The global fifth-party (5PL) logistics market is accounted to register a CAGR of 6.5% during the forecast period and is estimated to reach USD 14.98 billion by 2032.
The fifth-party logistics provider oversees managing supply chain networks. Fifth-party logistics service providers build, organize, and deploy logistics solutions and technology for various clients. Moreover, fifth-party logistics firms combine the shipping requirements of multiple logistics companies. Fifth-party logistics firms act as logistics aggregators for third-party logistics companies, aggregating third-party logistics demands into bulk volumes for better prices.
The expansion of the e-commerce industry, an improvement in the effectiveness of supply chain and management systems, and an increase in international trade are likely to promote the growth of the fifth-party (5PL) logistics market. However, complex supply chains and government laws barriers for logistics companies limit the global market growth. Furthermore, growing technological advancement and the adoption of blockchain are expected to provide attractive growth prospects for fifth-party (5PL) logistics industry participants.
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Segment Analysis
The global fifth-party (5PL) logistics market has been segmented based on application and type.
The global fifth-party (5PL) logistics market has been segmented based on application into e-commerce, traders, logistics companies, and others. The e-commerce segment was expected to hold the largest market share in 2022.
The market is segmented into transportation, warehousing, and other services based on type. The transportation segment was attributed to holding the largest market share in 2022.
Regional Analysis
Based on region, the global fifth-party (5PL) logistics market has been divided into North America, Europe, Asia-Pacific, and the rest of the World. North America consists of US and Canada. The Europe fifth-party (5PL) logistics market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The fifth-party (5PL) logistics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World’s fifth-party (5PL) logistics market comprises the Middle East, Africa, and Latin America.
Asia Pacific holds the largest global fifth-party (5PL) logistics market revenue share owing to the increased adoption of advanced technologies and the growing e-commerce industry in countries such as China and India. The presence of many small and medium enterprises in the region, coupled with the demand for consumer goods, is further fueling market growth.
Moreover, Europe is expected to exhibit significant growth in the fifth-party (5PL) logistics market due to the increasing adoption of advanced technologies and the demand for consumer products in countries such as the UK, Germany, and France. A well-established logistics infrastructure in the region is further expected to drive market expansion.
The North American fifth-party (5PL) logistics market is predicted to rise significantly throughout the forecast period owing to the increasing need for cost-effective logistics solutions in the region. The growth in the e-commerce industry and the increasing adoption of highly advanced technologies are also expected to propel market development in the region.
Other regions, including Latin America, the Middle East, and Africa, also witness a rise in demand for fifth-party (5PL) logistics, driven by the increasing investments in the logistics sector and the growth of e-commerce activities in these regions.
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Key Findings of the Study
Key Players
The following companies as the key players in the global fifth-party (5PL) logistics market— Bain & Company Inc, 5PL Logistics Solutions, Deloitte, Boston Consulting Group (BCG), Maine Pointe, DHL International, MGL Global Logistics, McKinsey & Company, Toll Holdings Ltd, Renaissance Network Reinvent.
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