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North America has been the dominant player in the global logistics market. The region is expected to account for a market share of 34.4% in 2024. Home to some of the largest logistics companies in the world, North America benefits from high infrastructure investment and connectivity between various nodes. The region acts as the key gateway for imports and exports between Asia and North America. With several megacities and a highly developed road, rail and air network, companies find it efficient to base their logistics operations in North America to cater to both domestic and international trade demands. The just-in-time production philosophy prevalent among manufacturers also favors the sophisticated supply chain infrastructure present across the U.S. and Canada.
The Asia Pacific region has been witnessing phenomenal growth in the logistics sector with a CAGR of 10.7% for the forecast period of 2024-2031. This is due to the rapid industrialization and rise of export-driven economies in major countries like China, India, and Southeast Asia. Favorable government policies promoting trade and manufacturing have complemented private sector investments towards developing modern port facilities, special economic zones, cold storage infrastructure, and transportation fleets. As international companies seek to leverage lower costs and tap the enormous consumer markets of Asia, their dependence on reliable regional logistics networks has surged. Additionally, the growing domestic consumption levels necessitate the efficient movement of goods within countries and across borders to urban centers. The strategic geographical positioning of Asia between major global trade lanes has made it an attractive trans-shipment hub as well.
While North America retains its incumbent supremacy, Asia Pacific is forecast to see its impact increase multifold on the worldwide logistics landscape. The region enjoys tremendous scale advantages stemming from its massive population base and the agglomeration benefits arising thereof. Vast infrastructure spending underway will help consolidate this momentum farther. Though infrastructure gaps do persist compared to developed markets, the pace of enhancements indicates Asia's preparedness to emerge as a frontrunner in the logistics vertical in the coming period.
Logistics Market Report Snapshots
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