The Third-Party Logistics Market is increasing rapidly, witnessing vast investments. The proliferating online retailing sector across the world is a key driving force behind the market growth. Over the past couple of years, there has been a sharp surge in the 3PL market value led by online commerce (eCommerce) sectors.
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The shift towards automated technologies in retail and eCommerce logistics has certainly impacted the 3PL market growth positively. 3PL companies are implementing micro-fulfillment technology to maximize supply chain efficiencies, optimizing last-mile logistics to boost their businesses.
This, as a result, helps the 3PL market to garner huge traction across the globe. According to the market research future, the global third-party logistics market is poised to reach a significant valuation by 2028, growing at a CAGR of 8.7%during the review period (2021-2028).
Additionally, the rapid industrialization and growing numbers of businesses provide an impetus to the growth of the market. Also, advances in logistic technologies act as a key tailwind for market growth. (3PL) providers demonstrate a commitment to improve their operations and meet their customers’ needs.
3PL companies try to solidify their position in the cloud warehouse management category by offering industry-leading solutions for third party-logistics and private company-operated warehouses.
Conversely, rising preference for dynamic, distributed, hybrid networks that locate inventory close to consumers and route orders to reduce fulfillment costs and accelerate delivery intelligently is a major factor impeding the market growth. Nevertheless, the rising adoption of 3PLs by brands and retailers for their needs and to scale hundreds of thousands of packages a day would substantiate the market growth throughout the assessment period.
Third-Party Logistics (3PL) Market – Segments
The report is segmented into types, modes of transportation, applications, and regions. The type segment is sub-segmented into domestic transportation, international transportation, value-added warehousing & distribution, and others. The mode of transportation segment is sub-segmented into railways, roadways, waterways, airways, and others.
The application segment is sub-segmented into manufacturing, retail, healthcare, automotive, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Global 3PL Market – Regional Analysis
Asia Pacific region dominates the global third-party logistics market. The largest market share attributes to the spurring rise in the logistic industries across the region and advancements in logistic technologies. Besides, the vast base of third-party logistics service providing companies offering faster and cost-efficient shipping to various product or service-oriented industries influences the region’s 3PL market shares.
Moreover, economically and technologically developing countries such as China, Japan, and India play a causal role in developing the market, offering substantial growth opportunities for the market players.
Global Third-Party Logistics Market – Competitive Analysis
Highly competitive, the global 3PL market appears fragmented due to the presence of several well-established players. Industry players are increasingly forming strategic partnerships and other approaches, such as mergers & acquisitions, collaboration, expansion, and product launch, to gain a competitive share.
Major Players:
Players leading the 3PL market include C.H. Robinson Worldwide (US), BDP International Inc. (US), CEVA Logistics (Switzerland), FedEx Corporation (US), DSV Panalpina A/S (Denmark), Burris Logistics (US), DB Schenker Logistics (Germany), DHL International GmbH (Germany), Nippon Express (Japan), and Kerry Logistics (Hong Kong), among others.
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Industry/Innovation/Related News:
Sep.09, 2021 — Berkshire Grey, a leading provider of AI-enabled robotic solutions, announced its partnership with advanced handling systems (AHS), a leading system integrator of fulfillment & distribution solutions, to boost robotics solutions developments.
The company would be able to deliver next-generation warehouse robotics to the world’s largest eCommerce and third-party logistics (3PL) providers. This partnership would help companies grow despite the labor shortages and logistics challenges that are straining the supply chain, combining AI-enabled robotic automation and system design and integration services.
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