Global
spare
parts logistics market
is estimated to grow substantially in the forecast period due to growing
emphasis of OEMs on aftermarket for better profits. Spare parts logistics is
the management of the flow of accessories required by different industries from
one location to another. It helps in proper planning of the process chain, looks
after supply management, controls the availability of stocks and service
parameters, inspects the quality of spare parts, and tracks the consignment.
Factors
influencing the growth of the market are rise in demand for spare parts for
automobiles, increasing developments in automobile industry, and rising
investments in service industry. Moreover, increased competition among market
players and rise in demand from developing economies of Asia Pacific like China
and India are also driving the spare part logistics market. However, high cost
of spare parts supply chain is expected to hamper the market growth.
Advent
of block-chain technology for simplified tracking of the spare parts supply
chain is one trend observed in the market. Nonetheless, increasing need for
curtailing the costs of supply chain is a challenge for the spare parts
logistics market.
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Market is categorized on the basis of
type, application, and geography. On the basis of type, market is divided into
waterway freight, airway freight, and roadway freight. Roadway freight segment
lead the market owing to booming automobile industry.
In terms of application, market is
divided into technology industry, industrial sector, electronics industry,
automotive sector, and others. Automotive sector is predicted to hold larger
share of the market due to high demand for the spare parts because of rising
demand for vehicles.
Geographically, market is segmented as
North America, South America, Europe, Asia Pacific, and Middle East &
Africa. Asia Pacific and Middle East and Africa is anticipated to dominate the
market owing to developments in automotive industry. Europe is also expected to
hold larger share of the market due to the presence of larger number of manufacturers
and mature automobile market.
The prominent players in spare parts
logistics market include Deutsche Post DHL, Ryder, CEVA Logistics, Lockheed
Martin, Kuehne + Nagel Inc., SEKO Logistics, Beumer Group, Network Global
Logistics, TVS Logistics, FedEx Supply Chain, Broekman Logistics, Logwin, PTC
Servigistics, Choice Logistics, Kerry Logistics, and United Parcel Service of
America Inc.
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