Asia will be the growth driver of the global contract logistics market

The analysts at Transport Intelligence expect the global contract logistics market to grow at a significantly slower pace in 2023 compared to the previous year, which will be the lowest year-on-year growth since 2016. At the end of 2023, the market value will reach 280.5 billion Euros. The Asia Pacific region holds the largest share with an anticipated value of 111.7 billion Euros, exceeding the European market (80.7 billion Euros) and the North American market (70.9 billion Euros).

The recovery this year will be mainly driven by Asian markets. The International Monetary Fund predicts that the global GDP will increase by 3%, with developed economies growing by only 1.5%. Developing economies, primarily in Asia, are expected to grow steadily by 6.9%.

It is expected that by the end of 2024, the Asia Pacific contract logistics market will reach 118.9 billion Euros, the North American market will reach 72.2 billion Euros, and the European market will reach 81.8 billion Euros.

In the mid-term, the contract logistics market will show a compound annual growth rate of 3.8% between 2022 and 2027, reaching a total value of 329.5 billion Euros by the end of the period. The contract logistics industry on the European continent will grow more slowly during this period, with an average annual growth rate of 1.4%.