Press release
Third Party Logistics Market By Major Logistics and Supply Chain Industry Players: AmeriCold Logistics LLC, BDP International, Burris Logistics, CEVA Logistics, FedEx
Global Market Insights
Third Party Logistics (3PL) Market is projected to surpass USD 1 trillion by 2024. Growing focus towards cost effectiveness and core business functions incurred in logistics are the major factors driving the third-party logistics market over the forecast timeframe. Rising transportation costs will encourage shippers to discover new alternatives in order to minimize distribution and shipping costs out of the supply chain. 3PL market service providers offers timely and effective logistics solutions which in turn optimize transportation costs. The rising trend of e-commerce accompanied by entrepreneurial ventures will favor the third party logistics market demand for customized logistics services.
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Outsourcing operations helps various firms having less number of resources to cater higher order volume in an economical way. It also helps in cutting down costs and optimizing the overall logistics set-up which includes data warehousing of software systems, installation of more computers and processing equipment. Leading service providers are increasingly adopting IT solutions to improve their distribution coverage and enhance service quality delivered to the customers.
However, factors such as risk containment, inconsistent freight volumes, lack of trust, emphasis on cost and sluggish economical growth may restrict the industry growth. Economic downfalls have led shippers to confine their outsourcing activities to few suppliers. Thus, decreasing the number of outsourcing operations and may negatively affect the third party logistics market growth over the forecast timeframe.
International transportation management (ITM) is expected to witness significant growth and exceed USD 350 billion by 2024. The domestic transportation management includes value added services as well as freight brokerage and is estimated to grow at over 5% CAGR. Warehousing and distribution (W&D) occupied over 20% of the overall 3PL market share in 2016. It consists of long-term agreements, contract warehousing and distribution center operations with various value addition services.
Participants involved in the third party logistics market include Kuehne+Nagel, Deutsche Post DHL (Exel), C.H. Robinson, Expeditors International of Washington, UPS Supply Chain Solutions, etc. The business is fragmented and the strategies adopted by companies include collaboration and partnerships, long term agreements with key industries such as automotive, and retail. Most of these providers are large and have the financial resources to maintain their dedicated IT staff and own servers. The advanced technologies they use are mostly limited to Warehouse Management System (WMS) and Transportation Management System (TMS) applications. Several smaller companies find the costs of such applications too high to be profitable.
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Partial Chapter of the Table of Content
Chapter 4 3PL Market, By Solution
4.1 Third party logistics market share by solution, 2016 & 2024
4.2 DCC
4.2.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.3 DTM
4.3.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.4 ITM
4.4.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.5 W&D
4.5.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.6 Logistics software
4.6.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
Chapter 5 3PL Market, By Mode
5.1 3PL market share by mode, 2016 & 2024
5.2 Air
5.2.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
5.3 Sea
5.3.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
5.4 Rail & Road
5.4.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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