Benchmark International Releases 2024 Global Transportation & Logistics Industry Report
August 1st, 2024 1:00 PM
By: Advos Staff Reporter
Benchmark International has published its 2024 industry report, revealing key trends and growth projections for the global transportation and logistics sector. The report forecasts significant market expansion driven by technological advancements and e-commerce growth.
Benchmark International has announced the release of its latest industry analysis, the 2024 Global Transportation & Logistics Industry Report. This comprehensive report offers crucial insights into the growth, trends, and dynamics shaping the global transportation and logistics sector.
The global freight and logistics market is projected to expand to $18.69 billion by 2026, with a compound annual growth rate (CAGR) of 4.4%. The logistics segment alone is expected to reach $6.55 trillion by 2027, growing at a CAGR of 4.7% from 2022 to 2027. This anticipated growth is fueled by the increasing demand for efficient and cost-effective transportation and storage solutions across various industries.
Key drivers of market growth identified in the report include the rapid proliferation of trade agreements, technological advancements, and the surge in e-commerce. Innovations such as automated material handling equipment, robotics, GPS, and blockchain integration are transforming logistics operations, enabling real-time tracking and predictive management. The rise of e-commerce has notably increased the volume of shipments, presenting both opportunities and challenges for logistics companies.
The report also highlights significant trends such as the adoption of green logistics solutions, the integration of advanced technologies, and the growth of the "last mile" gig economy delivery. These trends are shaping the future of logistics, focusing on sustainability, efficiency, and customer satisfaction.
Additionally, the report explores the expected activity in the mergers and acquisitions (M&A) landscape within the transportation and logistics sector. Lower interest rates and improved market conditions are anticipated to drive consolidation and expansion efforts, particularly in the U.S. and Canada.
The 2024 Global Transportation & Logistics Industry Report provides valuable insights for stakeholders aiming to navigate and capitalize on the evolving market dynamics.
Source Statement
This news article relied primarily on a press release disributed by News Direct. You can read the source press release here,