Transportation & Logistics Industry Overview 1Q23 Executive Summary

The transportation and logistics industry in 1Q23 was impacted by continued growth in e-commerce, the increased adoption of advanced technology, focused attention on environmental, social and governance (“ESG”) issues, and the overall slowdown of the economy. Trends such as the steady decline in spot rates, a decline in diesel and shipping rates, and an increase in the number of supply chain companies exploring the adoption of artificial intelligence (“AI”) and machine learning (“ML”) were also prominent within the sector during the first quarter of 2023. Read on for a deeper look into the sector and the key macro and technological trends in this 1Q23 industry overview.

Similar to last year, the slowdown in the global economy is expected to continue, with projections indicating a 2.6% increase in real GDP growth in 2023 compared to 3.2% growth in 2022. In the United States, this metric is less optimistic - with annual GDP growth projected to slow down to 1.5% in 2023, and only 0.9% in 2024, due to monetary policies in the country. Looking at the year-over-year consumer price inflation rate for all OECD member countries, it decreased marginally in February 2023 to 8.8%. Compared to the weak outlook for the global economy, the outlook for the global logistics market is slightly optimistic, as it is estimated to grow at a CAGR of 5.48% (2023-2032) to reach $18.23 trillion by 2032. Read on for a deeper look into the sector and the key macro and technological trends in this 1Q23 industry overview Executive Summary. Interested in the full report? Reach out to our Transportation & Logistics team for the complete insights or to receive our quarterly updates via email.

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