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Global Spare Parts Logistics Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio

May 17, 2019
Technavio has published a new market research report on the global spare parts logistics market from 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--May 17, 2019--

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 2019-2023 research 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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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 10,000 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.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190517005219/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: TRANSPORT AIR MANUFACTURING LOGISTICS/SUPPLY CHAIN MANAGEMENT AUTOMOTIVE MANUFACTURING AUTOMOTIVE AFTERMARKET

SOURCE: Technavio Research

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PUB: 05/17/2019 09:20 AM/DISC: 05/17/2019 09:20 AM

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