Market Overview
The Third-party Logistics (3PL) Market is growing as businesses turn to contractors to help manage the logistical challenges of moving goods. In addition, technological advancements such as self-driving trucks hold great potential for expanded usage of 3PL services across various industries.
There are several major drivers for third-party logistics market growth, including rising consumer demand for faster and more reliable deliveries, the increasing trend towards ecommerce delivery and omnichannel retailing, the growing importance of customer experience in today’s competitive marketplace, and globalisation trends that are creating new opportunities in foreign markets.
There are several reasons why the third-party logistics market is growing rapidly. These include the increasing demand for e-commerce and fast deliveries. These technological advancements have led to an increase in automation and mechanisation, growth in global trade, and rising consumer incomes. Additionally, there has been a shift from local to global supply chains as businesses look to reduce delivery costs by utilising multiple modes of transportation.
The functioning of the 3PL depends upon the functioning of certain chains of distribution. But during the pandemic interval, there was a steep decline in the 3PL market. Also, the processing or manufacturing variation has led to a decline n the logistics market. Apart from that, there are no such restraints on the market size.
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Market Segment
There are several major drivers for third-party logistics market growth, including rising consumer demand for faster and more reliable deliveries, the increasing trend towards ecommerce delivery and omnichannel retailing, the growing importance of customer experience in today’s competitive marketplace, and globalisation trends that are creating new opportunities in foreign markets.
The 3-party logistics market has been broadly classified into two segments: by type or technology.
Based on type: They are based on type, region, application and transportation; They are further segmented based on services they provide.
By application: Technology advancement has significantly impacted the 3PL market, making delivery more efficient and cost-effective for businesses and customers. Moreover, firms that can adopt technology rapidly can benefit from increased efficiency and scale across their entire supply chain network. As a result of these factors, there is an increasing demand for skilled logistics professionals who can handle these types of deliveries smoothly and efficiently.
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Regional Analysis
At a CAGR of 10.3% during the projection period, Asia Pacific is anticipated to become the geographical market with the quickest growth. A significant opportunity for 3PL providers is anticipated to arise from the expanding trans-regional trade corridors and ports. Technology, pharmaceuticals, and the automobile industry have strategically shifted to other nations due to China’s concentration of manufacturing and sourcing. Market expansion is anticipated to be fueled by the continued construction of logistics infrastructure and the growing importance of transportation practices in emerging nations.
North America’s revenue share was the highest, with the United States leading the region’s market. Shippers are turning to specialised contract-carrying services due to the limited truck capacity throughout the United States.
Key Market Players:
C.H. Robinson Worldwide (United States), BDP International, Inc. (United States), Burris Logistics (United States), CEVA Logistics (Switzerland), DSV Panalpina A/S (Denmark), DB Schenker Logistics (Germany), FedEx Corporation (United States), J.B. Hunt Transport Services, Inc. (United States), Kerry Logistics (Hong Kong), Nippon Express (Japan), DB Schenker (Germany), DHL (Germany), and Agility Logistics (Kuwait)
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Industry News
25-08-22
Mahindra Logistics opens its 11th fulfilment centre, facilitating rapid client commerce.
The business has established its operational capacity throughout India with end-to-end services, including micro-fulfilment centres (dark shops), milk-run transportation, and last-mile delivery.
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