The fire truck market is expected to grow at a CAGR of 5% during the forecast period of 2024 to 2032. These vehicles play a crucial role in ensuring the safety of communities and mitigating the impact of fire emergencies. The market revenue of the Fire Truck industry has been consistently growing, driven by the increasing demand for fire safety and rescue equipment across various sectors, including municipalities, airports, industrial facilities, and commercial establishments.
The connected logistics market is projected to develop at a CAGR of 33% during the forecast period of 2024 to 2032. Connected logistics is a combination of interdependent communication devices, joints, and Internet of Things (IoT) technologies that transform critical logistical operations to be more customer-centric by sharing data, information, and facts with supply chain partners.
The global supply chain analytics market is expected to grow with a CAGR of more than 15.0% during the forecast period from 2024 to 2032, starting from US$ 4.5 Bn in 2020. Increasing number of manufacturing facilities, growing volume of the business data generated by enterprises, and managing supplier relationship primarily drive increasing adoption of supply chain analytics tools. Some of the factors driving the growth of supply chain analytics market include need for improvement in productivity and reduce the operational costs and rising necessity to maintain and enhance customer satisfaction. Moreover, greater need to attain sustainable business development is also increasing the adoption of supply chain analytics tools.
The global supply chain management market was valued at US$ 12.96 Bn in 2017 and expected to expand at a CAGR of 12.3% during the forecast period from 2018 to 2026. Over the last few years, there has been a rise in both intra-regional and cross-border trades due to liberalization and consequent proliferation of e-commerce.
The Automotive Logistics Market is estimated to cross US $ 500 billion by 2025 with an expected CAGR of 8% (2023-2031). Rising car production, forthcoming infrastructure projects, and the introduction of electric vehicles are the primary factors driving market expansion. Automotive logistics is the flow of a manufacturer's vehicles, components, spare parts, and raw materials during the procurement, production, and sale of automobiles. Logistics in the automotive industry includes inbound transportation management of raw materials and components, garage transportation management of the production process, and transportation management of vehicles and spare parts, including distribution processing delivery, object purchasing, loading and unloading, storage, transportation, and information processing. Given the fast growth of the automotive industry, automotive logistics is essential for decreasing supply chain costs.
The future trend of the automotive supply chain is to improve the division of labor. Distribution and component manufacturing will be separated from manufacturing firms. In addition, a portion of logistical management duties will be delegated to third-party logistics (3PL) in order to cut capital expenditures and operating expenses. Employing a 3PL enables businesses to acquire more market intelligence, extend operations without the use of assets to all corners of the globe, and join international markets more quickly. Hence, the 3PL model will become the dominant type of logistics in the automobile sector.
The increased adoption of software-based systems by automakers to handle logistical processes has resulted in major benefits, such as the enhancement of supply chain visibility and operational efficacy. General Motors, for instance, was an early adopter of the Outbound Logistics Software. During the pandemic-induced crisis, the program (which includes onboard asset telematics and geofencing technology, among other technologies) has significantly improved visibility in-vehicle delivery, improved truck utilization, and is being utilized to increase company dealer deliveries. Thus, the digitalization of operations will have a beneficial impact on market growth during the projection period.
Particularly in rising markets like China and India, the automobile logistics business has experienced tremendous expansion. Throughout the next eight years, Asia Oceania is anticipated to experience an annual growth rate of 7-8%, in line with the global average. Due to low salaries, an abundance of raw materials, rising demand for vehicles, and the presence of major OEMs such as Toyota (Japan), Maruti Suzuki (India), SAIC (China), Honda (Japan), Geely (China), and Hyundai, the region's automotive production has increased (South Korea). China, Japan, India, and South Korea export automobiles to numerous European and North American nations.
The Belt and Road Initiative, which aims to enhance infrastructure, trade, and investment linkages between China and a number of other nations, is one of the major projects anticipated to drive the market in the Asia-Oceania area. The Indian Railways is developing six dedicated freight corridors (DFCs) that span 2,800 kilometers across the country's eastern and western regions in an effort to improve its logistical services. For businesses in the automotive logistics industry, Acute Market Reports provides in-depth market research and strategic consulting services. Acute Market Reports provides our clients with a glimpse into the future, allowing them to make well-informed business decisions at the right time. Along with a wide variety of industry partners, we provide world-class strategic research solutions to our global clients.
