Third Party Logistics Market Size ITM is Expected to Cross USD 350 Billion by 2024 | Key Players C.H. Robinson, CEVA Logistics, DB Schenker, DHL Supply Chain, FedEx, GEODIS, Kuehne + Nagel, Landstar, Total Quality Logistics, Transplace, XPO Logistics
The rapidly escalating growth curve of third party logistics market is quite evident from the numerous collaborations witnessed across this business sphere. For instance, recently, CFAO Equipment Ltd, one of the many leading suppliers of industrial and construction equipment across the globe, has signed an agreement with a Ghana-based logistics company called Third Party Logistics Limited.
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As per the conditions of this partnership, CFAO Equipment will be providing Toyota forklifts to Third Party Logistics to be used in its business operations. Third party logistics industry is characterized by innumerable such acquisitions, subject to the widespread utilization of these services by major companies across myriad geographies, owing to which experts claim third party logistics market size to cross the frontier of USD 1,100 billion by 2024.
Third party logistics market has lately evolved as one of the most lucrative fraternities of its time, pertaining to the extensive set of collaborative logistics services offered by 3PL providers. As per a 2004 survey, more than 40% of the confederates revealed that they outsourced services such as customs clearance, inbound transportation, warehousing, freight forwarding, outbound transport, and fright payment, to 3PL service providers, which has undeniably served to enhance the growth prospects of third party logistics market.
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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 industry growth over the forecast timeframe.
Asia Pacific third party logistics 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. third party logistics market growth.
Participants involved in the third party logistics market include Americold Logistics, LLC., BDP International, C.H. Robinson, CEVA Logistics, DB Schenker, DHL Supply Chain, UTi Worldwide (DSV A/S), FedEx, GEODIS, J.B. Hunt Transport, Inc., Kintetsu World Express, Kuehne + Nagel, Landstar, Nippon Express, Panalpina, Ryder Supply Chain Solutions, Schneider, Total Quality Logistics, Transplace, UPS Supply Chain Solutions, XPO Logistics, Inc.
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