Industry growth decelerating this year
The main factor affecting the industry’s growth levels is a slowdown of the global economy in H2 of 2023. Supply chain pressures in transportation have receded, and prices for international shipping along several major routes have returned to pre-pandemic levels.
In 2022, global transportation and logistics output had increased by 6.4%, slowing to 5.2% this year. Despite a robust performance in emerging markets in 2023, global transportation and logistics output growth is predicted to decelerate to 3.8% in 2024. This is due to a subdued US economic performance, a slowdown in China, and the effects of worldwide monetary policy tightening.
Weaker goods trade and consumption will weigh on freight transport segments in the coming months. Households are reluctant to purchase durable goods, prioritising their spending on services, while businesses hold off inventory restocking in the face of weaker demand.
Please download the report below to read more about the sector´s outlook in the Americas, Asia-Pacific and Europe.