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Industry is expected to reach 92.1 billion tonnes by 2024, said the report.
The global logistics market is expected to reach $15.5 trillion in revenue by 2024, while investments in industrial and retail projects lead to a spur in the domestic logistics industry, according to a recent report by Al Masah Capital, a leader in investments and market analysis.
In terms of volume, the global transportation and logistics (T&L) industry is expected to reach 92.1 billion tonnes by 2024, said the report.
The report also mentioned that the global third party logistics (3PL) market is expected to grow at a compound annual growth rate (CAGR) of more than 5 per cent by 2020, it added.
Factors such as the rapid globalisation, increasing trade volume, and the revival of the global economy are some of the major contributing factors to the growth of the 3PL market. The growth of integrators will increase demand for contract logistics services and will significantly contribute to the growth of the industry.
Highlighting T&L’s role play in international trade, the report revealed that; robust trade, economic growth, and liberalisation policies followed by many countries worldwide have resulted in increased trade volumes, thus ensuing increase in transportation, handling and warehousing needs, which has led to a demand for integrated logistics solutions.
Increased globalisation in manufacturing and other technological advancements has made companies focus more on core activities, and thus logistics activities have been outsourced as a cost-effective solution. Read more
Source: TRADE ARABIA
