Europe Third Party Logistics Market Witness a Growth of 3.97% From 2019-2026 And Reach USD 109.42 Billion by 2026.

Europe Third Party Logistics Market Analysis

According to Verified Market Research, the Europe Third Party Logistics Market was valued at USD 82.27 Billion in 2018 and is expected to witness a growth of 3.97% from 2019-2026 and reach USD 109.42 Billion by 2026.

What is Third Party Logistics Market?

Third Party Logistics can be defined as a business process by which companies outsource logistics and distribution functions to a specialized logistics service provider. Third Part Logistics includes transportation, warehousing, freight as well as forwarding. Several third-party logistics operators also offer to integrate and customize their services for the individual needs of the customer.

Factors such as a solid economy, increasing consumer expectations as well as tightening capacity are creating an atmosphere for a strong operating environment for third party logistics providers as shippers are engaging more and more in outside resources in order to meet the stringent delivery deadlines and simultaneously boost customer satisfaction.

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Europe Third Party Logistics Market Outlook

The growing complexity that is involved in the In-house logistics operations is leading to an increased need for shippers to use other methods by which to carry out the logistics part of the operation. Various complexities regarding in house logistics span from factors such as difficulties in fleet management, the shortage of skilled drivers, a lack of IT infrastructure such as track management systems, and operational issues are some of the challenges shippers face in managing in-house logistics.

Manufacturing companies worldwide are expanding their production capacities and operations, which increases their logistics requirements in terms of transporting raw materials to factories and finished goods to retailers and distributors. This increases the complexity of the supply chain management for manufacturing companies, which has led to an increasing number of manufacturers to outsource their supply chain management functions to third-party logistics providers partially or completely.

Although there is increasing use of IT in the overall logistics market and IT remains a key component of the 3PL services provider-shipper contract. The use of technology is at times limited as there are a lot of discrepancies when it comes to the compatibility between the IT system if the shipper and the third-party logistics server.

Another factor that stems from technology in the logistics industry involves the high cost of the technology as well as the need for its implementation. Technology in this industry can aid the overall supply chain significantly as systems such as shipment tracking, which allow for customers to track booked shipments as well as customizable reporting, Internet of Things (IoT) and Radio Frequency Identification (RFID), Autonomous Trucks and Drones as well as Enhanced GPS Accuracy.

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Europe Third Party Logistics Market Segmentation

The Europe Third Party Logistics Market is classified on the basis of Service Type and Region. The gist of breaking down the market into various segments is to gather information about various aspects of the market.

On the basis of Service Type, the market is bifurcated on the basis of International Transportation Management and Domestic Transportation Management. Domestic Transportation Management accounted for the largest market share of xx% in 2018, with a market value of USD xx Billion and is projected to grow at the highest CAGR of 4.2% during the forecast period. International Transportation Management was the second-largest market in 2018, valued at USD xx Billion in 2018; it is projected to grow at a CAGR of xx%.

On the basis of region, Germany is the largest economy in Europe and reported a GDP (nominal) of $3.35 trillion in 2015. The country is the third-largest exporter in the world and is home to many automotive companies and companies in the mechanical engineering, aerospace, chemical, logistics, and pharmaceutical industries. Owing to the above factors Germany is anticipated to account for the largest share of the 3PL market in Europe followed by France and the UK.

Europe Third Party Logistics Market Competitive Landscape

The “Europe Third Party Logistics Market” study report offers a valuable insight with an emphasis on European market including some of the major players such as DB Schenker (DB Group), FM Logistics, Deutsche Post DHL, United Parcel Service, Yusen Logistic and KUEHNE+NAGEL Inc. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players present in Europe and across the globe.

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