Dublin, Oct. 29, 2019 (GLOBE NEWSWIRE) -- The "Global Logistics Automation Market (2018-2023) Share, Scope, Revenue, Trends, Drivers, Challenges, Segmentation based on Component (Hardware, Software, Services) End Use Industry and Geography" report has been added to ResearchAndMarkets.com's offering.
The global logistics automation market is expected to expand at a compound annual growth rate (CAGR) of 12.6% and will be worth USD 100.1 Bn by 2023.
In recent years, logistics automation has emerged as a necessity for companies. Changes in customers' preferences are resulting in the expansion of product categories, which makes handling them difficult, given the constraints of existing supply chain practices. Customers' expectations have also increased, with concepts like last-mile delivery' and delivery on-demand' becoming common. To improve operational efficiency and remain competitive, companies are opting for logistics automation.
Segmentation based on component: The hardware segment is expected to hold a market share of more than 50% during the forecast period and will grow at a CAGR of 10.7%. Even though most companies prefer hardware products like automated conveyor systems, lift trucks, automated racks, and robotic picking for implementing logistics automation, the need for capital investments is a major deterrent. As a result, some of them opt for software solutions instead, since they are easy to integrate and are cost-effective. This segment is expected to expand at a significant CAGR of 16%, the highest under this categorization. Moreover, as companies try to reduce their capital investments, tasks are likely to be handed over to third-party logistics automation service providers.
End use industry segment insights: The exponential expansion of the e-commerce industry, expectations regarding swifter deliveries, and intense competition among market players are some of the major factors contributing to the growth of the logistics automation market. Thus, the e-commerce and retail segment is expected to be the highest growing end use industry in terms of logistics automation, expanding at a CAGR of 16.9% during the analysis period. By 2023, this segment is expected to hold a market share of more than 40%.
The online product delivery ecosystem and the growing preference for air transport are expected to result in a significant increase in the volume of air cargo in the coming years. To cope up, airports around the world are adopting logistics automation to increase their capacities (despite the limited availability of land), and to ensure error-free and safe handling of large volumes of freight.
Logistics automation also finds extensive applications in the food and beverage industry. The technology is well-suited for accurate product measurements, flawless packaging, and for performing tedious, repetitive tasks in tough environments like freezer warehouses.
Regional insights: Europe and North America are mature markets, which dominated the global logistics automation sector with market shares of 33.6% and 29.2% respectively, in 2018. Most of the key players in the market are based in Europe. The logistics sector contributes significantly to the gross domestic product (GDP) of countries in Europe, make it a viable avenue for investments in automation. The logistics automation market in the Asia-Pacific and the Middle East and Africa regions are expected to exhibit higher growth in comparison to the other regions, owing to increasing investments in this sector and the presence of some significant players.
Key Topics Covered
1 Executive Summary
1.1. Market scope and segmentation
1.2. Key questions answered in this study
1.3. Executive summary
2 Introduction
2.1. Market definition
2.2. Market overview
2.2.1 Global market revenue (USD Bn)
2.2.2 Forecasted global market revenue (USD Bn)
2.2.3 Geography-wise market revenue (USD Bn)
2.3. Market trends
2.4. Market drivers
2.5. Market challenges
2.6. Value chain analysis
3 Global Logistics Automation Market - Based on Component
3.1. Hardware - forecasted (2018-2023) market size (USD Bn), and key observations
3.2. Software - forecasted (2018-2023) market size (USD Bn), and key observations
3.3. Services - forecasted (2018-2023) market size (USD Bn), and key observations
4 Global Logistics Automation Market - Based on End Use Industry
4.1. E-commerce and retail - forecasted (2018-2023) market size (USD Bn), and key observations
4.2. Automotive - forecasted (2018-2023) market size (USD Bn), and key observations
4.3. Aerospace - forecasted (2018-2023) market size (USD Bn), and key observations
4.4. Food and beverage - forecasted (2018-2023) market size (USD Bn), and key observations
4.5. Others - forecasted (2018-2023) market size (USD Bn), and key observations
5 North America Logistics Automation Market
5.1. Overview
5.1.1 Revenue (USD Bn)
5.1.2 Forecasted market revenue (USD Bn)
5.2. Trends
5.3. Drivers and challenges
5.4. North America logistics automation market based on component (hardware, software, and services) - forecasted (2018-2023) market size (USD Bn), and key observations
5.5. North America logistics automation market based on end use industry (e-commerce and retail, automotive, aerospace, food and beverage, and others) - forecasted (2018-2023) market size (USD Bn), and key observations
6 Europe Logistics Automation Market
7 Asia-Pacific Logistics Automation Market
8 Latin America Logistics Automation Market
9 The Middle East & Africa Logistics Automation Market
10 Competitive Landscape
10.1. ABB
10.1.1 Company snapshot
10.1.2 Product offerings
10.1.3 Strategic initiatives
10.1.4 Countries present
10.1.5 Key people and numbers
10.2. Toyota Industrial Equipment
10.3. KION
10.4. Jungheinrich
10.5. KUKA
10.6. Daifuku
10.7. Murata Machinery
10.8. Beumer Group
10.9. KNAPP
10.10. System Logistics
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