Spare Parts Logistics Market Hitting New Highs By 2028
New Jersey, United States – Analysis of Spare Parts Logistics Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
The market for spare parts logistics was valued at USD 19.03 billion in 2018 and is anticipated to increase at a CAGR of 5.76% from 2019 to 2026 to reach USD 29.85 billion. Logistics for spare parts is the administration of the spare part that maintains all the parts needed for field assistance. Depending on sales volume and need for repairs and maintenance, such depots hold a large number of parts. In order to meet the needs in the industries, including manufacturing and the automotive sector, spare parts logistics can simply deliver extra components that are on hand. Spare parts logistics refers to a planned logistics procedure if a transport vehicle or delivery machine’s component breaks.
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The logistics for spare parts are primarily responsible for ensuring the prompt and efficient supply of replacement parts to malfunctioning machinery or equipment. In the event that the component is delayed following a breakdown, the shipping firm will be charged extra. Due to the availability of components, the dependability of the processes, and the rapid delivery times, spare parts are one of the main challenges in the logistics sector. As a result, it is the best option for achieving the optimum balance between speed and expense. The rising need for spare parts in the automotive sector is fueling the expansion of the worldwide spare parts logistics market. The amount of imports and exports in the European area is rising as a result of the growing number of free trade agreements with several emerging economies.
The fast use of 3D printing in the industrial sector is also fueling the expansion of the worldwide logistics market for spare parts. The producers of spare parts are capable of completing their work and shipping it the same day. One of the key reasons boosting the growth of the spare parts logistics market size during the projected period will be the rising average vehicle age. Customers are being encouraged to drive their cars for the entirety of their lives via the usage of high-quality components. Customers are investing in retrofits to extend the lifespan of their used cars. The sale of new automobiles is being restricted by the rising average vehicle cost.
Segmentation
The air freight, ocean freight, and inland freight segments of the global spare parts logistics market are separated based on product categories. The category with the biggest share, ocean freight, is predicted to rule the market during the projection period. Due to its primary advantages, which include cheaper costs, importers and exporters choose to employ ocean freight transportation, which involves packing and storing products in large shipping containers. The projection term is expected to see the other sectors grow at a sizable CAGR. The worldwide spare parts logistics market is segmented based on applications into automotive, industrial, technology, electronics, and other sectors. Due to a growth in the production of various vehicles, including passenger and commercial vehicles, the automotive category, which previously held the greatest share of the market, is anticipated to continue dominating the market over the projection period.
The market is divided into Ocean Freight and Inland Freight based on Type. Since 70% of all transportation worldwide takes place on ships, the maritime freight sector dominated the industry. The market is divided into the Industrial Sector, the Technology Industry, Electronics, and Others based on application. Due to the industrial sector’s explosive global expansion, the industrial sector application segment dominated the market.
Regional analysis
In recent years, North America held the highest share, and it is anticipated that it would continue to rule the market over the projection period. During the projection period, Asia Pacific is anticipated to see the greatest CAGR growth. Rapid industrialisation is to blame for the rise in the need for spare parts in the Asia-Pacific region. The need for spare parts may also be influenced by factors such as a better quality of living, increased expenditure on hardware components, and a propensity to prolong the lifespan of current machinery or gadgets across a variety of industries, including the automotive and electronics sectors. Another factor that may lead to a large need for logistics for spare parts is the automation of the production facilities.
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Key Players
AnJi, CEVA, DB Schenker, Kuehne+Nagel, Logwin, Ryder System, Deutsche Post DHL, DSV, FedEx, and Toyota Tsusho
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