LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global spare parts logistics market since 2016 and the market is poised to grow by USD 20.03 billion during 2019-2023, progressing at a CAGR of over 6% during the forecast period. Request Free Sample Pages
Read the 126-page research report with TOC on "Spare Parts Logistics Market Analysis Report by End-users (automotive, industrial, aerospace, electronics, and other end-users), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023".
The market is driven by the increasing average vehicle age. In addition, the enhancement of operating efficiency with Industry 4.0 standards is anticipated to further boost the growth of the spare parts logistics market.
The purchase volume of new vehicles by the global population is reducing due to the increase in the average vehicle age of both passenger cars and commercial vehicles. In addition, the average vehicle cost is also going up with the development of automobiles with energy efficient and high-performance quality parts and components. As a result, vehicle owners prefer to utilize their old vehicles until its complete lifecycle with proper retrofit investments instead of purchasing a new one. This will boost the need for vehicle maintenance and demand for spare parts logistics. Thus, the increasing adoption of spare parts logistics for maintenance purposes is expected to drive the market during the forecast period.
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Major Five Spare Parts Logistics Market Companies:
CEVA Logistics owns and operates businesses under various segments such as freight management and contract logistics. The company offers a wide range of spare parts logistics for the automotive sector.
Deutsche Post AG
Deutsche Post AG owns and operates businesses under various segments such as post-ecommerce parcel, express, global forwarding, freight, and supply chain. The company offers spare parts logistics for automotive and aerospace industries.
FedEx has business operations under various segments, namely FedEx Express, FedEx Ground, and FedEx Services. The company is offering spare parts logistics for the automotive and electronic industries.
KUEHNE + NAGEL
KUEHNE + NAGEL has business operations under various segments, namely seafreight, airfreight, overland, and contract logistics. The company offers spare parts logistics and integrated spare parts logistics solutions.
United Parcel Service of America Inc.
United Parcel Service of America Inc. owns and operates businesses under various segments such as the US domestic package, international package, and supply chain and freight. The company offers spare parts logistics and integrated spare parts logistics solutions.
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Spare Parts Logistics End-users Outlook (Revenue, USD Million, 2019 - 2023)
- Other end-users
Spare Parts Logistics Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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