Third Party Logistics Market CAGR to reach 7.4% with USD 1329.4 Million by 2027

The services offered by 3PL firms add substantial value to the core companies. Enterprises can eliminate the weak points that cause the loss of revenue or profit. It is challenging for the companies to manage inventory, storage, contract packaging, assembly needs, shipping, etc. in every business division. Thus, handing over these segments to some 3PL service helps the company relieve its burden and focus more on core business operations.

Third Party Logistics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Mode of Transport (Roadways, Railways, Waterways, and Airways), Services (International Transportation, Warehousing, Domestic Transportation, and Inventory Management), and End User (Automotive, Healthcare, Retail, and Consumer Goods); and Geography

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Our regional analysis states that the Asia Pacific market occupied 37.1% share of the domain in 2017, accounting for US$ 298.7 billion. It is likely to hit US$ 467.5 billion by 2025 to surge at 5.9% CAGR over the forecast period. The market in North America was assessed at US$ 196.2 billion in 2017 and can elevate to US$ 315.0 billion by 2025.

On the other hand, lesser control of manufacturers over logistics services and delivery processes hinders the growth of global third-party logistics market.

Based on transport mode, the market is divided into roadways, railways, waterways, and airways. The roadways segment held 39.9% market share in 2017. It was evaluated at US$ 321.1 billion in 2017 and is estimated to generate US$ 485.5 billion by 2025 to expand at 5.4% CAGR during 2018-2025.

As per services, the third-party logistics market sphere is divided into international transportation, warehousing, domestic transportation, inventory management, and others. With 28.4% market share, the others segment led the domain. It was valued at US$ 228.5 billion in 2017 and is speculated to garner US$ 336.5 billion by 2025 to grow at 5.0% CAGR during the forecast period.

According to end user, the global third-party logistics market is split into automotive, healthcare, retail, consumer goods, and others. With 55.1% market share, the others segment accrued US$ 443.6 billion in 2017 and is forecasted to be worth US$ 662.0 billion by 2025 to feature a CAGR of 5.2% for the forecast period.

Based on customers, the market segmentation comprises small & medium enterprises (SMEs) and large enterprises. The latter captured 56.2% share of the domain in 2017. It amassed US$ 452.4 billion in 2017 and is slated to be worth US$ 627.4 billion by 2025 to exhibit a CAGR of 4.3% throughout the forecast period.

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Strategic Insights:

Key players dominating the global third-party logistics market are Deutsche Post AG; Kuehne + Nagel International AG; Nippon Express Co., Ltd; DB Schenker (Deutsche Bahn AG); C.H. Robinson Worldwide, Inc.; DSV A/S; Xpo Logistics, Inc.; Sinotrans Co., Ltd; Geodis; and UPS Supply Chain Solutions (United Parcel Service, Inc.), among others.

• In March 2018, Deutsche Post AG constructed a new distribution center for Eaton, a company specialized in power management. In May 2018, the company deployed new Boeing 747-400 freighter for air-freight and outbound services.

• In April 2018, Nippon Express acquired an equity interest in Traconf S.R.L., an apparel logistics service provider.

• In February 2018, DB Schenker received CERTIPHARM certification and introduced transport facilities for pharmaceutical services.

Logistics is the core area of third-party logistics (3PL) firms. These firms keep their IT systems updated to deliver the logistics services on time. The 3PL systems also help reduce inventory cost, delivery cost, and overall shipping cost of the company. Hence, the core companies outsource their logistics functions to third-party services to save on time and money, offer timely deliveries, streamline transportation, and maintain warehouses.

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