3PL Market Overview | Valuates Reports

3PL Market

The global 3rd party logistics market was valued at US$ 1027.71 billion in 2019 and is projected to reach US$ 1789.94 billion by 2027 registering a CAGR of 7.1% from 2020 to 2027. In 2019, the Asia-Pacific region garnered the highest share in the global 3PL market. Key drivers of the 3 pl market include growing e-commerce and trade-related activities due to globalization.

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Trends Influencing the Growth of 3PL Market

Growing eCommerce and trade-related activities due to globalization

The development of overseas markets and globalization have led to a rapid rise in trading activities across the globe. The eCommerce industry is booming as more consumers shift to online shopping. This increases the complexity of trade practices as companies are unable to keep track of every individual activity in the supply chain management. Hence companies are seeking the help of 3pl service providers as they help retailers by reducing the cost related to shipping, providing on-time delivery, and increasing customer satisfaction. Thus the growing eCommerce industry and trade activities due to globalization have increased the need for specialized 3pl service providers thereby driving the growth of the 3pl market during the forecast period.

Growing need for manufacturers to focus on core sectors and widescale adoption of IT solutions

Manufacturers want to focus on core areas and outsource the logistics solutions where they have less expertise and experience. 3pl companies are immensely beneficial in this respect as these service providers can scale businesses faster without huge capital expenditure or upfront maintenance fees. They provide everything from tracking, warehousing, inventory, and other services, transportation, and distribution all under one roof. This saves time, reduces costs and manufacturers can focus more on their key competencies. Moreover, the rapid adoption of Warehouse Management Systems(WMS) and Transportation Management Systems(TMS) solutions allows companies to benefit from better asset allocation, proper labor scheduling, and employees costs and optimization across various processes. Thus growing need for focussing on core areas necessitates the demand for 3pl companies along with increased efficiency due to rapid adoption of IT solutions.

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3PL Market Share Analysis

On the basis of mode of transport, the airways segment is expected to provide lucrative opportunities for growth in the 3pl market share during the forecast period.

Based on service, the DCC( Dedicated Contract Carriage ) segment is expected to provide lucrative opportunities for growth in the 3pl market share.

Based on industry, the food and groceries segment is expected to provide huge potential for growth in the 3pl market share during the review period.

Based on region, the Asia-Pacific segment dominated in 2019 and will provide huge scope for growth in the 3pl market share. On the other hand, the LAMEA segment will grow the fastest during the forecast period.

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3PL Market Segmentation

By Mode of Transport
• Railways
• Roadways
• Waterways
• Airways

By Service Type
• Dedicated Contract Carriage (DCC)
• Domestic Transportation Management
• International Transportation Management
• Warehousing &Distribution
• Others

Key Companies
• H. Robinson Worldwide, Inc.,
• DB Schenker,
• DHL International GMBH,
• FedEx Corporation,
• KUEHNE+NAGEL Inc.,
• Maersk,
• Nippon Express,
• Panalpina World Transport Ltd.,
• Union Pacific Railroad,
• United Parcel Service

By Industry
• Technological
• Automotive
• Retailing
• Elements
• Food & Groceries
• Healthcare
• Others

By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
• LAMEA
o Latin America
o Middle East
o Africa

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This release was published on openPR.