Third Party Logistics Market to Witness High Growth during the Forecast Period

Mon, 14 December 2020 8:21

The market of third party logistics (3PL) is anticipated to progress at a decent pace during the forecast year. The third party logistics (3PL) services provide complete control over the meticulous and intricate tasks, such as freight forwarding, fulfillment operations, warehouse management, and inventory forecasting. Additionally, the strong presence of the distribution network of the service providers drives market growth.

The third party logistics also provide management of demand fluctuations and help the manufacturers to make their products available and generate higher demand prospects in a particular period. The service providers also maintain better warehouse management and help the manufacturers maintain inventory stocks, where the company does not possess any infrastructure facility and serves as a warehouse.  

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COVID-19 Impact

Due to the COVID-19 outbreak, manufacturing has taken a serious hit in terms of the production and demand for the products. The demand for third party logistics (3PL) is also expected to decrease in 2020 and 2021. The disruption in the supply chain and value chain, brief periods of lockdown and shutdown, and restrictions on entering the foreign boundaries hamper the market growth. 

Key Highlights

  • The third party logistics (3PL) market is expected to grow at a compound annual growth rate (CAGR) of 7.4% during the forecast period
  • North America dominates the market on account of the presence of a third party logistics service providers and manufacturers
  • Asia-Pacific is projected to procure the fastest pace of growth in the market. China has emerged as a center of product sourcing and a substantial consumer of raw materials. Additionally, the increasing effort made by India and Vietnam to progress in marine transportation and logistics operations drives the market growth

Key Players

  • H. Robinson Worldwide (CHRW) Inc.
  • FedEx Corporation
  • Nippon Express Co., Ltd.
  • BDP International
  • XPO LogisticsInc
  • DB Schenker Logistics
  • Burris Logistics
  • CEVA Logistics
  • Kuehne + Nagel International AG
  • DSV Panalpina A/S
  • Yusen Logistics Co. Ltd. (Nippon Yusen)
  • UPS Supply Chain Solutions, Inc.

Third Party Logistics (3PL) Market: Segmentation

By Mode of Transport

  • Ground/Roadways Transport
  • Waterways/ Maritime Transport
  • Railways Transport
  • Air Transport

By Industry Vertical

  • E-commerce and Retail
  • Healthcare and Pharmaceuticals
  • Manufacturing
  • Automotive

By Service

  • Freight forwarding
  • Warehousing and Distribution (W&D)
  • Domestic Transportation Management (DTM)
  • Value-Added Logistics Services (VALs)
  • International Transportation Management (ITM)

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Colombia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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