The analysts forecast spare parts logistics market in Europe to grow at a CAGR of 3.62% during the period 2018-2022. One trend in the market is introduction of blockchain in logistics industry.
A blockchain is a digitalized, distributed transaction ledger, which involves identical copies being maintained on multiple computer systems controlled by different entities.
Basically, a blockchain system uses a chain of cryptographically protected records to expose the details of transactions to all entities and distribute records across the network of contributing nodes or computer systems, thus removing the need for a central authority to maintain records.
Major key players in the spare parts logistics market in Europe: CEVA Logistics, DB Schenker, Deutsche Post DHL Group, Kuehne + Nagel, and UPS.
According to the spare parts logistics market report, one driver in the market is increasing demand for spare parts owing to longer lifespan of vehicles. It is observed that the average age of cars has been rising in the EU.
The average age of cars in the EU rose by more than 15% from year 2010 to 2016. The average of cars in EU in 2010 was between 8 and 9 years.
The average of cars in EU increased to around 11 years in 2016. As the age of the car increases, the need for the spare parts also increases for the car to run smoothly.
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Further, the spare parts logistics market report states that one challenge in the market is complexities involved in time-bound deliveries and customized supply chains. Choosing the right supply chain model is an important task as customers prefer shorter lead times while logistics companies seek to keep the cost as low as possible.
Furthermore, apart from lead times, spare parts manufacturers also need to consider the order sizes in order to main profits because generally, the cost of freight declines with the increase in the volume of freight.
Key questions answered in this spare parts logistics market report:
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?