Several key factors are expected to propel the expansion of the global logistics sector. These include the rapid growth of the e-commerce industry, a surge in reverse logistics operations, and the forging of numerous trade-related agreements. Additionally, the industry’s growth will be bolstered by the rising adoption of tech-driven logistics services, the proliferation of IoT-enabled connected devices, the emergence of last-mile deliveries, the integration of logistics automation, and the implementation of cost-efficient multi-modal systems to streamline operations and reduce lead times.
Nevertheless, challenges loom on the horizon. The study identifies certain obstacles that could potentially impede the market’s growth, such as a lack of control over manufacturers utilizing logistics services, inadequate infrastructure, and elevated operational costs.
The research, which encompassed an analysis of the logistics market across 17 countries, included a comprehensive segmented review of each country’s logistics sector for the projected period spanning from 2023 to 2032. The study involved interviews with more than 200 logistics professionals conducted between April 2023 and June 2023.
