2025年一季度发布报告：运输与物流2025

INDUSTRY RESEARCH Launch Report:Transportation& Logistics PE trends and investment strategies Contents Vertical overview3 Institutional Research Group Macroeconomic indicators6 Analysis Transportation & logistics PE investor map8 Jonathan GeurkinkSenior Research Analyst,Mobility Tech and Supply Chain Techjonathan.geurkink@pitchbook.com Segment overview9 Air10Rail13Marine15Trucking18Pipeline21Freight forwarding24Other support activities for transportation26Packing & crating28Delivery30Warehousing33Transportation software36 Data Nick ZambranoData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie Doan Published on June 6, 2025 Verticaloverview The transportation & logistics industry is in a phase of rapidevolution, influenced by shifting global trade dynamics,technological innovation, and heightened customerexpectations. Global supply chains are becoming morediversified as companies adapt to geopolitical tensions,regional disruptions, and post-pandemic reevaluations ofrisk. Nearshoring and reshoring strategies are increasinglycommon as businesses seek to improve resilience and reducedependency on single-source suppliers. These structuralchanges are placing new demands on transportation networks,prompting a shift toward more agile, responsive, andtechnology-integrated logistics systems. Digitization continues to reshape the industry, with widespreadadoption of technologies such as AI, Internet of Things (IoT),digital freight platforms, and autonomous systems. Real-timevisibility, predictive analytics, and warehouse automationare no longer luxuries—they are becoming essentialcapabilities for competitive logistics operations. At the sametime, e-commerce growth is driving major investments inlast-mile delivery infrastructure, microfulfillment centers, and hybrid delivery models. Logistics providers and carriers areresponding with increased reliance on data-driven tools andcollaboration platforms that enhance operational efficiencyand customer service. Sustainability has also emerged as a central challengeand opportunity for the sector. Regulatory pressure andinvestor scrutiny are pushing logistics firms to cut emissions,reduce waste, and adopt greener technologies. Electric andhydrogen-powered trucks, carbon accounting platforms, andmodal shifts toward rail and sea are gaining traction, especiallyin regions with ambitious climate goals. However, the industrystill faces labor shortages, rising fuel costs, and infrastructurebottlenecks, which complicate efforts to maintain profitabilityand service levels. The transportation & logistics sector in2025 stands at the intersection of disruption and innovation—where adaptability and strategic investment are critical tolong-term success. PE deal activity across transportation & logistics peaked in 2021with 388 deals valued at $68.3 billion in aggregate. Subsequentyears saw a decline to 172 deals in 2024 valued at a combined$18.7 billion. For Q1 2025, the 2025 run rate appears to be liftingdue to greater interest and scrutiny of supply chain activity VERTICAL OVERVIEW with heightened trade and tariff uncertainty. Q1 2025 dealvalue totaled $3.7 billion across 43 deals. Exits have followeda similar pattern with a peak in 2021 of 103 exits valued ata combined $46.3 billion. Following three years of steadydeclines, the 2025 run rate of exit activity is trending higher.Across segments, marine and air freight saw the greatest dealvalues in Q1, while trucking and warehousing had the mostdeals. Trade and economic uncertainty in the quarters aheadcould result in increased deal activity as smaller firms seekshelter from economic headwinds. Conversely, the potentialfor higher rates in the face of mounting inflation and lendercaution could stymie deal flow. About the data The transportation & logistics report series tracks PE deals for companies in the transportation & logistics space globally.PitchBook clients have access to the complete analyst-curated underlying data, which includes nearly 2,500 companiessegmented into 11 categories and 33 subcategories. Estimated deal count:The estimated deal count adjusts for normal lags in data collection. We arrive at our estimation byreviewing historical datasets. We do not provide this estimation at the segment or category level due to lower data counts. Platform, add-on, and minority:In our methodology, an “add-on” is any acquisition by a PE-backed company, regardless oftarget size, and a “platform” is any buyout (majority equity acquisition) that is not an add-on, regardless of size. “Minority”refers to any minority equity investment, including follow-on investments by the same PE firm, and corresponds to the“PE growth/expansion” deal type in the PitchBook Platform. Geographic scope:The scope for the report is global.