2025年第三季度交通物流报告

INDUSTRY RESEARCH Transportation &Logistics Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Transportation & logistics PE ecosystem market map5 Analysis Transportation & logistics PE investor map6 Jonathan GeurkinkSenior Research Analyst,Mobility Tech and Supply Chain Techjonathan.geurkink@pitchbook.com Q3 2025 timeline7 Transportation & logistics PE deal summary8 Data Air10 Rail11 pbinstitutionalresearch@pitchbook.com Marine12 Publishing Trucking13 Report designed byJosie DoanandJenna O’Malley Pipeline14 Published on December 12, 2025 Delivery17 Warehousing18 Transportation software19 Other support activities for transportation20 PE activity Deal activity in Q3 for transportation & logistics remainedmuted under continued uncertainty surrounding changes totariffs and trade initiated by the US in Q2. During the quarterPE deal count declined modestly to 43 deals, reflecting a 4%contraction QoQ. Deal value was down 1% QoQ to $4.1 billion.On a trailing four-quarter basis, deal count was down 23%, anddeal value slipped 6%. Across segments, air transportation saw deals dry up QoQ,with just one deal in Q3 compared to several multibillion-dollardeals in Q4 of 2024 and Q1 of 2025. Trans-Pacific air freightbetween the US and China saw a contraction in capacityand spot rates through the summer. Asia-Pacific (APAC) toEurope lanes provided a positive offset, but uncertainty overlonger-term tariff and trade policy kept dealmakers on hold.Deal count in the rail segment declined, but the single $1.4billion Wheeling & Lake Erie Railway deal in August boosteddeal value sharply QoQ. Trucking segment deal activity waslargely flat QoQ with 11 deals totaling $600 million. Technologycontinues to have an impact on the trucking segment, withthe IPO of autonomous trucking company Kodiak Robotics inSeptember and traditional firms such as XPO and CH Robinsonhighlighting AI solutions as key to positive earnings results inthe quarter. Warehousing segment deals moved up sharply in PE ACTIVITY Q3, with a 66% rise in deal count and a 49% increase in dealvalue. Tariff uncertainty has heightened investor interest inbonded warehouses and nondomestic trade zones as a meansto mitigate the impact. Activity in the transportation softwaresegment was flat QoQ with eight deals totaling $600 million. Exits in the third quarter reached the lowest level in more thanseven years. The number of exits declined to four from 22 inQ2, and exit value fell to $400 million from $2.5 billion in theprior quarter. Notable exits include Japanese logistics companyKamigumi’s acquisition of Mumbai-based Saurashtra Freight toexpand its container operations in that region. Looking ahead, technology continues to impact thetransportation & logistics vertical. The bottom-line impact ofAI initiatives was a prominent feature of several traditionallogistics firms’ recent earnings calls. The PitchBook analystnoteAI’s Impact on Supply Chainsprovides a broader overviewof some of the technology, initiatives, and firms involved. Transportation & logistics PE ecosystem marketmap Transportation & logistics PE investor map Warehousing Vacancy rates stabilized in the quarter. Leasing activity looksto improve, with key players such as Prologis posting solidrevenue growth and lifting full-year earnings guidance. PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market IntelligencePaul CondraGlobal Head of Private Markets Research Additional research Industry research Q3 2025 Supply ChainTech VC TrendsDownload the reporthere Q4 2025 PitchBook AnalystNote: AI’s Impact onSupply Chains Q1 2025 Launch Report:Transportation & LogisticsDownload the reporthere Download the reporthere More research available atpitchbook.com/news/reports PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothinghereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy anysecurity. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as suchor used in substitution for the exercise of independent judgment.