New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Third-party Logistics Market Size is to Grow from USD 1,012.75 Billion in 2022 to USD 2,247.95 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
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Third-party Logistics (3PL) refers to a strategic business arrangement where companies outsource their logistics and supply chain management functions to specialized third-party providers. This arrangement allows businesses to focus on their core competencies while leveraging the expertise and resources of 3PL providers to streamline and optimize their logistics operations. 3PL providers offer a wide range of services, including transportation, warehousing, inventory management, order fulfillment, and distribution, tailored to meet the unique needs of their clients. By partnering with 3PL providers, companies can reduce costs, improve efficiency, and enhance their overall supply chain performance.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Third-party Logistics Market Size, Share, and COVID-19 Impact Analysis, By Service (Dedicated Contract Carriage/Freight forwarding, Domestic Transportation Management, International Transportation Management, Warehousing &Distribution, and Value Added Logistics Services), By Transport (Roadways, Railways, Waterways, and Airways), By End-Use (Manufacturing, Retail, Healthcare, Automotive, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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In 2022, the domestic transportation management segment accounted for around 30.4% market share
On the basis of the service, the global third-party logistics market is segmented into dedicated contract carriage/freight forwarding, domestic transportation management, international transportation management, warehousing & distribution, and value-added logistics services. The Domestic Transportation Management (DTM) segment has secured the largest market share in the third-party logistics (3PL) industry due to its pivotal role in managing the movement of goods within a single country. DTM providers offer expertise in optimizing trucking, rail, and other domestic transportation modes, enabling businesses to enhance supply chain efficiency and cost-effectiveness.
The roadways segment held the largest market with more than 57.5% revenue share in 2022
Based on transport, the global third-party logistics market is segmented into roadways, railways, waterways, and airways. The dominance of the roadways segment in the third-party logistics (3PL) market can be attributed to several factors. Road transportation offers flexibility, accessibility, and cost-effectiveness, making it a preferred choice for domestic and regional logistics. Additionally, the extensive road networks in many regions, coupled with the last-mile delivery demands of e-commerce, have propelled the significance of roadways in the 3PL sector.
The manufacturing segment held the largest market with more than 25.3% revenue share in 2022
Based on the end-use, the global third-party logistics market is segmented into manufacturing, retail, healthcare, automotive, and others. The manufacturing segment has secured the largest revenue share in the third-party logistics (3PL) market due to its critical role in optimizing supply chains for production and distribution. Manufacturers increasingly rely on 3PL providers to streamline their logistics, reduce costs, and enhance operational efficiency. This is particularly crucial in an era of globalized supply chains and just-in-time production.
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Asia-Pacific is anticipated to Grow at a fastest CAGR of around 8.7% over the projected period
Based on region, Asia Pacific is anticipated to become the fastest-Growing region in the Third-party Logistics (3PL) market over the forecast period due to economic Growth, the burgeoning e-commerce sector, and expanding manufacturing industries that are driving increased demand for efficient and scalable supply chain solutions. Additionally, the region's vast consumer base and the need for streamlined logistics to meet evolving customer expectations are propelling the Growth of 3PL services. Moreover, Asia Pacific's strategic location as a global trade hub positions it for continued expansion in international trade, further boosting the 3PL market's Growth prospects in the region.
North America boasts the largest market share in the Third-party Logistics (3PL) industry for several compelling reasons. The region benefits from a highly developed and sophisticated logistics infrastructure, with extensive transportation networks and advanced technology adoption. Moreover, a robust e-commerce ecosystem and the presence of numerous large retail and manufacturing companies create substantial demand for 3PL services.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global third-party logistics market include BDP International, Burris Logistics, C.H. Robinson Worldwide, Inc., CEVA Logistics, DB Schenker Logistics, FedEx, J.B. Hunt Transport, Inc., Kuehne + Nagel, Nippon Express, United Parcel Service of America, Inc., XPO Logistics, Inc., and Yusen Logistics Co. Ltd. And Other Key Vendors.
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Recent Developments
- In December 2022, SEKO Logistics formed its first robotics relationship with GreyOrange's Ranger Assist Bots, with aims to "scale up" warehouse operations. During the initial part of the initiative, SEKO will install 15 bots in one of its Milton Keynes, UK, offices. Another 35 robots will be placed in the early part of next year. The logistics business plans to expand the bot effort beyond the United Kingdom next year, with the Netherlands serving as the initial stop.
- In September 2022, AI LOGISTIX, a startup that identifies and resolves logistics and supply chain challenges, has collaborated with SUN Mobility, a supplier of battery-swapping services and energy infrastructure for electric vehicles (EVs), to become India's last-mile delivery partner. The Bengaluru-based start-up leverages SUN Mobility's energy services as a customer of Alchemy Mobility LLP, a green mobility service provider for last-mile delivery providers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global third-party logistics market based on the below-mentioned segments:
Third-party Logistics Market, By Service
- Dedicated Contract Carriage/Freight forwarding
- Domestic Transportation Management
- International Transportation Management
- Warehousing &Distribution
- Value Added Logistics Services
Third-party Logistics Market, By Transport
- Roadways
- Railways
- Waterways
- Airways
Third-party Logistics Market, By End-Use
- Manufacturing
- Retail
- Healthcare
- Automotive
- Others
Third-party Logistics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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