Portland, OR, Oct 22, 2020 (GLOBE NEWSWIRE via COMTEX) -- Portland, OR, Oct. 22, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Latin America logistics market garnered $542.40 billion in 2019, and is estimated to reach $784.60 billion by 2027, portraying a CAGR of 6.2% from 2020 to 2027. The report offers a comprehensive analysis of changing market dynamics, key winning strategies, top investment pockets, major segments, and competitive scenario.
Rise in technologically driven logistics services, surge in IoT-enabled connected devices adoption, and development of the e-commerce market propel the growth of the Latin America logistics market. However, lack of required infrastructure, high cost of logistics, and lack of firm control of manufacturers on logistics services hinder the market growth. Contrarily, rise in usage of information technologies (IT) solutions & software and emergence of last mile delivery services would offer new opportunities for the market players in the coming years.
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COVID-19 Scenario :
With massive impact of the pandemic on industries such as aviation, manufacturing, automotive, and food & beverages, logistics chains have been disrupted.
The lockdown imposed by governments of many countries restricted the movement of goods from one place to another. The logistic processes such as reverse logistics and cold chain logistics have been affected considerably.
Moreover, closure of manufacturing activities in many industries affected the logistics processes. E-commerce platforms also halted their services during the lockdown.
The report offers a detailed segmentation of the Latin America logistics market based on type, end use, mode of transport, and country.
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By type , the logistics segment accounted for the highest share in 2019, contributing to more than four-fifths of the total market share, and will maintain its leadership status throughout the forecast period. However, the cash logistics segment is expected to witness the largest CAGR of 10.1% from 2020 to 2027.
Based on end use , the cash management segment is projected to register the highest CAGR of 11.4% during the forecast period. However, the manufacturing segment contributed to the highest share in terms of revenue in 2019, holding nearly one-fourth of the Latin America logistics market, and will maintain its lead throughout the forecast period.
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By country , Brazil held highest market share in 2019, accounting for nearly two-fifths of the total market share, and is estimated to continue its dominance in terms of revenue by 2027. However, Costa Rica is expected to witness the highest CAGR of 15.3% from 2020 to 2027.
Key players of the Latin America logistics market analyzed in the research include A.P. Moller-Maersk, DB Schenker, C.H. Robinson Worldwide, Inc., DSV, Deutsche Post AG (DHL Group), Geodis, FedEx, Supply Chain Solutions and United Parcel Service, Inc., Kuehne+Nagel, and others.
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