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Spare Parts Logistics Market size is set to grow by USD 24.2 billion from 2024-2028, Increase in electronic components trade between India and China boost the market, Technavio

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NEW YORK, July 10, 2024 /PRNewswire/ — The global spare parts logistics market size is estimated to grow by USD 24.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.6% during the forecast period. Predictive maintenance plays a crucial role in the spare parts logistics industry by enhancing operational efficiency and reducing downtime. By leveraging predictive analytics and IoT sensors, companies can anticipate equipment failures and schedule maintenance proactively, ensuring that spare parts are available precisely when needed. This approach aligns with the industry’s shift towards enhancing operating efficiency through Industry 4.0 technologies. Despite challenges like the adoption of 3D printing, major players such as CEVA Logistics, Deutsche Post AG, and FedEx Corp. are investing in advanced logistics solutions to meet growing global demand, particularly driven by increased electronic components trade between India and China.

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Spare Parts Logistics Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.6%

Market growth 2024-2028

USD 24.2 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.17

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 48%

Key countries

China, US, Germany, Japan, and India

Key companies profiled

CEVA Logistics, DACHSER SE, Deutsche Bahn AG, Deutsche Post AG, DSV AS, Expeditors International of Washington Inc., FedEx Corp., GEODIS, Kerry Logistics Network Ltd., Kuehne Nagel Management AG, LOGISTEED Ltd., Lufthansa Cargo, Nippon Express Holdings Inc., Ryder System Inc., SEKO Logistics, Scan Global Logistics, Toyota Motor Corp., TVS Supply Chain Solutions Ltd., United Parcel Service Inc., and XPO Inc.

Market Driver

Industry 4.0, the fusion of physical and digital technologies, is revolutionizing manufacturing sectors worldwide. This transformation includes the Internet of Things (IoT), cloud computing, cognitive computing, and cyber-physical systems. By streamlining operations, reducing business risks, and ensuring growth, Industry 4.0 will increase global manufacturing output. With 24-hour production becoming standard, overall equipment effectiveness is crucial. Industry 4.0 enables customized manufacturing, reducing delivery times. As industrial manufacturers expand globally, Industry 4.0 ensures higher connectivity, improving supply chain efficiency for spare parts logistics. Network flexibility allows shifting operations among facilities, enhancing industrial efficiency and boosting spare parts logistics requirements. These benefits are expected to fuel market growth during the forecast period. 

Spare parts logistics is a critical aspect of aftermarket services in various industries, including Aerospace, Electronics, and Healthcare. Trends shaping this market include predictive analytics for proactive maintenance, reverse logistics for circular economy, and digital technologies like AI for efficient warehouse management and inventory control. Aftermarket services encompass repair, refurbishment, and remanufacturing, which add value to customers and reduce costs. Challenges include high costs, unauthorized suppliers, and counterfeit spare parts. Changing customer demands, global economic climate, and political instability impact the market. Digitization and green logistics are essential for sustainability and efficient transportation modes like air, sea, and land. Industrial industries require complex spare parts logistics for modern machinery. Performance-critical components need timely delivery, and warranty management and field service support ensure customer satisfaction. Major restraints include the complexity of spare parts and the need for value-added services. Overall, spare parts logistics plays a crucial role in maintaining industrial productivity and performance. 

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Market Challenges

Spare parts manufacturing is undergoing a significant transformation with the adoption of 3D printing technology. Instead of maintaining inventories of occasionally ordered spare parts, manufacturers are moving towards on-demand manufacturing to reduce costs associated with production, storage, packaging, and transportation. By storing digital blueprints of components, manufacturers can produce and ship parts directly to customers when needed, eliminating the need for inventory storage. This approach saves manufacturers and suppliers inventory costs and reduces logistics expenses by 39%-45%. The use of 3D printing is increasingly popular in industries such as electronics, automotive spare parts, and workshop tools. Additionally, manufacturers can produce parts domestically without establishing production centers, reducing import and export costs. In the future, manufacturers may sell blueprints to suppliers, allowing them to manufacture and sell spare parts components directly to end-users, potentially reducing the need for spare parts logistics functions. Overall, the adoption of 3D printing in spare parts manufacturing offers cost savings, increased efficiency, and flexibility.Spare parts logistics is a critical aspect of modern manufacturing, aerospace, electronics, healthcare, and industrial activities. The challenges in this market include transportation and delivery of spare parts, warehousing and inventory management, and the complexity of dealing with components for various industries. The use of modern machinery and digital technologies, such as automation and real-time tracking, is essential for optimal performance. In the spare parts market, sectors like e-commerce and supply chain management face unique challenges due to inflation and the need for inventory optimization. Market statistics and projections show that the market is growing, with key players focusing on pricing, services supplied, and market engineering. Developments in advanced technologies and joint ventures are shaping the future vision of this industry. Decision-makers must consider external elements, such as market trends and competitor strategies, as well as internal elements, like utilization rate and average sale price, to make informed decisions. This investor’s guide provides percentage splits and market shares, segment breakdowns, and market breakdowns for a better understanding of the market landscape.

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Segment Overview 

This spare parts logistics market report extensively covers market segmentation by

End-user 1.1 Automotive1.2 Electronics1.3 Industrial1.4 Aerospace1.5 OthersType 2.1 Forward2.2 ReverseGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Automotive- The global spare parts logistics market, particularly in the automotive segment, is projected to experience notable growth due to the increasing demand from the passenger vehicle sector. Key spare parts like filters, brakes, suspension, and shock absorbers are frequently replaced in passenger vehicles. The rising number of in-use passenger and commercial vehicles, fueled by the popularity of SUVs, pickup trucks, and light commercial vehicles, is driving global sales. APAC and Europe are significant contributors to the market, with North America holding a substantial share of commercial vehicle sales in 2020. Vehicle manufacturers are expanding production to capitalize on market opportunities in developing economies, leading to an increase in the demand for automotive spare parts and subsequently fueling the growth of the global spare parts logistics market during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

Spare parts logistics refers to the management and transportation of spare components for the repair and maintenance of modern machinery and equipment in various industries, including aerospace, electronics, healthcare, manufacturing, and industrial activities. This market is crucial for ensuring the optimal performance of complex systems and minimizing downtime. The logistics of spare parts involves warehousing, inventory management, and delivery using transportation methods such as air, sea, and ground. Digital technologies and automation play a significant role in modern spare parts logistics, enabling real-time tracking, e-commerce, and supply chain management. Factors such as inflation, complexity, and the utilization rate of spare parts impact the market, requiring a bottom-up methodology and data triangulation approaches to accurately assess market size and trends. The average sale price of spare parts also influences market dynamics.

Market Research Overview

Spare parts logistics refers to the management and transportation of spare components for modern machinery and industrial activities. This market encompasses warehousing, inventory management, and delivery of spare parts for various industries such as aerospace, electronics, healthcare, and manufacturing. The complexity and performance requirements of these industries necessitate advanced technologies like real-time tracking, predictive analytics, and automation. E-commerce and supply chain management have disrupted traditional spare parts logistics, leading to the emergence of digital technologies and market engineering. Inflation, pricing, and utilization rate are key market statistics, while percentage splits and market shares provide segment breakdowns. Decision-makers must consider external elements like political instability and global economic climate, as well as internal elements like major restraints such as high costs, unauthorized suppliers, and counterfeit spare parts. The future vision of spare parts logistics includes circular economy principles, such as repair, refurbishment, and remanufacturing, as well as the use of artificial intelligence, online sales channels, and value-added services like warranty management and field service support. Market projections indicate continued growth, driven by changing customer demands, digitization, and the increasing importance of aftermarket services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userAutomotiveElectronicsIndustrialAerospaceOthersTypeForwardReverseGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Data Center Asia 2025 Set for Ground-breaking Launch in Hong Kong

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HONG KONG, Sept. 22, 2024 /PRNewswire/ — Positioned as an essential knowledge exchange platform and a cross-continental meeting place for the industry, Data Center Asia (DCA), organized by Informa Markets Asia, is set to make its grand debut from 15 to 17 July 2025 at AsiaWorld-Expo, Hong Kong. Building on the success of the long-running, AFCOM-affiliated Data Center World event in the US, Data Center Asia will serve as the epicenter for data center technology innovations and business transformations in the fast-growing Asia-Pacific markets, with highlights to the regional hotspots such as the Greater Bay Area (GBA). Hong Kong as a prime event location allows the event to attract a diverse visitor mix across Asia-Pacific region and boost the connectivity with global markets.

By showcasing the end-to-end data center value chain, DCA 2025 promises to be a transformative moment for Asia’s data center ecosystem, offering unparalleled opportunities for education, networking and sourcing that will shape the future of digital infrastructure. The event will be co-located with Build4Asia, The Battery Show Asia and Mobility Tech Asia, bringing content and visitor synergies under a broad renewable energy theme that covers advanced battery technologies, energy storage, electric/hybrid technologies, green facilities and green building solutions, and other relevant subjects.

The Ultimate Showcase of Data Center Innovations

The three-day DCA 2025 will showcase hundreds of advanced solutions designed to help attendees refine their data center strategies. Exhibitors will span the entire data center industry ecosystem, bringing together every key element from data center infrastructure, design engineering and systems integration, intelligent products and technologies, cloud and virtualisation to telecommunications. Corporate users and industry professionals including data center operators, IT and infrastructure managers, facility managers, cloud service experts, cybersecurity specialists and sustainability advocates will have the opportunity to connect with top-tier global suppliers, explore the latest technologies, and rethink the full lifecycle of data center operations.

Held alongside the exhibition, The DCA conference will feature a series of expertly curated tracks, each focused on the latest trends and best practice in the industry. Featuring over 100 top-tier speakers across the region and from outside Asia, attendees will   engage in in-depth discussions on key topics such as the current market landscape, energy efficiency & sustainability, data center design & operations, among many others. This dynamic exchange of ideas will inject new energy into the data center communities, offering attendees invaluable insights and practical takeaways.

Hong Kong as a Springboard to China and the Wider Asian Markets

Strategically located in the heart of Asia, Hong Kong bridges between Mainland China and the rest of the world, offering unmatched access for foreign businesses to enter the burgeoning GBA and the wider China markets and meanwhile enabling China local enterprises to expand their global footprint. Situated at AsiaWorld-Expo, which is conveniently located next to the Hong Kong International Airport and near the Hong Kong-Zhuhai-Macao Bridge, DCA 2025 ensures seamless access for visitors from all directions, making it an ideal platform to foster global connections and explore trans-continental business opportunities.

Hong Kong is distinguished by its superior connectivity, deep talent pool and advanced hardware infrastructure that complement the essential needs of the data center industry. The city’s commitment to supporting this sector is evident in its significant government initiatives, including subsidies for relevant R&D projects and the redevelopment initiatives to convert industrial buildings into the state-of-the-art data centers. These efforts are also complemented by Hong Kong’s strong supply-demand dynamics within key industries such as finance, trade, insurance and logistics, which drive lasting and robust needs for data center solutions. All these offer a fertile environment for investment and growth to the data center.

Strategic Co-Location for Maximum Synergy

As a strategic move to create powerful synergies, DCA 2025 will be co-located with three other technology-focused events held across seven standard halls at AsiaWorld-Expo:

the locally acclaimed Build4Asia, which specializes in green building, smart facilities and efficient power managementthe inaugural edition of The Battery Show Asia, which showcases the advancements in advanced battery and energy storage technologiesthe newly created Mobility Tech Asia, which explores the future of new energy vehicles across land, air and water.

This co-location is set to attract a diverse audience encompassing regional professionals from Internet Data Center (IDC) experts, EPC contractors, data center infrastructure manufacturers and distributors, end users and more, which would offer a broader perspective on data applications and drive valuable cross-sector exchange.

In addition, leveraging Informa’s extensive technology media network including Data Center Knowledge, InformationWeek, Network Computing and OMdia, DCA 2025 will serve up unprecedented opportunities for networking, knowledge exchange and business collaborations. The extensive industry expertise and audience base brought by these sister brands will significantly enhance the event’s global impact and educational value.

Join Us to Shape the Future of Data Center

Data Center Asia 2025 is set to be a premier destination for business networking and knowledge exchange and an industry-leading think tank. The event will cultivate a vibrant community of researchers, business leaders, industry associations and opinion makers, all of whom will contribute ground-breaking insights that could make a lasting impact on Asia’s data center industry. Join us in Hong Kong from 15 to 17 July 2025 and be a part of the conversation that will shape the future of Asian data center industry!

About Informa Markets

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organizer, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.

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SOURCE Informa Markets Asia; Data Center Asia

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On Track for A Low Carbon Future: CRRC to Unveil Passenger and Freight Rail Transit and Full Life-Cycle System Solutions at InnoTrans 2024

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BERLIN, Sept. 22, 2024 /PRNewswire/ — Under the theme of On Track for A Low Carbon Future, CRRC Corporation Limited (“CRRC”, SHA: 601766) will display its line-up of passenger and freight transportation offerings, alongside full life-cycle system solutions, at InnoTrans 2024 in Berlin, Germany. Highlighting the event, two innovative, eco-friendly, and intelligent trains will make their world premiere: the CINOVA H2 New Energy Intelligent Intercity Train and the Autonomous Rail Rapid Transit (ART) 2.0, at Stand 210, Hall 4.2 of the venue.

Green Intelligent Passenger Transport Solutions

CRRC will showcase its environmentally responsible and intelligent passenger transport solutions, which include the Intelligent EMU, Intercity/Regional EMU, Intelligent Urban Rail Transit, and New Energy Passenger Transportation. These offerings cater to every speed level and application scenario, envisioning a future of passenger transport that is faster, greener, smarter, and more cost-effective.

The exhibition will highlight standout products that are redefining passenger mobility, including the 350 km/h High-Speed Intelligent EMU, the CINOVA 2.0 New Intelligent Intercity/Regional EMU, the 160 km/h Hydrogen Full-Automatic Intelligent Regional Train, and the Autonomous Rail Rapid Transit (ART).

Diversified Freight Transport Solutions

CRRC introduce a wide range of heavy-duty, fast, and environmentally responsible solutions during the event. To address the growing demand for higher freight capacity, CRRC plans to unveil several new products, among them, the 24-axle Freight Electric Locomotive and the 45-ton Axle Load Ore Car. The 350 km/h High-Speed Freight EMU, the fastest and the most spacious in the industry, will be a focal point. In line with the global push for green transportation, CRRC will launch its serialized new energy locomotives, including the diesel-battery hybrid locomotive, the power battery locomotive, and the hydrogen-battery hybrid locomotive, with power levels from 1000KW to 2000KW. The diversified solutions offer more choices for the global railway freight industry.

Full Life-Cycle System Solutions

CRRC will showcase its expertise beyond just train units with the Train-Ground Integrated Electromechanical System (TIES), a game-changer that centers on the vehicle and incorporates all related operating scenarios. The system reconstructs, integrates, and optimizes the electromechanical system for power supply, signaling, track, depot and passenger service scenarios. It exemplifies the Train-Ground Integration concept, driving overall efficiency gains across disciplines and throughout the entire vehicle-road-station-depot lifecycle.

Focusing on user experience and the diverse needs of the global rail transit market, CRRC will give a detailed presentation on its Digital Life-Cycle System Solution (DLS) at the event. The flexible solution accommodates various city sizes and populations through tailored system designs that support diverse business models such as PPP (public-private partnership), system integration, and electro-mechanical turnkey projects.

For more information about CRRC at the exhibition, please visit https://www.crrcgc.cc/en/.

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SOURCE CRRC Corporation Limited

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Reshaping Future Lifestyles: Markor Unveils AI Strategy at the Apsara Conference

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BEIJING, Sept. 21, 2024 /PRNewswire/ — On September 19, the 2024 China Apsara Conference, a major annual event for the Chinese cloud computing industry, commenced in Hangzhou. Over three days, industry representatives, media professionals, and numerous AI technology enthusiasts gathered to witness the event’s grandeur.

This year’s summit, themed “AI on Cloud: Recharging• Innovating • Transforming,” spotlighted the evolution of cloud computing across various sectors in the AI era, presenting the world’s largest showcase of generative AI applications. Industry giants including NVIDIA, Intel, Alibaba Cloud, and Tesla were in attendance. Markor distinguished itself as the sole home furnishing company represented at the summit, presenting its cutting-edge “AI Smart Home” system, which introduced a new era of AI-driven home consumption experiences, attracting significant attention.

Live at the Scene: Markor’s AI Smart Home Takes a Giant Leap Forward

From its transition to new retail in recent years to its embrace of AI, the home furnishing industry’s exploration and implementation of AI have drawn immense attention. It has been recognized as a long-term strategy that will influence the future of urban living and people’s quality of life.
In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.

The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.

As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.

Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future

As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”

It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.

Pioneering Future Living with AI: Unlocking New Opportunities

Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.

Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.

 

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SOURCE Markor International Home Furnishings

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