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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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tKash Celebrates 1st Anniversary with Major Milestones and Exciting Promotions

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Achieving 100,000 Registrations, International Reach, and Celebratory Promotions Highlight tKash’s Remarkable First Year

KUALA LUMPUR, Malaysia, July 19, 2024 /PRNewswire/ — tKash, a pioneering financial services app, is celebrating its first anniversary with notable achievements and exciting promotions. Launched with a vision to simplify financial transactions, tKash has reached impressive milestones, including 100,000 registrations and up to 10,000 daily active users.

Since its inception, tKash has been dedicated to providing seamless and secure financial services. The app has enabled users to transfer up to RM 1 million across borders, offering peace of mind with its reliable and efficient service. In addition to money transfers, tKash provides convenient currency exchange services for up to 10 countries’ currencies, including Bangladesh, Indonesia, India, the Philippines, Pakistan, Singapore, Vietnam, Thailand, and Myanmar.

One of the standout features of tKash is its Live FC (foreign currency) Rates, which allows users to track currency fluctuations in real time, ensuring they make informed decisions when exchanging currencies.

The company’s growth and success have not gone unnoticed. tKash proudly featured its video on the iconic New York Times Square billboard and displayed billboards in Kuala Lumpur, enhancing its brand visibility on an international scale. Influencers from countries such as Thailand have shared positive reviews on social media, further boosting tKash’s presence on social media.

To celebrate its first anniversary, tKash is running a special promotion where users who refer their friends have the chance to share in a RM100,000 prize pool, making it even more rewarding to engage with the app. The company continues to innovate, with regular updates to its app, which are available for download on both the PlayStore and AppStore. In January 2024, tKash launched its official website, providing users another platform to access its services.

In just one year, tKash has proven to be a game-changer in the financial services industry, making everyday transactions smoother and more accessible. With its tech-savvy team and commitment to customer satisfaction, tKash is poised for continued growth and success.

tKash is a leading financial services app committed to making financial transactions easier and more accessible. With secure money transfers, real-time currency exchange rates, and a user-friendly interface, tKash transforms how people manage their finances. For more information, visit tKash.co.

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SOURCE tKash

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Saronic Raises $175 Million in Series B Funding, Valuing Company at $1 Billion

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Funding will accelerate Saronic’s growth and further scale production of its autonomous surface vessels for the U.S. Navy and its allies

AUSTIN, Texas, July 19, 2024 /PRNewswire/ — Saronic, a defense technology leader that designs and manufactures autonomous surface vessels (ASVs), today announced a $175 million Series B raise placing the company’s valuation at $1 billion. The funding round was led by Andreessen Horowitz (a16z), with participation from both new and existing investors, including 8VC, Caffeinated Capital, Elad Gil, and NightDragon, among others.

Saronic is redefining maritime superiority for the U.S. Navy and its allies by delivering the most effective and advanced ASVs at the speed and scale needed to meet the rapidly growing needs of the Joint Force. Saronic’s ASVs are designed to serve as a force multiplier for the existing Fleet, working alongside manned systems to allow naval forces to go farther and do more with less risk to life and mission. 

“We are creating an entirely new capability for the maritime domain, one that delivers naval power without the costs and delays of a shipyard,” said Saronic CEO Dino Mavrookas. “As the future of naval warfare will rely on manned and unmanned teaming, we must build solutions that easily integrate into the existing fleet and can be produced at scale to meet any emerging threat. We are grateful to our investment partners who believe so strongly in Saronic’s ability to meet that need.”

Saronic’s investor group is composed of firms committed to ensuring that the U.S. military maintains its decisive advantage in the face of an increasingly complex and competitive global threat landscape through the integration of advanced technology and innovative capabilities that truly meet the needs of the warfighter. 

“Our nation’s future depends on us continuing to build and deploy the best, most innovative technology” said Katherine Boyle, General Partner at a16z. “Saronic is developing the solutions we need to protect the warfighter and stay ahead of our adversaries, and we are proud to support their continued growth.”

This new investment will accelerate Saronic’s growth both domestically and internationally. At home, it will allow further expansion of Saronic’s in-house manufacturing capabilities and enable increased production of all its ASV models. Additionally, it will advance the research and development of new autonomous capabilities for naval and maritime forces, including increased technology and payload integration with government and commercial partners. Internationally, this investment will support Saronic’s expansion to more fully serve U.S. allies and partners in key markets.

“To deter China and other adversaries, the United States and our allies must bring intelligent, autonomous new capabilities to naval warfare,” said Alex Moore, Partner at 8VC. “Saronic delivers these capabilities on a relevant scale and timeline, and has enlisted the top engineers and operators in the industry.”

Saronic’s family of ASVs includes Spyglass (6′), Cutlass (14′) and Corsair, its largest model, which is currently in development and testing. Each vessel features integrated autonomous capabilities to meet a customer’s specific requirements and can carry diverse payloads in communication- and GPS-denied environments. Through the vertical integration of hardware and software as well as the use of a Modular Open Systems Architecture (MOSA), Saronic’s ASVs deliver greater interoperability at a price point that makes them attritable. Having a cost-effective capability that can be deployed without putting human operators in harm’s way increases the survivability of the fleet and enables commanders to engage in situations where the risk is too high to deploy a traditional manned system.

For more information about Saronic, please visit: https://www.saronic.com.  

Media Contact: Press@saronic.com 

 

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SOURCE Saronic

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Summit-Friendship Solar Village Receives Reuters’ Global Energy Transition Awards 2024

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SINGAPORE, July 19, 2024 /PRNewswire/ — The ‘Summit-Friendship Solar Village’ project, located in Kabilpur within the Gaibandha district of Bangladesh, has received the prestigious Reuters’ Global Energy Transition Awards 2024 under the ‘Projects of Impact’ category in New York, USA on 25th June 2024. Among 500 entries this year from around the globe, this project was nominated for its concrete results in terms of improved energy affordability, and compensation for losses to improve local resilience for climate change.

This 57.6 kW scalable solar microgrid now benefits the 3,000 inhabitants of Kabilpur, Gaibandha. Kabilpur itself is a char—a remote sedimentary landmass found within a river—but finds itself ideally placed to act as hub for neighbouring chars within the Jamuna River, upon which it is situated.

“Summit wants to serve 100% of Bangladesh with infrastructure such as electricity and communication. Most chars fall outside the national grid. I believe these chars, like the rest of Bangladesh, deserve electricity. The award-winning NGO, Friendship, has done wonders. It’s a privilege to provide solar energy to the 3,000 people of Kabilpur Char in association with Friendship,” remarked Muhammed Aziz Khan, Chairman of Summit Power International.

“Anyone who has seen the Jamuna River in its full might will understand that mainline power grids are not really possible here. On the other hand, this solar grid will provide income-generating opportunities and livelihoods, as well as opportunities for children’s education in order for hope and dignity to thrive. We want to thank Summit for its support,” said Runa Khan, the founder of Friendship.

The solar village plays an integral role in allowing people from these isolated communities to have access to “modern” amenities, and have longer operational hours for both business and commerce, alongside academics and home use. Additionally, renewable solar energy also equates to less reliance on traditional kerosene lamps, which burn fossil fuels with toxic consequences.

About Summit Power International 

Summit Group is the largest infrastructure conglomerate in Bangladesh. Summit Power International Ltd (SPI), headquartered in Singapore, is the largest Independent Power Producer (IPP) in Bangladesh reflecting 17% of Bangladesh’s total private installed capacity and 7% of nation’s total installed capacity. In addition, it owns and operates a Floating Storage and Regasification Unit (FSRU) vessel and supplies 500 million cubic feet per day (mmcfd) of regasified LNG to Bangladesh. In 2019, Summit’s FSRU received equity investment from Mitsubishi Corporation. In 2019, JERA Co., Inc. (JERA), had acquired a 22% stake in Summit Power International. Recently, it has proposed the development of the country’s third FSRU and the Cabinet Committee on Economic Affairs has provided in-principle approval of the proposal in mid-June 2023. Most notably, the Meghnaghat II, which is a dual-fuel CCGT GE H Class plant with gross capacity of 590 MW on LNG, achieved the commercial operation date milestone on 26 April 2024.

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SOURCE Summit Power International

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