Third-Party Logistics (3PL) Market to Reach $1,513.11 Bn, Globally, by 2025 at 7.1% CAGR| Major Market Players are DHL, United Parcel Service, FedEx Corporation, Maersk Logistics, DB Schenker, Kuehne+Nagel Inc., NYK logistics, Panalpina World Transport Lt
Allied Market Research published a report, titled, Third-party Logistics (3PL) Market by Mode of Transportation (Railways, Roadways, Waterways, and Airways) and Service Type (Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management, Warehousing & Distribution, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers a complete analysis of the report, covering the market drivers, restraints, & opportunities, market classification, key investment zones, and competitive landscape. According to the report, the global third-party logistics (3PL) market garnered $869 billion in 2017, and is projected to reach $1,513.11 billion through 2025, thereby growing at a CAGR of 7.1% during the forecast period, 2018 - 2025.
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Growth in the e-commerce industry, increased focus on core competencies among manufacturers & retailers, and increased number of trading activities drive the growth of the 3PL market. Nonetheless, lack of direct control on logistics services hampers the growth of the market. On the other hand, implementation of IT solutions & software and reduction in cost & lead time offer significant growth opportunities for the market.
Roadways segment to dominate through 2025
Roadways segment was the largest in 2017, accounting for over one-third of the total market share. It is expected to retain this trend during the forecast period. This is due to the improved quality of roads and growing cross-border trading activities. However, the airways segment would grow at the highest CAGR of 10.8% through 2025, owing to several benefits of using this mode of transport, such as speedy and urgent delivery of goods.
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Domestic transportation management segment to maintain revenue lead through 2025
The domestic transportation management segment was the largest in 2017, contributing one-third of the total market share. The same would maintain its dominance throughout the forecast period. This is because of the efficient use of capital and integration of transportation management. Nevertheless, other service types segment would grow at the fastest CAGR of 11.2% through the study period due to the benefits provided by them such as large distribution coverage and best service solutions to customers.
Asia-Pacific to lead in terms of revenue through 2025
The market in Asia-Pacific accounted for over one-third of the total revenue in 2017, owing to surge in trading activities due to globalization. It would maintain its dominance during the forecast period. Nevertheless, the LAMEA market would grow at the fastest CAGR of 10.1% from 2018 to 2025, due to the growing population and R&D activities in the region.
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Leading market players
The key players analyzed in the research include DHL, FedEx Corporation, United Parcel Service, DB Schenker, Maersk Logistics, NYK logistics, Kuehne+Nagel Inc., Union Pacific Corporation, Panalpina World Transport Ltd., and BNSF Railway Company. These market players have implemented various strategies such as partnership, expansion, collaboration, joint ventures, and others to gain a stronghold in the industry.
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