Global Logistics Market Expected to Grow at 7.5% per year through 2023

As 2019 begins, Transparency Market Research reports that the global logistics market is expected to grow from a 2015 dollar total of $8.1 trillion to $15.5 trillion by 2023, led by road transportation with a reported market-share of 44.6%. Freight volume, expected to increase by 6 percent between 2016 and 2024, is led by maritime transportation at a 47.9% market-share.

In 2015, carriers made up the largest revenue and volume share of the market. However, shippers themselves are forecasted to provide the highest rate of growth in the logistics market, led largely by manufacturing and the rising popularity of e-commerce. For example, the anticipated expansion by Amazon of its own delivery service, by air, drone, or truck, is a major factor in projected first-party logistics growth.

The logistics market does face some headwinds, including aging infrastructure and a reliance on older, skilled workers who are reaching retirement age.