iCrowd Newswire – Jul 14, 2020
The Global Third-Party Logistics (3PL) Market is estimated to grow at a CAGR of 7.1% during the forecast period 2020-2027. As per the detailed market study, the global third-party logistics industry was valued at $1,027.71 billion in the year 2019 and is anticipated to reach $1,789.94 billion by the end of the year 2027.
3PL is an outsource activity opted by manufacturer for logistics and distribution activities. 3PL companies can offer specialized services such as packaging of products, door-to-door delivery, cross-docking and inventory management.
The 3PL market is driven by various growth factors such as development of the e-commerce industry, increase in trading activities due to globalization and increase in focus of retailers and manufacturers. Whereas, lack of control of manufacturers and risk to goodwill of manufacturer may impede the market growth. On the contrary, reduction of lead time and cost cutting in logistic services due to adoption of multi-modal system offer lucrative opportunities for the market players operating in the global 3PL market.
Competitive Insights of the Global Third-Party Logistics (3PL) Market
United Parcel Service, Union Pacific Railroad, Panalpina World Transport Ltd., Nippon Express, Maersk, KUEHNE+NAGEL Inc., FedEx Corporation, DHL International GMBH, DB Schenker and C.H. Robinson Worldwide, Inc. among others are some major key players included in the research study of the global 3PL market.
Segmentation Overview of the Global Third-Party Logistics (3PL) Market
The global 3PL market is categorized into mode of transport, service type and industry. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study has been conducted considering various market determinants and geographical dynamics.
The airways segment under the mode of transport category is estimated to grow at the fastest growth rate with a CAGR of 13.1% during 2020-2027. Whereas, the roadways segment holds the largest market share in the year 2019 by contributing ~2/5th of the share in the global marketplace.
The domestic transportation management segment under the service type category hold the dominant position in the year 2019 by holding ~2/5th of the market share in the global marketplace. Whereas, the dedicated contact carriage segment is projected to grow at the fastest growth rate with a CAGR of 8.9% during the forecast period.
The Mode of Transport Segment of the Global Third-Party Logistics (3PL) Market is Sub-Segmented into:
The Service Type Segment of the Global Third-Party Logistics (3PL) Market is Sub-Segmented into:
- Warehousing & Distribution
- International Transportation Management
- Domestic Transportation Management
- Dedicated Contract Carriage (DCC)
The Industry Segment of the Global Third-Party Logistics (3PL) Market is Sub-Segmented into:
- Food & Groceries
Geographical Overview of the Global Third-Party Logistics (3PL) Market
The Asia Pacific 3PL market dominated the global marketplace in the year 2019 by holding ~2/5th of the market share in the 3PL market. The regional market dominance is attributed to growth in trading activities because of increasing globalization. Whereas, the LAMEA 3PL market is anticipated to grow at the fastest growth rate with a CAGR of 10.4% during the forecast period 2020-2027. The regional market growth is attributed to growth in research and development activities and increase in population across the region.
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Keywords: Third-Party Logistics (3PL) Market