Retail Logistics Market Size to Surpass US$ 465 Bn by 2030
31 Aug 2021
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Ottawa, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Ottawa, Aug 31, 2021 (GLOBE NEWSWIRE) – The global retail logistics market was valued at USD 184.5 billion in 2020. The retail logistics refers to an instrumental process under which the flow of goods from the source of supply to the customers is managed. This system ensures smooth delivery of products to the customers by effective movement of logistics. It also ensures that right product should be delivered to the right customer at right time and place.
Since past few years retail industry has been an early target of digital innovation. Conventional methods of retail and historical data are now not been used in the new retail industry. Retail industry has grown from its nascent state in 2000’s to hundreds of billions of markets in 2020. Retail sector is the most vulnerable industry for the penetration of new technologies such as data analytics, cognitive analytics, Internet of Things (IoT), and many others.
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Growth Factors
Surge in global trade activities particularly in the developing nations along with developments in the logistics infrastructure are likely to boost the retail logistics market growth. As per World Trade Organization (WTO) report published in 2019, the share of service sector in the global trade expected to rise by 50% by the year 2040. Additionally, if the developing countries respond faster in the adoption of digital technologies their global hare in retail services expected to surge by 15% by 2040.
Apart from rise in global trade, international retailers are being more competitive in nature owing to rise in globalization. This resulted in increased competition among international retailers in the retail logistics market owing to increased number of stores by these players particularly in the developing countries. This has prominently boosted the global trade activities that also facilitate the transportation sector because of need to transfer raw materials and finished goods to the manufacturing site across various regions. Further, the rising competition among international retailers has also benefited the economic growth of the countries as it boosted the import and export activities within a nation that ultimately leads to increased tax revenue. Hence, the aforementioned factor thrives the growth of retail logistics during the upcoming years.
Report Highlights
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Regional Snapshots
The Asia Pacific is the front-runner in the global retail logistics market capturing the highest revenue share of nearly 26% in the year 2020 and anticipated to continue its dominance during the upcoming period. Fast growth of e-commerce business and online shopping in the region is the most important factor that propels the market growth of retail logistics within the region.
E-commerce market in the Asia Pacific region has reached US$ 1.4 trillion in 2020 and estimated to rise at a rapid pace in the coming years because of increasing penetration digital buyers. For instance, China accounts for nearly 63% of the total digital buyers present in the region followed by India and Japan with a share of 10.4% and 9.4% respectively.
On the other hand, North America and Europe are the other prominent regions in the global retail logistics market and captured considerable market revenue share in the year 2019 owing to the presence of top globally renowned logistics players in the region.
Key Players & Strategies
Key industry participants in the global retail logistics market are prominently engaged in service portfolio expansion, merger & acquisition, partnership, and various other inorganic growth strategies in order to expand their consumer base. For instance, in April 2020, FedEx entered into a partnership agreement with BigCommerce Pty. Ltd. that is open Software as a Service (SaaS) e-commerce platform. Under the partnership agreement the two companies agreed to help small and medium enterprises to sell their product online and stay connected to their delivers.
Some of the key players in the global retail logistics market are A.P. Moller – Maersk, APL Logistics Ltd., DSV, C.H. Robinson Worldwide Inc., DHL International GmbH, Kuehne + Nagel International, FedEx, Nippon Express, United Parcel Service, Schneider, and XPO Logistics Inc. among others.
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By Regional Type
North America
Europe
Asia Pacific
Rest of the World
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