Spare Parts Logistics Market size to grow at a CAGR of 5.47% from 2022 to 2027, Market is segmented by end

Nov 09, 2023

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10 May, 2023, 18:45 ET

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NEW YORK, May 10, 2023 /PRNewswire/ -- The spare parts logistics market is estimated to grow by USD 22.48 billion from 2022 to 2027. Also, the growth momentum will progress at a CAGR of 5.47% during the forecast period. The market is segmented by End-user (Automotive, Electronics, Industrial, Aerospace, and Others), Type (Forward and Reverse), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). The market share growth by the automotive segment will be significant for the market growth. As filters, brakes, suspension, and shock absorbers are the most important spare parts of passenger cars that need to be replaced frequently, the automotive segment showed a gradual increase in market share with USD 21.35 billion in 2017 and continued to grow by 2021. The increase in electronic components trade between India and China is one of the key factors driving the global spare parts logistics market growth. According to ICEA, the electronics manufacturing industry grew from USD 37.1 billion in 2015-16 to USD 67.3 billion in 2020-21. Moreover, the presence of a sizeable middle class in these countries increases the demand for consumer goods, which drives up imports. Download a Sample Report in minutes!

Spare Parts Logistics Market Insights -

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Spare parts logistics market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio's report analyzes the market's competitive landscape and offers information on several market vendors.

Spare Parts Logistics Market – Market Dynamics

Major Trends -

Enhancing the operating efficiency with Industry 4.0 is an emerging trend that will fuel the global spare parts logistics market growth. Industry 4.0 is the combination of the physical and digital use of advanced technology with concepts including the Internet of Things (IoT), cloud computing, cognitive computing, and cyber-physical systems. It can transform manufacturing by streamlining operations, reducing business risk, and ensuring business growth and the developments in manufacturing will increase manufacturing output worldwide. Hence, such trends influence the growth of the market during the forecast period.

Key challenges -

The Adoption of 3D printing in the manufacturing industry are the challenges that can majorly impede the growth of the market. The adoption of 3D printing is growing in manufacturing industries such as electronic components, automotive aftermarket parts, and workshop tools. And with 3D printing, manufacturers can reduce logistics costs by 39% to 45%. Additionally, spare parts manufacturers can produce products domestically without having a production base, which reduces the import and export of spare part components. Many automakers prefer 3D printing for spare parts. For instance, General Motors introduced its 3D-printed seat bracket in 2018. It is 40% lighter and 20% stronger than traditional brackets. Thus, such challenges impede the market growth during the forecast period.

Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The spare parts logistics market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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Spare Parts Logistics Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.47%

Market growth 2023-2027

USD 22.48 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.04

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 49%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

CEVA Logistics AG, DACHSER SE, Deutsche Bahn AG, Deutsche Post AG, DSV AS, Expeditors International of Washington Inc., FedEx Corp., GEODIS SA, Hitachi Transport System Ltd., Kerry Logistics Network Ltd., Kuehne Nagel Management AG, Lufthansa Cargo, Nippon Express Holdings Inc., Ryder System Inc, SEKO Logistics, SGLT Holding I LP, Toyota Motor Corp., TVS Supply Chain Solutions Ltd., United Parcel Service Inc., and XPO Logistics Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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