Enjoy complimentary customisation on priority with our Enterprise License!
The spare parts logistics market size is forecast to increase by USD 24.2 billion at a CAGR of 5.6% between 2024 and 2028. The market is experiencing significant growth due to several key trends and drivers. One of the primary drivers is the increasing electronic components trade between India and China, which is leading to an increase in demand for efficient and reliable spare parts logistics solutions. Another trend influencing the market is the adoption of Industry 4.0, which aims to enhance operating efficiency by integrating advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and robotics into manufacturing processes. Additionally, the use of 3D printing in the manufacturing industry is gaining popularity, leading to the need for innovative logistics solutions to manage the distribution of 3D printed spare parts. Overall, these trends are driving the market towards greater automation, efficiency, and innovation.
Spare parts logistics refers to the transportation, delivery, warehousing, and inventory management of spare components for various industries, including aerospace, electronics, healthcare, and manufacturing. The market for spare parts logistics is driven by the need for high-performance and complex modern machinery in these sectors, which require regular maintenance and replacement of spare parts. The transportation and delivery of spare parts are critical aspects of the market, as timely availability of components can significantly impact industrial activities and manufacturing performance. Warehousing and inventory management play a crucial role in ensuring an adequate supply of spare parts while minimizing inventory costs.
Digital technologies, such as automation, real-time tracking, and e-commerce platforms, are transforming the market by streamlining supply chain management, improving utilization rates, and increasing average sale prices. However, the market faces challenges such as inflation, complexity, and the need for data triangulation approaches to ensure accurate and reliable information for inventory management. The bottom-up methodology is used to analyze the market, which involves examining the demand for spare parts in various industries and estimating the market size based on the number of units sold and the average sale price. This approach helps provide a comprehensive understanding of the market dynamics and trends.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Automotive segment is estimated to witness significant growth during the forecast period.Spare parts logistics plays a crucial role in the transportation and delivery of components for various industries, including aerospace, electronics, healthcare, and manufacturing. The complexity of modern machinery and industrial activities necessitates efficient spare parts logistics to ensure optimal performance and minimize downtime. Digital technologies and automation, such as real-time tracking and inventory management systems, are essential in this regard. The spare parts market is segmented by industry, with significant demand coming from the aerospace, electronics, and healthcare sectors. The aerospace industry requires precise and timely delivery of spare parts due to the high value and critical nature of components.
In contrast, the electronics industry demands a large inventory of spare parts due to the high volume of sales and frequent product recalls. The healthcare sector relies on spare parts logistics for medical equipment maintenance and patient safety. The increasing utilization rate and average sale price of spare parts, as well as percentage splits and market shares among segments, are essential market statistics for decision-makers. The market is projected to grow due to inflation and the e-commerce boom, which allows for more efficient supply chain management. Developments such as joint ventures, market engineering, and pricing strategies also impact market projections.
Get a glance at the market share of various segments Request Free Sample
The Automotive segment accounted for USD 22.30 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market serves as a crucial internal element in the industrial sector, enabling the efficient delivery of essential components for machinery repair, refurbishment, remanufacturing, and aftermarket services. This Investor's Guide offers insights into advanced technologies shaping the industry, including real-time tracking, predictive analytics, and reverse logistics. Key trends include digitization, green logistics, and the circular economy, which promote sustainability and cost savings through value-added services, such as warranty management and field service support. Major restraints include high costs, unauthorized suppliers, and counterfeit spare parts, which can compromise product quality and safety. Changing customer demands and the global economic climate, as well as political instability, impact the market.
Advanced technologies like artificial intelligence and online sales channels are transforming the landscape, while transportation modes like air, sea, and land transportation continue to play a significant role. Maintaining inventory optimization is vital for businesses to ensure timely delivery and minimize downtime. The industrial industry's aftermarket services sector is expected to grow, driven by the increasing adoption of advanced technologies and the shift towards sustainable practices.
Our spare parts logistics market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The electronic components trade between India and China has experienced significant growth, contributing to the expansion of the market. Spare parts logistics plays a crucial role in the transportation and delivery of essential components for various industries, including aerospace, electronics, healthcare, and manufacturing. The complexity of modern machinery and industrial activities necessitates efficient warehousing and inventory management systems to ensure optimal performance. Digital technologies, automation, and real-time tracking have revolutionized spare parts logistics, enabling e-commerce and supply chain management to flourish. The market for spare parts is subject to several external elements, such as inflation, which can impact utilization rate and average sale price. Market statistics indicate that the spare parts market is segmented by application areas, product types, and end-users.
For instance, the aerospace industry holds a significant market share due to the high value of components and the need for timely delivery. The bottom-up methodology and data triangulation approaches are used to estimate market sizes and percentage splits. Market projections suggest that the market will continue to grow, driven by developments in technology and joint ventures between key players. Market engineering and market breakdowns provide insights into the competitive landscape, pricing, and services supplied. Decision-makers must consider these factors when formulating future vision and strategies for their businesses.
In the context of the market, Industry 4.0 technologies are being adopted to optimize operational processes and enhance supply chain agility, enabling real-time monitoring, predictive maintenance, and efficient inventory management. Spare parts logistics plays a crucial role in ensuring the smooth functioning of various industries, particularly in sectors such as aerospace, electronics, healthcare, and manufacturing, where performance and complexity are high. With the advent of Industry 4.0 and the increasing use of modern machinery and digital technologies, the importance of spare parts logistics has become more pronounced. Transportation and delivery of spare parts are essential components of this logistics system. Warehousing and inventory management are also critical aspects, requiring real-time tracking and automation to ensure optimal utilization rate and average sale price. The percentage splits and market shares of various segments, including e-commerce and supply chain management, are subject to constant change due to external elements such as inflation and pricing.
Market statistics and projections indicate a significant growth in the market. Market breakdowns reveal that the aerospace and industrial activities sectors account for a significant portion of the market. Competitors are focusing on developments such as joint ventures, market engineering, and advanced services supplied to gain a competitive edge. The future vision for spare parts logistics involves further automation, digitalization, and integration with other business processes to enhance overall performance.
The manufacturing industry's integration of 3D printing technology significantly enhances spare parts logistics by enabling on-demand production and reducing lead times for parts replacement. Spare parts logistics encompasses the transportation, delivery, and warehousing of spare components for various industries, including aerospace, electronics, healthcare, and manufacturing. Modern machinery and industrial activities necessitate the use of spare parts for optimal performance, leading to a high demand for efficient and effective spare parts logistics. The complexity of managing inventory for occasionally ordered spare parts can result in increased costs for both manufacturers and suppliers. To mitigate this issue, companies are adopting digital technologies such as 3D printing for on-demand manufacturing, reducing the need for extensive inventory management and storage. This approach also decreases consumption of time and labor costs by eliminating manufacturing, storing, packaging, and transportation activities.
Inflation and external elements further complicate spare parts logistics, necessitating advanced supply chain management strategies such as bottom up methodology, data triangulation approaches, and market engineering. Market statistics and projections indicate continued growth in the spare parts market, with segment breakdowns revealing percentage splits and market shares among competitors. Developments in automation and real-time tracking technologies are further enhancing the efficiency and performance of spare parts logistics, providing decision-makers with a future vision for the industry.
The spare parts logistics market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CEVA LogisticsThe organization specializes in the distribution of spare parts for various industries, with a particular focus on the logistics sector for sports products. Our extensive inventory ensures the availability of high-quality components for prompt repairs and maintenance, enabling our clients to minimize downtime and maximize productivity. We pride ourselves on our expertise and commitment to delivering exceptional customer service, making US a trusted partner for businesses in need of reliable spare parts solutions.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Spare parts logistics is a critical aspect of supply chain management in various industries, including aerospace, electronics, healthcare, and manufacturing. The market for spare parts logistics is driven by the need for timely delivery of components to ensure the performance of modern machinery and industrial activities. The complexity of managing inventory and transportation of spare parts has increased due to the influx of digital technologies, automation, and real-time tracking. Warehousing and inventory management play a significant role in spare parts logistics. The utilization rate and average sale price of spare parts are essential market statistics for decision-makers. The market for spare parts logistics can be segmented based on the industries served, such as aerospace, electronics, healthcare, and manufacturing.
The market for spare parts logistics is influenced by external elements, such as inflation and e-commerce. The use of bottom-up methodology and data triangulation approaches helps in market engineering and market projections. Developments in the market include joint ventures, pricing strategies, services supplied, and market engineering. The future vision for spare parts logistics includes continued automation, digitalization, and market segmentation to meet the demands of various industries.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
182 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.6% |
|
Market growth 2024-2028 |
USD 24.2 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.17 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 48% |
|
Key countries |
China, US, Germany, Japan, and India |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
CEVA Logistics, DACHSER SE, Deutsche Bahn AG, Deutsche Post AG, DSV AS, Expeditors International of Washington Inc., FedEx Corp., GEODIS, Kerry Logistics Network Ltd., Kuehne Nagel Management AG, LOGISTEED Ltd., Lufthansa Cargo, Nippon Express Holdings Inc., Ryder System Inc., SEKO Logistics, Scan Global Logistics, Toyota Motor Corp., TVS Supply Chain Solutions Ltd., United Parcel Service Inc., and XPO Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
