Logistics Automation Market Size, Share and Forecast 2027
Posted by mahesh on October 19th, 2022
According to the new research report titled “Logistics Automation Market Forecast to 2027 – COVID-19 Impact and Analysis,” published by The Insight Partners, the global logistics automation market is expected to reach US$ 91.7 billion by 2027, registering a CAGR of 11.5% during 2020–2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the growth of the Logistics Automation market; it also includes estimation and forecast of the revenues as well as market size analysis, along with spotting significant market players and their key developments.
APAC Accounted for Highest Market Share in 2019
APAC is the fastest-growing region in the logistics automation market. It has a growing economy, which is leading to growth in a wide variety of sectors, including retail and e-commerce, manufacturing, oil and gas, food and beverage, automotive, healthcare, and various others. The adoption of advanced and innovative technologies across the region is high. The deployment of logistics automation solutions has increased in Asian countries over the period owing to the investment and various initiatives taken by the government for the development of the retail and e-commerce industry. Asia is referred as the growth engine of the global economy with countries such as China, India, Japan, and Singapore. The presence of several manufacturing industries for automotive, food and beverages, healthcare, and retail industry has enhanced the acceptance of automation across these sectors
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Impact of COVID-19 Pandemic on Logistics Automation Market
The huge increase in the number of confirmed cases in the US and rising reported deaths in the country has affected the logistics industry. As per Geotab Inc.'s study, a significant drop has been witnessed in commercial transportation activity in the US and Canada, wherein the US, the impact is more significant. With a decline in commercial transportation activity, it negatively impacts the growth market in the region. The factory and business shutdowns across the US, Canada, and Mexico are also impacting the adoption of the logistics automation component. COVID-19 has had a severe impact on logistics operations, transportation, and trade activity. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
Key findings of study:
E-commerce is one of the mature industries in the US, according to the Census Bureau of the Department of Commerce, US retail e-commerce sales were US$ 160.3 billion for the first quarter of 2020, an increase of 2.4% from the fourth quarter of 2019. Thus, the growing e-commerce industries in APAC and North America are thriving in the business for logistics automation. Logistic automation is one of the substantial components of e-commerce for managing the issues of inventory, tracking, packing, warehousing, and shipping. In retail & e-commerce business is liable for safeguarding timely delivery and return policy if the goods or products have to be replaced, then the company has to handle all the operations in reverse logistics. In the retail & e-commerce business, logistic automation provider delivers upgraded technology, scalability & flexibility, and efficiency. Moreover, the logistics requirement and services provided by the logistic automation software firms to retail & e-commerce business are warehouse management, supply chain management, consolidated services, and order fulfillment.
The regional demographics have also played a crucial role in the growth of the logistics automation services market. For instance, the growing adoption of logistics automation in the retail sector has propelled due to the advent of e-commerce. APAC claims more than one-third of the global population, and the market attractiveness for retail and e-commerce industry is very high in the region. Further, rising disposable incomes of individuals and developing economies have accentuated the growth in retail and e-commerce activities
Geographically, APAC and Europe are currently dominating the market, however, the market is expected to be in favor of the North America as it is projected to witness remarkable growth rate due to the increasing demand for data management, service integration, and preference of manufacturers towards the development of more flexible solutions. The overall logistics automation market is fragmented with the presence of several large and small-scale enterprises. A few major players with significant market share are Beumer Group, Daifuku Co., Ltd., Dematic (KION Group), Honeywell Intelligrated, KNAPP AG, Mecalux, S.A., Murata Machinery, Ltd., Swisslog Holding AG, TGW Logistics Group, and Vitronic.
Logistics Automation Market – By Component
Logistics Automation Market – By Application
Logistics Automation Market – By Mode of Freight Transport
Logistics Automation Market – By End-Use Industry
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In 2019 North America
In 2019 North America
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About the Authormahesh
Joined: September 20th, 2022
Articles Posted: 71
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