GLOBAL LOGISTICS STATISTICS 2024 - 21 KEY FIGURES EVERY LOGISTICS & SUPPLY CHAIN PROFESSIONAL SHOULD KNOW:

Logistics statistics in 2024 allow people, especially professionals, to see the growth of logistics today and in the coming years. However, what are the factors that affect logistics and figures to see its growth?

For this article, I will discuss the factors that affect logistics in 2023. We will also show you the figures that affect its growth today.?

Once you finish reading this article, you will know the latest news about logistics. Thus, allowing you to know its growth and check any opportunities you may see in logistics with your business or profession.?

#. Logistics Statistical Figures in 2024 That You Should Know:

Here are some of the logistics statistical figures that you should know in 2024:

1. Global Freight Logistics Grew 5.5% in Compound Annual Growth Rate in 2023

According to Report Linker, from $15.65 billion in 2022, the global freight and logistics market increased to $16.52 billion in 2023 with a 5.5% CAGR. Although the war between Russia and Ukraine hindered the global economic recovery from the COVID-19 pandemic, the difference is a good number.

Moreover, the war impacted the growth by a great deal because it paved the way for a surge in commodity prices which caused inflation in many countries, hence the great difference in a year.

2. Ocean Freight Rate Declined by 5.37% in 2023 Compared to 2022

Although shipping rates in general stabilized this year because of better supply chain management and marketing practices led by various global economy recovery plans, the ocean freight market decreased in volume.?

According to Siam, there is a significant decline of the ocean freight market with a 5.37% decrease in 2023 compared to 2022.

Challenges rose in import and export processes due to the global recession as an after-effect of the pandemic and dispute between Ukraine and Russia.

3. Global AI Use in Logistics Increased Exponentially in the Advancement of the Business Industry

In order to adapt with the rapid growth of today’s digitalized world, many businesses shifted into using artificial intelligence (AI) to streamline shipping processes.?

Based on Business Wire’s report, the global artificial intelligence in the transportation and shipping market surged to $3.1 billion compared to last year’s $2.6 billion which reflects a 19.4% CAGR.?

Furthermore, AI in the transportation market quickens land shipping by analyzing transportation patterns and suggesting the best routes to avoid heavy traffic congestion in order to minimize the turnaround time.

4. Unemployment Rate in the US Surged to 3.8% with a 62.8% Labor Force Participation

In the United States of America, even after the economic recession caused by the global pandemic, the unemployment rate surprisingly increased in the first two quarters of 2023.

According to CNBC, as the labor force participation grew to 62.8% in the latest update of 2023, the unemployment rate also went up by 3.8%.

This is caused by higher inflation rates more than salary rates. Up to date, nearing the end of the third quarter of 2023, hourly earnings only increased by 0.2% with a total of only 7.3% increase this year which is significantly lower than the predicted 0.3% and 4.4% minimum expectations made in 2022.

5. The Global Contract Logistics Market will Increase by 3.8% by the End of 2023

According to Tels Global, with Asia and the Pacific leading in the global contract logistics market, it is forecasted that by the end of 2023, it will increase by 3.8% with the value of more than $284.458 billion.

China and India are the top contributors in this increase and will have an accumulation of more than $113.783 billion which translates to at least 40% of the global value.

6. 60% of Businesses in the US Use Multi-Channel Marketing Practices

Deliver’s survey results show that 60% of global businesses in the US use multi-channel marketing.

By implementing great marketing strategies via different social media platforms, wholesale, and online marketplaces, businesses can increase revenue by 21% in 2023. This maintains the flow of the supply chain and regains sales volume.

7. Customer Demand Increases while Rapid Changes in 2023 Happen

Economic development is a big factor in the rapid changes of customer demand because of the constant evolving nature of market trends. Thus, customer demand rates also rapidly increase.

For example, according to Customer Think, 73% of global customers prefer spending more in exchange for sustainable products, while 81% of them firmly believe that businesses and companies should be doing a lot more to help the environment rebuild itself.

8. 9 Out of 10 Employers Expresses Concern over Skill Shortage

In a recent update regarding skill shortages made by Gitnux, the entire business industry faces an alarming issue of skill and labor shortages around the world.

At the beginning of the pandemic in 2020, 89% of construction businesses struggle in finding people to fill in positions. This is similar to the 69% builder manpower shortage in 2021.

Thus, it is predicted that by the year 2025, manufacturers and production in the US will have a manpower shortage of over 2 million and will make it even harder to meet customer demand.

9. Use of Robotics in Warehouses to Rise up to $334 Billion between 2032 and 2042

Alongside the rise of AI, the number of use of mobile robots in warehouses also increases. In fact, up to date, Amazon has over 200, 000 mobile robots operating in its facilities.

DHL also recently announced that they have collaborated with Boston Dynamics and that they are investing a whopping $15 million to robotics in order to optimize their shipping processes.?

Moreover, Business Fortune Insights?predicted that investments in robotics can reach up to $334 billion between 2032 and 2042.

10. Geopolitical Risks Increase in Number

In a recent survey conducted by Oxford Business, 36% of businesses fear geopolitical risks associated with wars related to South Korea, Russia, China, Taiwan, and Ukraine will negatively impact their business operations.

A total of 127 businesses participated in the third quarter survey and addressed special concerns in relation to latest disputes between the US and China which greatly affects trade and commerce since Asia is leading with the most effective and efficient business operations in the industry.

So, because of this, geopolitical risks rise especially concerning the regulations of importing and exporting procedures.

11. Supply Chain Leaders Expected to Invest in Digital Supply Chain Management

According to a McKinsey survey, 90% of supply chain leaders reported investing in digital supply chain management technology since 2021, with 80% expecting to continue to invest in 2023 and beyond, often to support advanced planning.

In addition, Gartner also revealed that 83% of businesses emphasize and give utmost importance to customer satisfaction by improving customer service as part of their digital supply chain management tactic.

12. Increasing Logistics Companies in the US Mirrors the Demand for Logistical Support

In order to cater to economic development and rampant changes in market trends, logistical needs also increase. Shipping, freight, and customer demand are only a few of the notable aspects of logistics that greatly surged in numbers.

Furthermore, as of the recent update for 2023, IBIS World reports that there are 20, 410 Third-Party Logistics (3PL) companies based in the US.

13. The Global Market for Warehouse Automation to Reach a $30 Billion Value by the Year 2026

In order to keep up with the fast-paced business industry, businesses strategize on how to improve their operations, especially in production.

Based on Gitnux’s findings, the global market for warehouse automation will approximately reach up to $30 billion in value due to its optimal support for fast production. Moreover, this also reflects the logistics industry’s impact on how businesses run their operations more efficiently that drives success.

14. Global Logistics Market is Set to Increase by the End of 2023 by 4% and only 3% by 2024

According to ING, the growth of the global statistics market is only slowly increasing because of the after-effects still of the COVID-19 pandemic. Although it has already been 2 years since the world started to go back to normal, consumers are still having challenges financially.

Moreover, the Asian economy is slightly recovering slowly, compared to the US and Europe, from its recession 3 years ago, thus contributing to the logistics and transportation market internationally.?

15. Use of Digital Communications Expected Continue Prevailing as Digital Users Continue to Increase in Number during Q3 of 2023

Paper is still widely used in supply chain processes, especially for printing physical invoices, reports, and other documents. However, it is quickly being replaced by digital communications which are already used by 64.6% of the entire human population.

Statista reported that during the third quarter of 2023, digital users reached up up to 5.18 billion. Currently, Asia has the greatest number of online users with over a 2.93 billion count and Europe only comes second with 750 million users.

So, as predicted, the use of digital platforms, especially digital communication platforms, are set to continuously improve by the end of 2023 and for years to come.?

16. Moving Cargo Price Rates Seen to Increase as Air and Seaborne Cargo Traffic Goes up in Value in 2023

With so many factors affecting diesel prices and so much volatility in the market, moving cargo companies raise their prices to adapt to lesser market.

As researchers reveals, the global seaborne cargo and transportation market will reach up to $14.3 Trillion in value by the end of 2023. This number only reflects how important the cargo industry is and how it will impact supply chain managements should it fluctuate abnormally.

Moreover, the global air cargo traffic on the other hand, is expected to carry over 230.5 million tons by 2037. With constant development in airports and innovation regarding air cargo, this number is expected to double or even triple by the coming years.

17. Digital Logistics Market Size to Reach up to 77.52 Billion by 2030

As the world continues to expand and advance, its economic status also develops along with its processes. In order to keep up with the rise of technology advancements, businesses adapt technology into their operations, especially in production and logistics.

Globe News Wire reports that, based on Skyquest, if this behavior continues, the digital logistics market may reach up to 77.52 Billion by the year 2030. Starting from 2022 to 2030, it is also predicted that there will be an accumulation of 17.54% CAGR. Moreover, the development of AI and widespread use of the internet are the two main factors to accelerate this growth.

18. Same-Day Delivery Market in the US to Reach over $13 Billion in Value by 2025

Online shopping was first introduced in, but it is still now widely used and a preferred way of shopping by a huge number of the human population.

As customers demand for quicker delivery schedules, the same-day delivery market increases in value. Thus, it is expected that by 2025, the same-day delivery market will reach billions of dollars.

19. E-Commerce Logistics Market Projected to Reach over $535 Billion in Value by 2025

In order to quicken and optimize business operations, more companies adapt technological advancement in their supply chain command, focusing on production and delivery. Thus, e-commerce logistics is also prevalent among the other aspects of the supply chain.

With the recent numbers surrounding e-commerce logistics, Statista reports that it will reach over $535 Billion in value by 2025. This only shows how the world is rapidly changing and how it affects logistics and its entire nature.

20. 55% of Consumers in the US are Willing to Pay More for Sustainable and Eco-friendly Brands, Products, and Practices

Sustainable products rose in development and jumpstarted after the most recent global pandemic. In addition, recent surveys conducted by PWC also showcased a 71% jump of online searches regarding sustainable goods compared to 2018.

Moreover, 55% of consumers in the US said that they are willing to pay more for eco-friendly and sustainable products.

Thus this also came with a specialized transportation and delivery that also reflects the same sustainable practices to keep the brands’ image intact.

21. To Promote Data-Driven Decision Making in Logistics, 79% of CSCOs Develop Training Programs in 2023

As the business industry progresses, consumer demand also increases. Thus, the rise of data analytics account for monitoring supply chains, identify risks, and ultimately streamline business operations.?

Furthermore, in a recent study by Gartner Inc., it is found that 79% of CSCOs are developing training programs to adopt advanced analytics in logistics.

This promises an easier and more productive way of estimating customer demand, optimize inventory planning, and identify market trends even in huge data sets.