The report presents a comprehensive research of the spare parts logistics market in Europe by end-user, including automotive, industrial, aerospace, and electronics. The report also determines the regional analysis and impact, which includes key countries such as Germany, Italy, and France.
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Market driver: increasing demand for spare parts owing to longer lifespan of vehicles
The average age of cars has been rising in the EU. It rose by more than 15% from year 2010 to 2016. In 2010, the average of cars in the EU was between eight and nine years and in 2016, it increased to around 11 years. The demand for spare parts also rises with the increase in the age of these cars. This increase in demand for spare parts will, in turn, raise the demand for spare parts logistics in the automotive industry.
According to a senior analyst at Technavio for logistics research, “The highest average age of cars in countries such as Poland and Lithuania was more than 15 years in 2016. This is expected to drive the demand for spare parts logistics in such countries. The demand for cars in Europe is also expected to increase the need for spare parts. The number of registrations of new cars in the EU has been rising since 2014.”
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Market trend: introduction of blockchain in the logistics industry
A blockchain consists of a digitalized, distributed transaction ledger, which involves identical copies being maintained on multiple computer systems controlled by different entities. A blockchain system removes the need for a central authority to maintain records by using a chain of cryptographically protected records to expose the details of transactions to all entities and distribute records across the network of contributing nodes or computer systems. This makes the processes more effective and reduces costs. Blockchain is the technology that is helping Bitcoin and other related digital or crypto-currencies. Logistics companies are now embracing blockchains as a way of improving efficiency and security in the supply chain.
Market challenge: complexities involved in time-bound deliveries and customized supply chains
The right supply chain model is a very important factor for any competitor as customers prefer shorter lead times while logistics companies seek to keep the cost as low as possible. Spare parts manufacturers also need to consider the order sizes to maintain profits as the cost of freight declines with the increase in the volume of freight. The unpredictability in demand for spare parts makes the just-in-time model unsuitable for all customers from the profitability point of view. This requires the creation of a customized supply chain for every customer.
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