New York, USA, March 09, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global logistics services (3PL & 4PL) market is anticipated to garner $3,040 million in revenue and rise at a healthy CAGR of 9.7% over the forecast period from 2022 to 2031.
As per our analysts, the growing expansion of the e-commerce sector along with the rising demand for quick deliveries among customers globally is expected to fortify the growth of the logistics services (3PL & 4PL) market during the analysis timeframe. Besides, the increasing demand for logistic services across various businesses owing to the growing inventory management policy is further expected to bolster the market growth over the estimated timeframe. Moreover, the rising adoption of modern technologies such as artificial intelligence. Machine learning, blockchain technology, and many more are expected to create immense growth opportunities for the market during the forecast period. However, the infrastructure shortage and the lack of logistics experts may hamper the growth of the market throughout the estimated period.
Segments of the Logistics Services (3PL & 4PL) Market
The report has divided the market into segments based on service type, application, and region.
Service Type: Transportation Sub-Segment to be Most Profitable
The transportation sub-segment registered the highest revenue in 2021. The increasing application of transportation logistics across various sectors such as supply chain management in the retail and healthcare industries is predicted to fuel the growth of the market sub-segment during the analysis period.
Application: Consumer Electronics Sub-Segment to be Most Productive
The consumer electronics sub-segment held the largest share in 2021. The growing demand for fast shipment, real-time visibility, flexibility, and excellent customer service of portable consumer devices among customers across the globe is expected to propel the growth of the market sub-segment over the estimated timeframe.
Asia-Pacific Region Garnered Highest Market Share in 2021
The Asia-Pacific region of the logistics services (3PL & 4PL) market accounted for the biggest market share in 2021. The growing demand for logistics services along with the rising importance of transportation practices across the countries of this region are predicted to thrive the regional growth of the market throughout the forecast period.
Covid-19 Impact on the Logistics Services (3PL & 4PL) Market
The rise of the Covid-19 pandemic has caused several uncertainties and resulted in economic losses across various businesses. It has also had a negative impact on the logistics services (3PL & 4PL) market. This is mainly due to the decreased demand for logistics services due to the economic slowdown across several countries. Moreover, the construction and automotive sector have faced severe impacts in terms of sales and acquisition which has further reduced the demand for logistics services over the crisis period.
Key Players of the Market
The major players of the logistics services (3PL & 4PL) market include
- 4PL Group
- Maersk
- Kuehne + Nagel International AG
- FedEx Corporation
- Global4PL
- DHL
- Orkestra SCS
- DB Schenker
- Phoenix Freight Systems
- C.H. Robinson Worldwide Inc.
These players are widely working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to acquire a leading position in the global industry.
For instance, in April 2022, Infor, a multinational company, announced its partnership with DB Schenker, the leading provider of Road and multimodal transportation. With this partnership, the companies aimed to deliver unique digital supply chain management to customers that provide both supplier collaboration and shipping automation with easier cost, factory, and transportation management.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Logistics Services (3PL & 4PL) Market
- Examining the Potential of Logistics Services (3PL & 4PL) and MSME Sector Collaboration
- Acquisitions Like That of Bolloré Africa Logistics by MSC Group to Boost the Growth of Global Logistics Services (3PL & 4PL) Market in the 2022-2031 Timeframe
