New York, Sept. 22, 2021 (GLOBE NEWSWIRE) -- 3PL Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “3PL Market Research Report, Service, Mode of Transport, Application and Region - Forecast till 2028” the market is projected to be worth USD 1,993.72 billion by 2028, registering a CAGR of 8.7% during the forecast period (2021 - 2028), The market was valued at USD 921.49 billion in 2020.
Notable players profiled in the global third-party logistics market report are
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)
Kerry Logistics (Hong Kong).
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Multiple Factors to Augment Market Growth
The third-party logistics market is a subsidiary product of the manufacturing industry. One of the key driving factors for the third-party logistics sector is rising consumer goods demand. The surge in demand for on-site delivery, last-minute shipping, and quick and easy services is a key driver for market cap third-party logistic providers. Consumers are becoming accustomed to the convenience of buying from the comfort of their own homes.
Manufacturers are implementing new technologies in order to boost the supply of their products. The third-party logistics (3PL) market trends demonstrate that several governments in various nations are liberally pushing FDIs to assist the local economy and create jobs for the youth. This has been another driving force in the market's expansion.
The introduction of e-commerce platforms and services has opened up a new world of opportunity for third-party logistics providers. The e-commerce industry's continual development process is giving end-users the freedom of a personalized experience with the greatest level of comfort. This shift in customer behavior has created enormous opportunities for 3PL enterprises. The market share of third-party logistics (3PL) is expanding as consumers shift.
People in their localities expect on-time deliveries. Furthermore, international trade and collaborations in the e-commerce sector have created great potential for 3PL firms in the future.
Browse In-depth Market Research Report (190 pages) on third-party logistics market
Larger expenditures in e-commerce technologies and solutions have also benefited third-party logistics firms. To meet the customized demand from end users, service providers have implemented real-time shipment tracking, route optimization, and other technologies. The most recent technology necessitates ongoing upkeep and innovation. The global market for third-party logistics services is adapting to these developments with the assistance of several large firms that are investing in various parts of the third-party logistics market. Individual nation's local players are establishing crucial industry trends.
COVID-19 Impact on the Worldwide Market
The 3PL market, like every other industry, has faced significant problems as a result of the COVID-19 outbreak. Since the disease's emergence, there have been a number of lockdowns in various countries around the world. The growth of the third-party logistics (3PL) market is largely dependent on the availability of transport networks and end-user market demand. Due to the lockdowns, distribution routes have been hampered. Furthermore, the pandemic has had an impact on the per capita economy of key consumer countries.
In the third-party logistics sector, the demand-supply imbalance is proving to be difficult. The lack of storage warehouses makes market management extremely difficult. The biggest impediments to the growth of the 3PL market share are limits on infected areas' borders and unbalanced transactions of entering and outgoing goods.
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The global third-party logistics market has been segmented into service, mode of transport, and application.
On the basis of service, the global third-party logistics market has been segmented into domestic transportation, international transportation, value-added warehousing and distribution, and others.
On the basis of mode of transport, the global third-party logistics market has been segmented into railways, roadways, waterways, and airways.
On the basis of application, the global third-party logistics market has been segmented into manufacturing, retail, healthcare, automotive, and others.
APAC to Lead the Global Market
For the previous few years, the Asia Pacific area has shown promising results in the worldwide market. Countries such as China, India, South Korea, Vietnam, and others are rapidly expanding in the worldwide market for 3PL services. In 2020, the Asia Pacific area generated the most revenue. The large consumer base, rapid urbanization, and need for customized shipments have aided the growth of 3PL companies in these regions.
Segmentation of Market covered in the research:
3PL Market Research Report: by Service (Domestic Transportation, International Transportation, Value-added Warehousing and Distribution, and Others), by Mode of Transport (Railways, Roadways, Waterways, and Airways), by Application (Manufacturing, Retail, Healthcare, Automotive, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2028
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