Spare Part Logistics Market – Introduction
- Spare part, also known as spare, repair part, service part, or replacement part, is an exchangeable part, which is kept in an inventory for replacement or repair of failed units
- Spare part logistics is likely to witness significant growth in the near future. Growing automotive and manufacturing industries across the globe and increasing use of electronic goods are major drivers of the global spare part logistics market.
- Consumers preferring used vehicles or old vehicles, owing to price rise of new vehicles across the globe, are fueling the demand for spare parts. Government initiatives to boost industrial and manufacturing sectors in several emerging economies are also propelling the global spare part logistics market.
Technological Advancements in logistic services anticipated to Drive Global Spare Part Logistics Market
- Technology is changing the functioning of logistics companies. The spare part logistics market has been significantly influenced by the introduction and use of new technologies. Some of the new technologies in the global spare part logistics market are Global Positioning System (GPS), warehouse management systems, order entry systems, dispatching communication system, Internet of Things (IoT), automated transportation, similar futuristic innovations, and transportation management system (TMS), among others.
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Asia Pacific Spare Part Logistics Market to Expand at Significant Rate
- In terms of region, the global spare part logistics market can be divided into: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- The spare part logistics market in North America comprises the U.S., Canada, and Rest of North America. The spare part logistics market in Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, the spare part logistics market in Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. The spare part logistics market in Middle East & Africa comprises GCC, South Africa, and Rest of Middle East & Africa. The South America spare part logistics market includes Brazil and Rest of South America.
- Asia Pacific spare part logistics market is expected to expand at a significant rate during forecast period. Economic development and increase in consumer demand for automotive and electronic goods are the major factors driving the market in Asia Pacific.
Key Players Operating in Global Spare Part Logistics Market
The global spare part logistics market includes several international and regional market players across the globe. These players are adopting different strategies, such as geographical expansions, product portfolio expansion, etc., to enhance their market share.
- In August 2019, FedEx announced additional investment, around $450 Mn in Memphis Hub Investment for boosting modernization and expansion of project, Memphis Hub is a development project initiated by FedEx Express during March 2018.
- In April 2019, CEVA Logistics launched a new Xiamen block train service from China to Europe. It is multimodal (Sea-Rail) Transportation mode anticipated to reduce transportation time by approximately 10 days.
- In August 2018, Ceva Logistics announced entering into a technological partnership with IBM & Maersk through TradeLens, a solution based on block chain technology to increase transparency level in supply chain services
Some of the key players operating in the global spare part logistics market are:
- CEVA Logistics
- KUEHNE + NAGEL
- Toyota Tsusho Corporation
- United Parcel Service of America
- Kerry Logistics Network Limited.
- Deutsche Post AG
- Ryder System
- Logwin AG
- YUSEN LOGISTICS CO., LTD.
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