Third-Party Logistics Market Size was valued at USD 1022.8 billion in 2021. The third-party logistics industry is projected to grow from USD 1111.78 Billion in 2022 to USD 1993.54 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.70% during the forecast period (2022 – 2030).
Increasing Adoption by SMEs to Handle Complex Supply Chain Activity to Boost Market Growth
The volatile international documentation procedure & customs rules and regulations require the expertise for handling the complex supply chain activity. Thus SMEs are leveraging the third-party logistics (3PL) services which will boost market growth over the forecast period.
Advent of E-commerce Services and Portals to offer Robust Opportunities
The advent of e-commerce portals and services will offer robust opportunities for the market over the forecast period. The constant development process in the e-commerce industry is offering end-users the freedom of customized experience with utmost comfort. Thus this shift in the behavior of the consumer has introduced tremendous opportunities for the market.
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Loss of Reputation to act as Market Restraint
The potential loss of reputation and loss of direct control on the logistics services may act as market restraints over the forecast period.
Risks Associated with Cross Border Transportation to act as Market Challenge
The risks associated with cross border transportation will act as a market challenge over the forecast period.
The third party logistics (3PL) market has been exposed to major challenges owing to the COVID-19 outbreak. Following the emergence of the virus, there has been lockdowns in across the globe along with social distancing trends. The growth of the market rests entirely on the accessibility of the transport chains as well as the market demand of the end-users. The delivery routes have been disrupted for the lockdowns. Besides, the crisis has also impacted the per capita economy of leading consumer countries. The imbalance between supply and demand turns out to be rough on the market. Lack of storage warehouses creates management in the market extremely difficult. The restrictions on borders of infected areas and unequal transactions of outgoing and incoming goods are key obstacles to the market growth.
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The third-party logistics (3PL) market is segmented based on application, mode of transport, and service.
By service, the domestic transportation segment will lead the market over the forecast period.
By mode of transport, the roadways segment will dominate the market over the forecast period for the growth of the retail industry.
By application, the manufacturing segment will spearhead the market over the forecast period for the booming construction industry.
Asia Pacific to Remain Domineer in Third-Party Logistics (3PL) Market
The APAC region will remain domineer in the market in the forecast period. Growing adoption in Vietnam, South Korea, India, and China, huge consumer base, demand for customized shipments, fast urbanization, growing trans-regional trade corridors and gateways, the concentration of manufacturing and sourcing in China, strategic shift of technology, automotive, and pharmaceutical sector, the increasing emphasis on transportation practices in emerging countries, and the ongoing development of logistics infrastructure are adding to the global third-party logistics (3PL) market growth in the region.
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