Global Third Party Logistics (3PL) Market Will Gain Revenue of USD 400 Billion From APAC Region | Key Players are Americold Logistics, DB Schenker, UTi Worldwide, FedEx, GEODIS, Kuehne + Nagel, Landstar, Nippon Express, Panalpina
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Third Party Logistics (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 (3PL) market demand for customized logistics services.
The key players covered in third party logistics (3PL) market study: -
1. Americold Logistics, LLC.
2. BDP International
3. C.H. Robinson
4. CEVA Logistics
5. DB Schenker
6. DHL Supply Chain
7. UTi Worldwide (DSV A/S)
10. J.B. Hunt Transport, Inc.
11. Kintetsu World Express
12. Kuehne + Nagel
14. Nippon Express
16. Ryder Supply Chain Solutions
18. Total Quality Logistics
20. UPS Supply Chain Solutions
21. XPO Logistics, Inc.
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.
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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 third party logistics (3PL) market share in 2016. It consists of long-term agreements, contract warehousing and distribution center operations with various value addition services.
Asia Pacific third party logistics (3PL) market is projected to surpass USD 400 billion by 2024. The growth can be credited to increasing adoption of warehousing and distribution centers and facilities in countries such as India, China, Thailand, and Singapore. Rapid technological advancements in logistics software will propel the U.S. 3PL market growth.
Participants involved in the third party logistics (3PL) 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.
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