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The customs audit market size is estimated to grow at a CAGR of 6.44% between 2023 and 2028. The market size is forecast to increase by USD 3,607.17 million. The growth of the market depends on several factors such as the increasing demand for an efficient supply chain, the increasing number of FTAs, and the shifting trade pattern to APAC economies.
This customs audit market report extensively covers market segmentation by service (customs audit services and customs advisory services) and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the customs audit market growth is the shifting trade pattern to APAC economies. The advent of new economic powerhouses in recent years has forced companies to explore new markets, resulting in significant changes in trade patterns. For example, a decade ago, China was not the top trading partner of G20 economies. Today, it has become the largest trading partner of six economies, including Australia, Japan, India, South Korea, Russia, and South Africa.
Moreover, APAC will continue to be the most dynamic region for trade and account for the fastest growth of merchandise exports. Even though, APAC economies are new and unexplored, customs duty and indirect tax landscapes are very complex in Asian countries. Hence, the need to manage the customs-related challenges of international trade steers the demand for professional service providers. Therefore, such factors are expected to drive market growth during the forecast period.
A key factor shaping the customs audit market growth is the increasing demand for risk management advisory services. There is an increase in global customs risk with the increase in globalization. The main purpose of corporate imports is risk management and several companies are focusing on becoming proactive in managing customs risks. In addition, risk management comprises much more than understanding regulatory compliance
Moreover, effective risk management considers regulatory compliance, financial results, and operations. In addition, custom risk management can determine a company's international competitiveness in today's global marketplace. Furthermore, the customs and international trade services offered by professional service providers help companies mitigate customs risks. Hence, such factors are fuelling the growth of the market which, in turn, will drive the market growth during the forecast period.
Lack of standardization in the centralized customs audit system is one of the key challenges hindering the customs audit market growth. Revenues from customs comprise the majority of revenue collected by governments in comparison to internal taxes. In addition, with countries having different compliance regulations, market players face difficulty in the standardization of services to clients.
Moreover, the emerging countries do not have centralized customs declaration systems, and goods crossing different local borders are subject to customs declaration at each location. As a result, this disrupts the entire supply chain of importers and exporters. Furthermore, the requirement for customs declaration at each local border reduces uniformity in the process. Hence, such factors are negatively impacting the market which in turn hinders the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Customs Audit Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AP Moller Maersk AS: The company offers customs audits to simplify imports and exports anywhere in the world, and provide visibility and efficiency, a smooth compliance process, and a strong network of customs experts along with dedicated customer support.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The customs audit services segment is estimated to witness significant growth during the forecast period. The growth of this segment has reached its maturity in developed economies such as the US and the UK. On the other hand, emerging markets in APAC offer significant business opportunities for vendors in the space. In addition, several market players offer customs audit services to different domains, including automotive, chemical, energy, mining, pharmaceuticals, retail, and hi-tech.
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The customs audit services segment was the largest segment and was valued at USD 6,125.30 million in 2018. Moreover, this segment is witnessing strong competition as new players are entering the market such that these players are mainly logistics companies catering to different markets. In addition, third-party logistics (3PL) companies and shippers have developed expertise in audit services. Furthermore, as the industry barriers are low, new players are entering the global customs audit market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region offering significant growth opportunities to market players is North America. One of the major countries that is a significant contributor to the market growth in North America is the US. In addition, the country represents the largest market for the logistics industry in North America. Moreover, the logistics service providers in North America are looking to create a sustainable business model to be able to adapt to the changing market dynamics. Furthermore, several factors such as the large volume of e-retail purchases and the rise in the number of US customers opting for faster and seamless delivery services are expected to drive the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global customs audit market witnessed a significant slowdown due to a halt in industrial production and restricted transportation activities in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in industrial units. Such factors are expected to drive the market during the forecast period.
The customs audit market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Customs Audit Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.44% |
Market Growth 2024-2028 |
USD 3,607.17 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.62 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AP Moller Maersk AS, Baker Tilly International Ltd., BDO International Ltd., Bizsolindia, British Standards Institution, DB Schenker, Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., Farrow Ltd., Grant Thornton International Ltd., Intertek Group Plc, Kintetsu World Express Inc., KPMG International Ltd., Larkin Trade International, MBG Corporate Services, PricewaterhouseCoopers LLP, Ryan LLC, Tiger Logistics, United Parcel Service Inc., and XPO Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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