Global Third Party Logistics Market Is Booming Worldwide by 2026 | Total Quality Logistics, Schneider, NIPPON EXPRESS GROUP, GEODIS, Expeditors, Echo Global Logistics, DHL Supply Chain, DB Schenker, C.H. Robinson, Burris Logistics, BDP International, Amer
Asia Pacific is predicted to generate lucrative growth opportunities for the global third party logistics market in the future. According to a 2016 report, APAC 3PL market had accounted for more than 30% of the total revenue share. This growth can be attributed to growing internet penetration in the region along with improving economic conditions. APAC has also seen a considerable rise in the number of manufacturing companies. Additionally, increasing instances of free trade deals between different nations is expected to bolster the APAC third party logistics market size in the coming years.
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Third party logistics market is likely to derive commendable gains from the manufacturing sector. Technological advances in logistics and supply chain management have facilitated various enhanced functions, such as warehouse management, online documentation for international freight, real-time data, and others, which helps the manufacturing sector to ease the complexities of its business operations. Expanding manufacturing sector across several regions, especially in Europe is likely to induce massive 3PL industry demand. For example, as per the estimates of the 'Manufacturing Organization UK', in 2019, the UK became the ninth largest manufacturing country in the world by generating an annual output revenue of $192 billion. Also, Europe is entering into free trade agreements with several nations, resulting in huge growth opportunities for third party logistics market.
Third-party logistics service providers are significantly pushing the transformation of supply chain management system, which has attracted the attention of the retail industry. Retailers are utilizing 3PL services to increase value, improve customer engagement, and most importantly, to expand their geographical reach. Incorporation of the latest technologies within logistics services, help 3PL service providers to deliver data-driven solutions, which are becoming pivotal for retail business expansion.
Escalating demand for low-cost services among e-commerce companies is likely to play as one of the major factors pushing third-party logistics market growth. The 3PL industry is observing a notable surge in the adoption of third-party logistics services by e-commerce concerns to manage warehousing, shipping, inventory, packaging, tracking, and timely delivery. In addition, the advent of sophisticated technologies, such as blockchain, IoT, and cloud computing have helped to significantly improve operations of 3PL providers. Easy availability of advanced digital technology solutions and growing demand for reverse logistics will also stimulate third party logistics market outlook.
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Surging demand for online product that comes with fast delivery options has impelled various retailers to enhance their delivery operations by employing third party logistic service. Despite this, instances like loss of product or damage could impact brand reputation thereby hamper the growth of the third party logistics market.
Major market players contributing towards third-party logistics market expansion include UPS Supply Chain Solutions, FedEx, DHL, Nippon Express, DB Schenker, C.H. Robinson, UPS, XPO Logistics, JB Hunt, Kuehne + Nagel, Expeditors International, Expeditors International, CEVA Logistics, Dachser, Sinotrans, SNCF Geodis, Panalpina, Gefco, Deutsche Post DHL, and Kintetsu World Express.
Table of Contents (ToC) of the report:
Chapter 5. 3PL Market, By Mode
5.1. Key trends by mode
5.2.1. Market estimates and forecast, 2016 - 2026
5.3.1. Market estimates and forecast, 2016 - 2026
5.4. Rail & road
5.4.1. Market estimates and forecast, 2016 - 2026
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/third-party-logistics-3pl-market-size
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