The global logistics market is directly related to current economic environment and international trade flow for its development. The logistics market is driven by high speed internet acting as the major factor boosting its growth. With the advent of internet accessibility, online shopping activities has also increased. Web-based shopping has gained popularity all around the world with variety and comfort options as one can sit anywhere and shop online without having to physically travel to shopping centers.
The logistics market in developing countries is expected to grow in the years to come. More logistics infrastructure like seamless connectivity and mixture of multimode logistics parks will be important. For instance, India’s logistics sector is anticipated to grow to $200 bn in three years’ time. There is a positive impact in the logistics market due to e-way billing and launch of GST. Inter-state good transport is also eased due to check-posts removals. There is a necessity of a solid infrastructure after which the logistics market can be seen to be growing at a faster speed.
The global logistics market is anticipated to grow at a CAGR of 7.5% to reach a value of US$15.5 tn within the forecast period of 2016 to 2024 as per a Transparency Market Research (TMR) report.
Reducing Operational Costs in Green Logistics Anticipated to create lucrative opportunities
Logistics market today has become more flexible according to their shopper’s convenience and this shopper-driven approach is anticipated to produce better consumer loyalty assessment in future. The shopper-driven approach is achieved by selecting a range of consumer’s interest points by using computerized stamping and operational cost reduction. Interest points of consumers usually depends on their living standards, sophistication and purchasing capacity.
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The development of logistics market is likely to slow down because of factors like increased pollution levels, expensive inventory cost and low warehousing space. However, the introduction of green logistics solutions could create benefits in the market like reducing operational costs, increasing adaptability, and creating nature friendly brand recognition. Another factor assumed to set the consistency tone of the global logistics market is the extension of trade agreements. Casual trade agreements reduce taxes and provides lot of benefits, thus improving business expertise and reducing the time spent on travelling.