Spare Parts Logistics Market To Reach USD 67.4 Billion By 2032 | DataHorizzon Research
The spare parts logistics market size was valued at USD 44.8 Billion in 2023 and is expected to reach a market size of USD 67.4 Billion by 2032 at a CAGR of 4.6%.
Fort Collins, Colorado, May 10, 2024 (GLOBE NEWSWIRE) -- *
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*Growing demand for automotive spare parts drives the industry's growth.*
*Spare Parts Logistics* serves as a cornerstone in maintaining the smooth operation and upkeep of essential equipment, machinery, and systems. The increasing focus on asset management and preventive maintenance has prompted companies to prioritize the accessibility of spare parts, aiming to minimize downtime and optimize operational efficiency. Moreover, the surge in worldwide industrialization and infrastructure development initiatives has intensified the necessity for dependable spare parts supply chains to sustain the construction and upkeep of facilities. Furthermore, the aging of current equipment and infrastructure has generated a steady requirement for replacement parts, thereby fostering the expansion of this market.
The rise in the manufacturing sector across diverse industries, including automotive, aerospace, and heavy machinery, stands as a prominent catalyst behind the expansion of the spare parts logistics market. With expanding production capacities and the emergence of new facilities, there has been a significant surge in demand for efficient spare parts supply chains to ensure uninterrupted operations. Moreover, the global focus on infrastructure development, encompassing projects like transportation networks, power plants, and telecommunication systems, has intensified the necessity for reliable spare parts logistics services to sustain these critical endeavors. According to the United Nations Statistics Division, global manufacturing output witnessed a robust 3.6% increase in 2021, underscoring the sector's resilience and ongoing expansion.
Integrating cutting-edge technologies like the Internet of Things (IoT), big data analytics, and predictive maintenance solutions has transformed the spare parts logistics market. These advancements facilitate real-time monitoring of equipment performance, predictive failure analysis, and proactive spare parts procurement. By anticipating maintenance needs, companies can optimize their spare parts inventory management and minimize downtime, ultimately leading to heightened productivity and cost savings. As reported by the World Economic Forum, predictive maintenance solutions have the potential to slash maintenance costs by up to 40% and boost equipment uptime by 20%.
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*Segmentation Overview:*
*The spare parts logistics market has been segmented into transportation, end-user, and region.*
*Land transportation is the leading transportation segment in the forecast period.*
· Based on transportation segmentation, the land transportation segment was the largest segment in the spare part logistics market in 2023. This growth is driven by the cost-effectiveness and flexibility of road and rail networks for transporting spare parts across regions.
*The automotive is the leading end-user segment due to their industry dominance.*
· Based on the market segmentation by end-user, the automotive industry was the largest end-user segment for spare parts logistics in 2023. This can be attributed to the vast number of vehicles on the road and the continuous need for replacement parts for maintenance and repairs. The global automotive aftermarket has consistently grown, fueling the demand for efficient spare parts logistics solutions.
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*Spare Parts Logistics Market Report Highlights:*
· The spare parts logistics market growth is anticipated at a *CAGR of 4.6% by 2032,*
· Robust developments in the manufacturing and infrastructure sectors have pushed the industry's growth.
· The Asia-Pacific region is poised to be the fastest-growing market for spare parts logistics in the near future. The rapid industrialization and infrastructure development in countries like China, India, and Southeast Asian nations have fueled the demand for reliable spare parts logistics services.
· Some prominent players in the spare parts logistics market report include UPS Supply Chain Solutions, FedEx Supply Chain, DHL Supply Chain, DB Schenker, Kuehne + Nagel, CEVA Logistics, Panalpina, Expeditors International, Agility Logistics, and Bolloré Logistics.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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