The Project Logistics Market is set to expand, with an expected growth of approximately USD 59.41 billion and a CAGR of about 4.3% during the forecast period. The growth is primarily driven by the increasing demand for project logistics in the automotive industry, which requires seamless and complex logistics operations for the global supply chain. This complexity poses a significant challenge in the automotive logistics sector as manufacturers and suppliers grapple with rising costs due to changing customer demands and competitive pressures.

The report highlights key players in the project logistics market, including Balmer Lawrie and Co. Ltd., C H Robinson Worldwide Inc., CEVA Logistics S A, and others. The market is expected to see a 3.2% year-on-year growth in 2024.

One notable trend shaping the market is the digitization of logistics, enhancing supply chain operations with the integration of digital practices and the Internet of Things (IoT). However, stringent regulations for project logistics service providers present a challenge, given the time and financial resources required to navigate diverse country rules and international laws.

The market is segmented by end-user (Oil and gas/mining/and quarrying, Construction, Energy and power, and Others), service (Transportation, Warehousing, and Inventory management and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The oil and gas, mining, and quarrying segment are expected to experience significant market share growth due to the increasing demand for exploration and production projects in this sector.

The report provides valuable insights into the project logistics market, its key segments, and the impact of digitization on its growth. However, challenges related to stringent regulations are expected to impede market growth.

Inspired by: https://finance.yahoo.com/news/project-logistics-market-size-increase-211500821.html