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COVID-19 Impact on Logistics & Supply Chain Industry Market

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COVID-19 Impact on Logistics & Supply Chain Industry Market

August 21
21:06 2020
COVID-19 Impact on Logistics & Supply Chain Industry Market

COVID-19 Impact on Logistics & Supply Chain Industry Market
The major drivers of this market are increasing supply of essential commodities, creation of supply chain stabilization task force to fight COVID-19, and growing demand and distribution of personal protective equipment.

Since logistics and supply chain form the key for seamless functioning of any industry vertical, disruption due to COVID-19 has brought business operations across several industries to a standstill. Logistics and transportation companies have faced sever losses across sectors such as automotive and industrial machinery & equipment. On the other hand, the market players have been under immense pressure due to higher emphasis of national governments on the continued supply of essential commodities and healthcare products. Thus, FMCG and healthcare sectors are expected to provide the much-needed push to logistics and supply chain companies, especially through the pandemic.

Post COVID-19, the global logistics market size is projected to grow from USD 2,734 billion in 2020 to USD 3,215 billion by 2021, at a Y-O-Y of 17.6%.

The major drivers of this market are increasing focus on the continued supply of essential commodities, creation of supply chain stabilization task force to fight COVID-19, and growing demand and distribution of personal protective equipment. The factors that restrain the market are labor shortage and a shortage of COVID-19 testing kits. The projection for 2021 is estimated to be down by over 10-15% as compared to the pre-COVID-19 estimation.  

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Some of the key players in the logistics and supply chain industry are DHL (Germany), UPS (US), FedEx (US), Kuehne+Nagel (Switzerland), CEVA Logistics (Switzerland), DB Schenker (Germany), SNCF (France), XPO Logistics (US), Kenco Group (US), and Hitachi Transport System (Japan). 

Asia Pacific to have the largest logistics market size during the forecast period

Asia Pacific is expected to have the largest market sizing as the region has taken stringent measures to contain the virus. China has started to recover from the COVID-19 pandemic faster than any other country.  Only some provinces of the entire country are in lockdown after the second wave of COVID-19.

The World Health Organization has appreciated India’s control over the spread of the pandemic. This has allowed the logistics and supply chain companies to meet consumer demands during the pandemic situation. The supply of vital products in Singapore, South Korea, and Japan has also regained normalcy. Thus, the Asia Pacific region is expected to show positive signs in the near future as the supply chain industry recovers gradually.

FMCG and healthcare industries to remain the largest in the logistics market.

Countries have exempted the manufacturing services regarding medical machinery and their supplies. The manufacturing of ventilators has increased as the number of COVID-19 positive cases continues to grow. For example, on April 14, 2020, Royal Philips planned to increase its hospital ventilator production to 4,000 units/week by Q3 2020 and introduced its new Philips Respironics E30 ventilator with immediate production of 15,000 units/week. Furthermore, the production and distribution of masks, gloves, medicines like HCQ has increased. The supply of essentials and the manufacturing of medical equipment is expected to drive the pharmaceutical and healthcare industry, and this will further boost the growth for the logistics and supply chain industry.

FMCG is one of the industries facing significant logistics challenges. Countries having a huge consumer base are facing major challenges when it comes to ensuring the continued supply of essential commodities. With limited availability of fast-moving consumer goods, consumers are experiencing a change in their lifestyle as they are receiving fewer products because of COVID-19 impact on the logistics and supply chain industry. However, FMCG companies are continuously tracking the current situation and are coming up with new strategies to contain the pandemic. The agriculture sector has been exempted from the restrictions laid by the countries. This has ensured sufficient supplies of food and other daily needs products. E-groceries continue to meet the increasing demand for daily supplies by the consumers. Amid the COVID-19 pandemic, Walmart Grocery application hit all-time high downloads in the US. 

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Recent Developments:

COMPANY NAME

PRECAUTIONARY MEASURES ADOPTED

DHL

  • Implemented a warehouse management system and bought the retail and eCommerce inventories together
  • Successfully sent emergency medical equipment and supplies to healthcare workers and delivered necessity goods to private customers

UPS

  • Temporarily adjusted its Signature Required guidelines to ensure employee and customer safety
  • Helped companies deploy their products worldwide at a faster rate
  • Donated free personal protective equipment (PPE) to healthcare professionals

FedEx

  • Updated store hours and available services for FedEx Office and other retail locations
  • Suspended Signature Required for most shipments

CEVA

  • Adopted smart strategies for logistics cost optimization
  • Ensured safety measures to protect its employees

Kuehne+Nagel

  • Focused on protecting the health and safety of its employees
  • Implemented global travel restrictions and conducted meetings through video conferencing

 

Research Coverage:

The logistics market has been segmented based on industry (automotive, FMCG, healthcare, energy & utilities, and industrial machinery & equipment), mode of transport (roadways, railways, airways, and maritime), and region (Asia Pacific, Europe, North America, and Rest of the World)

Key Benefits of Buying the COVID-19 Impact on Logistics & Supply Chain Industry Market Report: 

This report provides insights with reference to the following points:

Logistics market size, by industrial vertical: The report offers in-depth market sizing and forecasts up to 2021, based on automotive, FMCG, healthcare, energy & utilities, and industrial machinery & equipment. The market sizing for industries is covered at the regional level, considering the detailed impact analysis of COVID-19.

Logistics market size, by mode of transport: The report offers in-depth market sizing and forecasts up to 2021, based on the mode of transport, such as roadways, railways, airways, and maritime. The market sizing for the mode of transport is covered at a regional level, considering a detailed impact analysis of COVID-19. 

The report provides insights on the impact of COVID-19 on key industry verticals impacting the logistics market.

Market development: The report provides comprehensive information about lucrative emerging markets for the logistics industry across regions, considering the detailed impact analysis of COVID-19. 

Product development/innovation: The report gives detailed insights key changes adopted by logistics companies as well as industry verticals, considering detailed impact analysis of COVID-19.

Market opportunities: The report offers detailed information about new markets/business opportunities created due to COVID-19.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
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Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-logistics-supply-chain-industry-market-244593137.html


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