NEW
YORK, July 10, 2024 /PRNewswire/ -- The global
spare parts logistics market size is estimated to grow by
USD 24.2 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 5.6% during the forecast period. Predictive maintenance plays a
crucial role in the spare parts logistics industry by enhancing
operational efficiency and reducing downtime. By leveraging
predictive analytics and IoT sensors, companies can anticipate
equipment failures and schedule maintenance proactively, ensuring
that spare parts are available precisely when needed. This approach
aligns with the industry's shift towards enhancing operating
efficiency through Industry 4.0 technologies. Despite challenges
like the adoption of 3D printing, major players such as CEVA
Logistics, Deutsche Post AG, and FedEx Corp. are investing in
advanced logistics solutions to meet growing global demand,
particularly driven by increased electronic components trade
between India and China.
![Technavio has announced its latest market research report titled Global spare parts logistics market 2024-2028 Technavio has announced its latest market research report titled Global spare parts logistics market 2024-2028](https://mma.prnewswire.com/media/2457049/Technavio_spare_parts_logistics_market.jpg)
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Spare Parts
Logistics Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.6%
|
Market growth
2024-2028
|
USD 24.2
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.17
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 48%
|
Key
countries
|
China, US, Germany,
Japan, and India
|
Key companies
profiled
|
CEVA Logistics, DACHSER
SE, Deutsche Bahn AG, Deutsche Post AG, DSV AS, Expeditors
International of Washington Inc., FedEx Corp., GEODIS, Kerry
Logistics Network Ltd., Kuehne Nagel Management AG, LOGISTEED Ltd.,
Lufthansa Cargo, Nippon Express Holdings Inc., Ryder System Inc.,
SEKO Logistics, Scan Global Logistics, Toyota Motor Corp., TVS
Supply Chain Solutions Ltd., United Parcel Service Inc., and XPO
Inc.
|
Market Driver
Industry 4.0, the fusion of physical and digital technologies,
is revolutionizing manufacturing sectors worldwide. This
transformation includes the Internet of Things (IoT), cloud
computing, cognitive computing, and cyber-physical systems. By
streamlining operations, reducing business risks, and ensuring
growth, Industry 4.0 will increase global manufacturing output.
With 24-hour production becoming standard, overall equipment
effectiveness is crucial. Industry 4.0 enables customized
manufacturing, reducing delivery times. As industrial manufacturers
expand globally, Industry 4.0 ensures higher connectivity,
improving supply chain efficiency for spare parts logistics.
Network flexibility allows shifting operations among facilities,
enhancing industrial efficiency and boosting spare parts logistics
requirements. These benefits are expected to fuel market growth
during the forecast period.
Spare parts logistics is a critical aspect of aftermarket
services in various industries, including Aerospace, Electronics,
and Healthcare. Trends shaping this market include predictive
analytics for proactive maintenance, reverse logistics for circular
economy, and digital technologies like AI for efficient warehouse
management and inventory control. Aftermarket services encompass
repair, refurbishment, and remanufacturing, which add value to
customers and reduce costs. Challenges include high costs,
unauthorized suppliers, and counterfeit spare parts. Changing
customer demands, global economic climate, and political
instability impact the market. Digitization and green logistics are
essential for sustainability and efficient transportation modes
like air, sea, and land. Industrial industries require complex
spare parts logistics for modern machinery. Performance-critical
components need timely delivery, and warranty management and field
service support ensure customer satisfaction. Major restraints
include the complexity of spare parts and the need for value-added
services. Overall, spare parts logistics plays a crucial role in
maintaining industrial productivity and performance.
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Market Challenges
- Spare parts manufacturing is undergoing a significant
transformation with the adoption of 3D printing technology. Instead
of maintaining inventories of occasionally ordered spare parts,
manufacturers are moving towards on-demand manufacturing to reduce
costs associated with production, storage, packaging, and
transportation. By storing digital blueprints of components,
manufacturers can produce and ship parts directly to customers when
needed, eliminating the need for inventory storage. This approach
saves manufacturers and suppliers inventory costs and reduces
logistics expenses by 39%-45%. The use of 3D printing is
increasingly popular in industries such as electronics, automotive
spare parts, and workshop tools. Additionally, manufacturers can
produce parts domestically without establishing production centers,
reducing import and export costs. In the future, manufacturers may
sell blueprints to suppliers, allowing them to manufacture and sell
spare parts components directly to end-users, potentially reducing
the need for spare parts logistics functions. Overall, the adoption
of 3D printing in spare parts manufacturing offers cost savings,
increased efficiency, and flexibility.
- Spare parts logistics is a critical aspect of modern
manufacturing, aerospace, electronics, healthcare, and industrial
activities. The challenges in this market include transportation
and delivery of spare parts, warehousing and inventory management,
and the complexity of dealing with components for various
industries. The use of modern machinery and digital technologies,
such as automation and real-time tracking, is essential for optimal
performance. In the spare parts market, sectors like e-commerce and
supply chain management face unique challenges due to inflation and
the need for inventory optimization. Market statistics and
projections show that the market is growing, with key players
focusing on pricing, services supplied, and market engineering.
Developments in advanced technologies and joint ventures are
shaping the future vision of this industry. Decision-makers must
consider external elements, such as market trends and competitor
strategies, as well as internal elements, like utilization rate and
average sale price, to make informed decisions. This investor's
guide provides percentage splits and market shares, segment
breakdowns, and market breakdowns for a better understanding of the
market landscape.
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challenges - Request a sample report!
Segment Overview
This spare parts logistics market report extensively covers
market segmentation by
- End-user
- 1.1 Automotive
- 1.2 Electronics
- 1.3 Industrial
- 1.4 Aerospace
- 1.5 Others
- Type
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Automotive- The global spare parts logistics market,
particularly in the automotive segment, is projected to experience
notable growth due to the increasing demand from the passenger
vehicle sector. Key spare parts like filters, brakes, suspension,
and shock absorbers are frequently replaced in passenger vehicles.
The rising number of in-use passenger and commercial vehicles,
fueled by the popularity of SUVs, pickup trucks, and light
commercial vehicles, is driving global sales. APAC and Europe are significant contributors to the
market, with North America holding
a substantial share of commercial vehicle sales in 2020. Vehicle
manufacturers are expanding production to capitalize on market
opportunities in developing economies, leading to an increase in
the demand for automotive spare parts and subsequently fueling the
growth of the global spare parts logistics market during the
forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
Spare parts logistics refers to the management and
transportation of spare components for the repair and maintenance
of modern machinery and equipment in various industries, including
aerospace, electronics, healthcare, manufacturing, and industrial
activities. This market is crucial for ensuring the optimal
performance of complex systems and minimizing downtime. The
logistics of spare parts involves warehousing, inventory
management, and delivery using transportation methods such as air,
sea, and ground. Digital technologies and automation play a
significant role in modern spare parts logistics, enabling
real-time tracking, e-commerce, and supply chain management.
Factors such as inflation, complexity, and the utilization rate of
spare parts impact the market, requiring a bottom-up methodology
and data triangulation approaches to accurately assess market size
and trends. The average sale price of spare parts also influences
market dynamics.
Market Research Overview
Spare parts logistics refers to the management and
transportation of spare components for modern machinery and
industrial activities. This market encompasses warehousing,
inventory management, and delivery of spare parts for various
industries such as aerospace, electronics, healthcare, and
manufacturing. The complexity and performance requirements of these
industries necessitate advanced technologies like real-time
tracking, predictive analytics, and automation. E-commerce and
supply chain management have disrupted traditional spare parts
logistics, leading to the emergence of digital technologies and
market engineering. Inflation, pricing, and utilization rate are
key market statistics, while percentage splits and market shares
provide segment breakdowns. Decision-makers must consider external
elements like political instability and global economic climate, as
well as internal elements like major restraints such as high costs,
unauthorized suppliers, and counterfeit spare parts. The future
vision of spare parts logistics includes circular economy
principles, such as repair, refurbishment, and remanufacturing, as
well as the use of artificial intelligence, online sales channels,
and value-added services like warranty management and field service
support. Market projections indicate continued growth, driven by
changing customer demands, digitization, and the increasing
importance of aftermarket services.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Automotive
- Electronics
- Industrial
- Aerospace
- Others
- Type
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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