Market Analysis
The global Third-Party Logistics (3PL) Market is predicted to touch USD 1,893.72 billion at an 8.4% CAGR in the forecast period (2022- 2030), states the latest Market Research Future (MRFR) report.
Drivers
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.
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Opportunities
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.
Restraints
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.
Challenges
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.
COVID-19 Analysis
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.
Key Players
Eminent players profiled in the global third-party logistics (3PL) market report include 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).
Key players have incorporated several strategies to stay at the forefront, such as mergers, partnerships, acquisitions, new product launches, and more.
Market Segmentation
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.
Regional Analysis
Asia Pacific to Remain Domineer in Third-Party Logistics (3PL) Market
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.
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