Third-Party Logistics, also known as 3PL, is a supply chain system or logistics management system among organizations, that enables third-party businesses to outsource e-commerce logistics processes. The 3PL additionally includes distribution, inventory management, fulfillment, and warehousing services. The primary services offered by third-party logistics comprise receiving, packing, storing, and shipping operations.
The Global Third-Party Logistics Market is estimated to grow at a steady rate and comprised a significant value of $3.4 billion in 2020, which is projected to reach $6 billion by 2027 with a significant CAGR of 8.5% during the forecast period 2024-2031. The rapidly increasing activities of trading with increasing globalization are witnessing various growth opportunities for the Global Third-Party Logistics Market. The trading activities propel the demand for efficient tracking and enhanced delivery that can be attributed to Third Party Logistics. Thus, these activities are projected to drive the growth of the Global Third-Party Logistics Market during the forecast period.
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The increasing emergence of e-commerce industries and rising implementation of 3PL among e-commerce sectors, economic cost and managed delivery features attributed by the third parties over their logistics operations, and enhanced supply chain management are some major factors, which are contributing as market drivers for the growth of the Global Third-Party Logistics Market and are expected to create lucrative growth opportunities for the market. The various specialized services and efficient offerings provided by third-party logistics include- door-to-door delivery, cross-docking, packaging, and inventory management. These services are expected to leverage the growth of the Global Third-Party Logistics Market during the forecast period.
Furthermore, the growth of the Global Third-Party Logistics Market in terms of market shares and revenues is studied on the basis of segmental analysis. The Third-Party Logistics Market is segmented By Transport, By Service Type, and By Region Segment. Based on the Transport, the Third-Party Logistics Market is segmented into- Roadways, Railways, Waterways, and Airways. The largest market size and shares are accounted by the Roadways segment, for the Global Third-Party Logistics Market. The economic and effective transportation of various on-road vehicles is compelled by third-party logistics. Thus, roadways transportation services are anticipated to drive the growth of the Global Third-Party Logistics Market, during the forecast period.
By Service Type, the Global Third-Party Logistics Market is further segmented as Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management, Warehousing & Distribution, and Others. The Global Third-Party Logistics Market is dominated by Warehousing & Distribution segment and is expected to account largest market size and highest CAGR during the forecast period. The Warehousing provides efficient, economic, and reduced damage risk services as it enables storage, packaging, and distribution of the products over third party operations. This factor contributed by Warehouse is expected to fuel the growth of the Global Third-Party Logistics Market.
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Market Coverage
- Segment Covered-
o By Transport
o By Service Type
- Competitive Landscape- Cisco BDP International, C.H. Robinson Worldwide, Inc., CEVA Logistics, DSV, DB Schenker Logistics, FedEx, J.B. Hunt Transport, Inc., Kuehne + Nagel, Nippon Express and United Parcel Service of America, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Third-Party Logistics Market Segment
By Transport
- Roadways
- Railways
- Waterways
- Airways
By Service Type
- Dedicated Contract Carriage (DCC)
- Domestic Transportation Management
- International Transportation Management
- Warehousing & Distribution and Others
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