WASHINGTON, July 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Third Party Logistics Market finds that the increasing trading activities are expediting the market growth. Primarily driven by the growing e-commerce sector. Furthermore, the increasing government initiatives are also anticipated to augment the growth of the Global Third Party Logistics Market, states Vantage Market Research, in their latest report. The Global Third Party Logistics Market revenue is expected to reach a value USD 1494.6 Billion in 2028.
The Global Market revenue stood at a value USD 931.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period; states Vantage Market Research, in a report, titled “Third Party Logistics Market Size, Share & Trends Analysis Report by Service (Dedicated Contract Carriage (DCC)/Freight Forwarding, Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution (W&D), Value Added Logistics Services (VALS), by Transport (Roadways, Railways, Waterways, Airways), by End-Use (Manufacturing, Retail, Healthcare, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Third Party Logistics market is predicted to grow at a CAGR of roughly 8.2% during the forecast period.
- The Third Party Logistics market was estimated to be worth roughly USD 931.5 Billion in 2021 and is expected to reach USD 1494.6 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Third Party Logistics market.
Market Dynamics:
Rising Trading Activities to Drive the Market Growth
The development of logistics infrastructure in Asia and the Middle East regions is expected to augment the growth of the market in the years to come. Huge market conditions and improvement in the global economy are the major factors that drive globalization. Many activities related to trade have been witnessed to increase, owing to the rise in globalization. Therefore, manufacturers or retailers find it difficult to keep a track of these activities efficiently, 3rd Party Logistics companies help these manufacturers to check the track and control these activities. This is one factor that is expected to drive market growth. Moreover, development in the overseas market is projected to play a vital role in supporting the growth of the market shortly. 3PL services are becoming increasingly convenient for price-conscious customers that demand a larger selection of high-quality products delivered on time. Therefore, an increase in trading activity due to globalization will lead to the growth of the market, and the development of new technologies is expected to significantly contribute to the 3PL market growth.
Increasing E-Commerce Industry to Stimulate the Market Growth
The E-Commerce business during the pandemic has seen a drastic change in some regions. The customers demand witnessed changes related to the timely delivery. Customers are more inclined towards same-day and one-day delivery. As a result, many retailers started affording logistics services to meet customer expectations. Moreover, continuous development in e-commerce will surge the demand for logistics services in areas such as express delivery and inventory management. The demand for 3PL service providers will significantly rise in tier 3 and 5 cities where demand for logistics services has increased. Further, the increase in urbanization and increasing penetration of internet & mobile along with an increase in the number of warehouses and expansion of the logistics industry are also anticipated to fuel the growth of the Third Party Logistics Market during the forecast period.
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Segmentation of the Global Third Party Logistics Market:
- Service
- Dedicated Contract Carriage (DCC)/Freight Forwarding
- Domestic Transportation Management (DTM)
- International Transportation Management (ITM)
- Warehousing & Distribution (W&D)
- Value Added Logistics Services (VALS)
- Transport
- Roadways
- Railways
- Waterways
- Airways
- End-Use
- Manufacturing
- Retail
- Healthcare
- Automotive
- Other End-Uses
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/third-party-logistics-market-1747
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Third Party Logistics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Third Party Logistics Market Size, Share & Trends Analysis Report by Service (Dedicated Contract Carriage (DCC)/Freight Forwarding, Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution (W&D), Value Added Logistics Services (VALS)), by Transport (Roadways, Railways, Waterways, Airways), by End-Use (Manufacturing, Retail, Healthcare, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
North America Dominated the Global Third Party Logistics Market
North America dominated the Global Third Party Logistics Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the presence of key players such as XPO Logistics Inc., C.H. Robinson Worldwide (CHRW) Inc., UPS Supply Chain Solutions Inc., and many others in the region. Apart from this, the increase in demand for cold storage in the region is also expected to fuel the regional market growth. In addition, the growing trade routes between the regions are expected to create a great opportunity for 3PL providers. The accumulation of products and the purchase of goods in China have led to changes in the technological, pharmaceutical, and automotive industries of foreign countries. Such changes are expected to stimulate market growth in countries, including India, South Korea, Japan, and Vietnam. The continuous development of transport infrastructure and the increasing emphasis on travel processes in developing countries are expected to further augment the market growth.
List of Prominent Players in Third Party Logistics Market:
- BDP International
- Burris Logistics
- C.H. Robinson Worldwide Inc.
- CEVA Logistics
- DSV
- DB Schenker Logistics
- FedEx
- J.B. Hunt Transport Inc.
- Kuehne + Nagel
- Nippon Express
- United Parcel Service of America Inc.
- XPO Logistics Inc.
- Yusen Logistics Co. Ltd.
Recent Developments:
December 2021: CI Capital Partners announced the sale of Redwood Logistics, a leading third-party logistics provider to AEA Investors. Redwood Logistics offers a broad suite of services including transportation brokerage, managed transportation, supply chain technology, and related services.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Third Party Logistics Market?
- How will the Third Party Logistics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Third Party Logistics Market?
- What is the Third Party Logistics market drivers and restrictions?
- What will be the CAGR and size of the Third Party Logistics Market throughout the forecast period?
This market titled “Third Party Logistics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | Service • Dedicated Contract Carriage (DCC)/Freight Forwarding • Domestic Transportation Management (DTM) • International Transportation Management (ITM) • Warehousing & Distribution (W&D) • Value Added Logistics Services (VALS) • Transport • Roadways • Railways • Waterways • Airways • End-Use • Manufacturing • Retail • Healthcare • Automotive • Other End-Uses • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K. • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • BDP International • Burris Logistics • C.H. Robinson Worldwide Inc. • CEVA Logistics • DSV • DB Schenker Logistics • FedEx • J.B. Hunt Transport Inc. • Kuehne + Nagel • Nippon Express • United Parcel Service of America Inc. • XPO Logistics Inc. • Yusen Logistics Co. Ltd. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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