Friday, 19 April 2024
Automotive logistics market in Europe is expected to grow from US$ 43.25 Bn in 2018 to US$ 80.58 Bn by the year 2027 with a CAGR of 6.9% from the year 2019 to 2027.
The increased focus on expanding the number of automobile manufacturing units across the globe and a significant number of partnerships among automobile manufacturers and logistics partners are the key factors driving the growth of the automotive logistics market. Moreover, the significant proliferation of vehicle manufacturing is anticipated to boost the automotive logistics market growth in the near future. The automotive industry is experiencing significant demand for vehicles, which is pressurizing the vehicle manufacturers to deliver the required amount of vehicles. However, the performance of the vehicle manufacturers remained stable in the past two years, i.e., 2017 and 2018. The rise in demand for passenger and commercial automobiles among the global mass is majorly driven by the rise in disposable income and an increase in manufacturing units in the developed countries and developing economies. Developing economies witnessed a steady growth in the post-recession era, and thus, there was a rise in the disposable incomes of consumers. In western countries, an increase in demand for commercial vehicle is witnessed, which led the countries to experience an increase in the number of commercial vehicle manufacturing units or assembly units. This factor has led the automobile manufacturers to focus on logistics of the various components and vehicle skeleton internationally.
The Europe Automotive Logistics Market is growing along with the Automotive and Transportation industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Germany dominated the automotive logistics market in 2018 and is expected to dominate the market with the highest share in the Europe region through the forecast period. Germany is a global leader in premium car production. Of all premium cars and SUVs produced globally, near about 70% is German OEM-manufactured. Also, of all vehicles produced worldwide, almost 25% were produced in Germany. Efficient logistics management has become one of the most important survival factors for the automotive sector, especially for German OEMs and automakers. The easy management and transportation of automobile materials and information in automobile assembly plants have also become the key specification to the rapid growth of German auto manufacturers in order to absorb the very strong competitive pressure of automakers in the global market.
These factors are expected to offer broad growth opportunities in the Automotive and Transportation industry and this is expected to cause the demand for Europe Automotive Logistics Market in the market.
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EUROPE AUTOMOTIVE LOGISTICS MARKET SEGMENTATION
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Automotive logistics Market – Companies Mentioned
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