Third Party Logistics (3PL) Market worth $1,100 Billion by 2024 | Leading Companies are C.H. Robinson, CEVA Logistics, DB Schenker, FedEx, GEODIS, Kuehne + Nagel, Panalpina, Schneider, Total Quality Logistics, UPS Supply Chain Solutions

The Third-Party Logistics (3PL) Market is forecast to grow at a significant rate owing to the increasing focus of manufacturers on their core businesses and sub-contracting the activities, where they have less expertise. The growth in the e-commerce industry is expected to drive the 3PL market due to an increase in demand for fast delivery, efficient inventory management, freight forwarding, and individualized shipping time. The players in the e-commerce sector are focused on selling goods online, thus necessitating the need for 3PL market providers.

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Key industry players involved in the business and supporting the growth of the global Third Party Logistics (3PL) Market are as follows:

1. Americold Logistics, LLC.
2. BDP International
3. Burris Logistics
4. C.H. Robinson
5. CEVA Logistics
6. DB Schenker
7. DHL Supply Chain
8. UTi Worldwide (DSV A/S)
9. EXPEDITORS INTERNATIONAL OF WASHINGTON INC
10. FedEx
11. GEODIS
12. J.B. Hunt Transport, Inc.
13. Kintetsu World Express
14. Kuehne + Nagel
15. Landstar
16. Nippon Express
17. Panalpina
18. Ryder Supply Chain Solutions
19. Schneider
20. SINOTRANS (HK) LOGISTICS LIMITED
21. Total Quality Logistics
22. Transplace
23. Unyson
24. UPS Supply Chain Solutions
25. XPO Logistics, Inc.

The adoption of various software solutions, such as cloud ERP and SCMs, is expected to positively impact the 3PL market growth. An increase in efficiency and a significant cut in costs enable the providers to increase their profit margins. Features, such as inventory tracking and online documentation for international freights, are attracting manufacturers toward the 3PL solutions.

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Rail & road mode is expected to experience a high demand owing to the increasing domestic transportation requirements. The launch of rail freight services between Beijing and London across Asia and Europe is expected to surge the trade through the rail mode. This has enabled manufacturers to explore newer transportation options at low costs. This silk route unlocks options for shippers to reduce the transportation time.

Regional Insights into Third Party Logistics (3PL) market:

• Robust road infrastructure that enables effective transit of freight & goods to & from the production plant is expected to impact the third-party logistics operations across the Asia Pacific region. The continent also houses large manufacturing units, while a majority of the warehouse & distribution operations in the area are supported by strong internet connectivity and escalated economic development. With China being a key revenue pocket, APAC 3PL industry is likely to witness massive gains.

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• The U.S. firms outsource transport and logistics services to the third parties to concentrate on their core competencies. In addition to this, an escalated urge for having just-in-time inventory management system is expected to lay the foundation of a lucrative roadmap for U.S. 3PL industry. Furthermore, the region has established strong trade relations with other nations that will support the expansion of its air freight sector, thereby generating a positive growth map for U.S. 3PL market.

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