Global contract logistics market exceeded the forecasts for 2023

The report from the Transport Intelligence (TI) analysts provides updated data that shows that the global contract logistics market was worth €283.98 billion in 2023, implying a real growth rate of 3.5% – an improvement compared to a growth rate of 3% in the previous year.

These results exceeded the expectations set 6 months ago when TI predicted that growth would decelerate in 2023 compared to 2022.

The growth of the logistics market last year was mainly driven by the expansion of contract logistics in developing countries, with more modest growth in the developed regions. While Europe was experiencing an economic slowdown, the dynamic growth of production in Asia contributed to strong results in the logistics sector.

As for the regional market share, the Asia-Pacific region is leading with approximately 39–40% of the global contract logistics market, followed by Europe and North America with approximately 28–29% and 25%, respectively.

The TI analysts are optimistic about the global economy recovering from the crisis. They expect that international trade will contribute to a more dynamic growth of the contract logistics market, forecasting a 4.2% increase in the market value in 2024 to approximately €296 billion. This forecast represents an improvement on the forecast for the end of 2023, which anticipated a growth rate of 3.7%.

Source: trans.info