Global Third-Party Logistics Market is anticipated to depict a CAGR of 9% through 2026, having recorded a valuation of USD 1 trillion in 2019. By 2026, the market is expected to hit a remuneration of USD 1.8 trillion.
Globalization trends and rising trade activities across the globe are offering lucrative opportunities for third-party logistics market expansion. Various advanced software solutions, including cloud ERP and SCMs are being adopted by companies for logistics applications. These software solutions showcase beneficial features, such as warehouse management, online documentation for international freight, inventory tracking, and real-time data tracking. Growing adoption of these software to boost operational efficiency will change third-party logistics business scenario.
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The e-commerce industry has been witnessing commendable growth over the years, primarily driven by the introduction of various technologies, which is likely to positively influence global third-party logistics (third-party logistics) industry size. Various leading e-commerce companies are adopting third-party logistics in their operation to simplify supply chain solutions.
Several logistics firms have stepped in the market to offer solutions & services, primarily to the e-commerce industry. For instance, Orio Logistics is offering third-party logistics services for the e-commerce industry, ensuring flexible, fast distribution, as well as efficient returns management.
Third-party logistics service providers are continually transforming the supply chain management system across emerging markets. Retailers always aim at maximizing operational efficiency and improving profitability of their customers and these services enable retailers to add value, as well as enhance engagement with their customers. On the global level, third-party logistics service providers are broadening their service offerings, investing in new technology, and extending geographical reach to boost their market share, and delivering data-driven solutions.
Shifting trends towards blockchain, IoT, and cloud computing are expected to create favorable conditions for industry expansion. Moreover, easy availability of enhanced digital technology solutions and low-cost services may foster third-party logistics industry size over the coming years.
In a bid to cater to the heavy product demand from consumers, various companies are outsourcing their logistics activities to third-party suppliers. Third-party logistics services aid e-commerce businesses to ensure timely deliveries and handle issues of warehousing, tracking, shipping, packaging, delivery and inventory. Additionally, one of the prime advantages of outsourcing logistics services from a third-party vendor is that it helps enterprises to focus on core business activities.
Europe third-party logistics market is poised to emerge as one of the profitable revenue terrains in the coming years primarily owing to the high internet penetration in the region. Enhanced purchasing power among the people and the constantly changing demand patterns are shifting the marketplace online due to a wide variety of product availability at a relatively lower price.
Key players operating in the industry are focusing on delivering enhanced value-added services to achieve customer loyalty. Technologically advanced and cost-effective services are being extensively adopted in third-party logistics industry.
Major market players contributing towards third-party logistics market expansion include UPS Supply Chain Solutions, FedEx, DHL, Nippon Express, DB Schenker, C.H. Robinson, UPS, XPO Logistics, JB Hunt, Kuehne + Nagel, Expeditors International, Expeditors International, CEVA Logistics, Dachser, Sinotrans, SNCF Geodis, Panalpina, Gefco, Deutsche Post DHL, and Kintetsu World Express.
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Some Point from Table of Contents:
TABLE 1. 3PL industry 3600 synopsis, 2016 – 2026
TABLE 2. Third-Party Logistics Market size, 2016 – 2019 (USD Billion)
TABLE 3. 3PL market size, 2020 – 2026 (USD Billion)
TABLE 4. 3PL market size, by region, 2016 – 2019 (USD Billion)
TABLE 5. 3PL market size, by region, 2020 – 2026 (USD Billion)
TABLE 6. 3PL market size, by solution, 2016 – 2019 (USD Billion)
TABLE 7. 3PL market size, by solution, 2020 – 2026 (USD Billion)
TABLE 8. 3PL market size, by mode, 2016 – 2019 (USD Billion)
TABLE 9. Third-Party Logistics Market size, by mode, 2020 – 2026 (USD Billion)
TABLE 10. Vendor matrix
TABLE 11. Traditional logistics vs 3PL
TABLE 12. Industry impact forces
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