3PL Logistics Market Continues to Expand, Driven by E-commerce and Supply Chain Complexity
Mar 10, 2023
Third-Party Logistics Market Size was valued at USD 1022.8 billion in 2021 is to USD 1993.54 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.70%.
The third-party logistics (3PL) market witnesses rapid strategic initiatives, such as mergers & acquisitions, collaborations, expansions, and product/technology launches. Leading industry players make strategic investments in R&D activities and foster their expansion plans.
India is increasingly becoming a trading hub worldwide. The country is strategically important for international goods and services exports, totaling a significant valuation. International players strive to expand their global footprint by increasing their presence in India.
For instance, recently, on Dec.16, 2021, S&K Aerospace, LLC (SKA), a leading 3PL provider, announced receiving a multimillion-dollar third-party logistics contract from the US Army for helicopter parts procurement. The 3PL contract is for the support of aircraft parts for various non-standard rotary-wing platforms. The contract awarded by the US Army Contracting Command supports the mission of the US Army’s Multi-National Aviation Special Project Office (MASPO).
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Key Companies in the third-party logistics market include
- Robinson Worldwide of the United States
- BDP International Inc. of the United States
- CEVA Logistics of Switzerland
- Kerry Logistics of Hong Kong
- FedEx Corporation of the United States
- Nippon Express of Japan
- DSV Panalpina A/S of Denmark, among others
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The global supply chain is changing continuously, witnessing the growing adoption of automated technologies in retail and eCommerce logistics. Therefore, 3PL companies are implementing micro-fulfillment technology to maximize supply chain efficiencies, optimizing last-mile logistics to boost their businesses. These factors are certainly impacting the 3PL market growth positively.
Favorable government trade policies provide measurable expansion opportunities to the market players, increasing the market demand substantially. Simultaneously, government initiatives and economic reforms to strengthen logistics attract vast investments. The development of transport and logistics-related infrastructures helps improve transportation efficiency.
Governments worldwide strive to position their countries forefronts and make the economy competitive by increasing domestic and international trade. Furthermore, growing uses of third-party logistics and reducing logistic costs and congestion on roads push the growth of the market.
Automation in supply chains and third-party logistic services has become a prevalent trend. Also, strategic partnerships between new entrants, policy reforms, and increasing consumerism push the market growth, increasing complexities in supply chains. 3PL suppliers adapt changing landscape by improving collaboration skills, equipping their teams with appropriate insights and eliminating existing system-wide silos.
The 3PL market analysis is segmented into types, modes of transportation, applications, and regions. The type segment is bifurcated into domestic transportation, international transportation, value-added warehousing & distribution, and others.
The mode of transportation segment is bifurcated into railways, roadways, waterways, and airways. The application segment is bifurcated into manufacturing, retail, healthcare, automotive, and others. By regions, the market is bifurcated into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
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APAC dominates the global third-party logistics market due to the increased trades in domestic and international markets. Besides, the rapid urbanization and growing demand for customized shipments boost the 3PL market size in the region. A huge consumer base and increasing 3PL companies in this region positively influence market growth.
Moreover, increasing imports and exports and increased adoption of outsourced logistic services substantiate the region’s market shares. The huge demand for 3Pl logistic services due to economic growth and urbanization drives the growth of the market in the region.
Japan, China, India, South Korea, and Vietnam hold sizable shares in the APAC third-party logistics market due to the growing population and manufacturing base in these countries. Additionally, vast investments for developments and upgrades in the logistic industry in the region increase the market revenues.
Segmentation of Market covered in the research:
3PL Market Research Report: by Service (Domestic Transportation, International Transportation, Value-added Warehousing and Distribution, and Others), by Mode of Transport (Railways, Roadways, Waterways, and Airways), by Application (Manufacturing, Retail, Healthcare, Automotive, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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