The global spare parts logistics market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global spare parts logistics market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global spare parts logistics market is the increasing average vehicle age. The majority of the global population use one vehicle for a longer duration as it is manufactured using quality parts. In addition, the average vehicle cost is increasing significantly across the world, which is resisting the purchase of new vehicles and encouraging the global population to utilize the old vehicle until its complete life cycle. The average age of commercial vehicles in Europe increased around 0.5 years during 2013-2016. Therefore, the growing average vehicle age will increase the need for vehicle maintenance, thereby driving the demand for spare parts logistics.
As per Technavio, the enhancement of operating efficiency with Industry 4.0 will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global spare parts logistics market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global spare parts logistics market: Enhancement of operating efficiency with Industry 4.0
Industry 4.0, that incorporates the loT, cloud computing, cognitive computing, and cyber-physical system, is transforming the manufacturing sectors. It helps in streamlining operations, reducing business risks, and ensuring business growth. Implementation of Industry 4.0 will ensure that plants have robust monitoring systems for detecting potential maintenance issues beforehand and there are no downtimes later. Furthermore, the evolution of Industry 4.0 will increase the manufacturing output globally as manufacturing facilities are moving toward 24-hour production. As a result, the penetration of Industry 4.0 is increasing rapidly, which will enhance the efficiency of industrial manufacturers. This, in turn, will positively influence the requirements for spare parts logistics operations.
"The adoption of blockchain technology is increasing rapidly in logistics operations owing to several initiatives being taken across the world. Spare parts logistics require a huge number of documentations such as a bill of lading (BoL), charter party agreements, letters of credit, and sales contract. Blockchain technology helps in the accurate and quick documentation of spare parts logistics, thereby providing complete transparency and security. Thus, the adoption of blockchain will have a significant impact on the market growth during the forecast period," says a senior research analyst at Technavio.
Global spare parts logistics market: Segmentation analysis
This market research report segments the global spare parts logistics market by end-user (automotive, industrial, aerospace, electronics, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The market growth in APAC can be attributed to the growing investments in the development of logistics infrastructure by various governments across APAC countries, and the growth in hardware spending. Electronics is one of the key end-user segments in APAC. Japan and China are the key contributors to hardware spending in APAC, followed by India.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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