A spare part is also called a service part or repair part. It is an interchangeable component of any kind of machines or systems, and stored as inventory which are used to replace the failed or damaged part. Spare parts are those components that are designed in such a way that they can be easily removed or fixed. These spare parts are important aspects of logistics engineering and supply chain management, commonly consisting of authentic spare parts management systems. Spare part logistics can be defined as storage and transportation of spare parts from a starting point to destination point.
The rapid growing automotive sector and industrialization in developed as well as developing countries across the globe, are some major aspects driving the demand for spare parts globally. In addition, increasing production of passenger vehicles, higher demand, and increased spending capabilities of the population are some of the other factors expected to drive growth of the global spare parts logistics market. Moreover, growing consumer electronics sector, technological advancements in terms of design and features, etc. are also creating the demand for different spare parts used for consumer electronic appliances. However, fragmentation of the spare parts market and availability of the counterfeit spare parts at a lower cost in the local market are some major factors which may hamper the global market growth to a significant extent.
The type of spare part logistics includes air freight, ocean freight, and inland freight. Ocean freight shipping includes packaging and storage of goods in huge shipping containers. it is most preferably used type of logistic by importers and exporters, owing to its major benefit including lower in cost.
The application of spare part logistics includes automotive, industrial sector, technology industry, electronics, and others. The automotive industry is one of the major application of spare parts logistics, owing to growing production of different vehicles such as passenger vehicles, commercial vehicles, etc. In addition, high production can be attributed to increasing demand for these vehicles for effective transportation process, which may surge the demand for spare parts and ultimately result in growth of the spare part logistics market.
Growing demand for spare parts in Asia Pacific can be attributed to rapid industrialization. In addition, improved standard of living, higher spending on hardware components, and inclination towards extending the lifespan of the existing machines or devices are some of the key aspects which may generate the demand for spare parts among various industries such as automotive, electronics, etc. Furthermore, automation of the manufacturing units is another aspect which may result in high demand for spare parts logistics
Major players operating in the global market are AnJi, CEVA, UPS, Deutsche Post DHL, Kuehne+Nagel, FedEx, DSV, Logwin, DB Schenker, SEKO, Yusen Logistics, Toyota Tsusho, Ryder System, TVS Logistics, and Kerry Logistics