Press release
Third-Party Logistics (3PL) Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033
Third-Party Logistics (3PL) Market Size
Third-Party Logistics (3PL) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1799.11 billion In 2028 At A CAGR Of 10.0% :
The third-party logistics (3pl) market size has grown rapidly in recent years. It will grow from $1112.7 billion in 2023 to $1229.2 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to increase in trade and exports, growth in world population, government initiatives and increasing demand from end-use industries.
The third-party logistics (3pl) market size is expected to see strong growth in the next few years. It will grow to $1799.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to rapid growth in e-commerce, increasing retail penetration and growing demand for efficient inventory management. Major trends in the forecast period include use of artificial intelligence, advanced logistics management platforms, use of electric vehicles, advanced analytics and data-driven solutions, adoption of cloud-based logistics platforms, last-mile delivery innovations and partnerships and collaborations.
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Third-Party Logistics (3PL) Market Major Segments
The third-party logistics (3pl) market covered in this report is segmented -
1) By Service Type: Dedicated Contract Carriage, Domestic Transportation Management, International Transportation Management, Warehousing and Distribution, Other Service Types
2) By Mode Of Transport: Railways, Roadways, Waterways, Airways
3) By End-Use Industry: Manufacturing, Retail, Healthcare, Automotive, Other End-Use Industries
Key Driver - E-Commerce Boom Fuels Growth In The Third-Party Logistics Market
The development of the e-commerce industry is expected to propel the growth of the third-party logistics market going forward. Electronic commerce (E-commerce) refers to companies and individuals that buy and sell goods and services over the Internet. Third-party logistics providers (3PL) are utilized by many e-commerce businesses to oversee and manage their supply chain management. For instance, in 2021, according to Oberlo, a US-based dropshipping app for Shopify, total US e-commerce sales reached $960.1 billion, an 18.3 % year-over-year increase from $811.6 billion in 2020. Therefore, the development of the e-commerce industry is driving the third-party logistics market.
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Prominent Trend - AI Revolutionizes Supply Chain Management For Wholesalers And 3Pl Providers
Artificial intelligence is increasingly being used by wholesalers and third-party logistics (3PL) providers. AI in logistics can help with route optimization and fleet management. For example, in January 2022, Verte, a US-based e-commerce service company launched a new artificial intelligence (AI)-enabled omnichannel supply chain platform for wholesalers and third-party logistics (3PL) providers. Verte's technological solutions provide real-time supply chain insight with a data-driven platform that centralizes information to provide supply chain transparency and it is ideally positioned to provide aggregated data solutions that address critical industry concerns related to inventory and customer fulfillment, allowing retailers, shippers, 3PLs, and carriers to operate more efficiently. It is the ultimate sophisticated connector to demand channels, available and in-transit items, carriers, service providers and any type of physical place. Using Verte's unified data-first approach, the platform's AI prescriptive solution can be applied to the manufacturing, planning and positioning of inventory across a complex retail fulfillment network. Verte's AI inventory management solutions assess consumer fulfillment choices and buying behaviors, as well as boost e-commerce and store inventory levels.
Third-Party Logistics (3PL) Market Players
Major companies operating in the third-party logistics (3pl) market report are Kuehne+Nagel International AG, DSV A/S, The Deutsche Bahn AG, Deutsche Post DHL Group, C.H Robinson Worldwide Inc., J.B. Hunt Transport Inc, SinoTrans Logistics Limited, FedEx Corporation, Nippon Express Co. Ltd, CEVA Logistics, Aegis Logistics Ltd, Allcargo Logistics Ltd, AWL India Pvt. Ltd, Blue Dart Express Ltd, Delhivery Pvt. Ltd, Gati Ltd, Mahindra Logistics Ltd, Safexpress Pvt Ltd, TVS Supply Chain Solutions, Fulfillment Bridge Inc, DocShipper Group, The Rhenus Group, DB Schenker Logistics, Gebruder Weiss, Geodis, Bolloré Logistics, Huboo, Sas Grup, Max Loads, Agexim Spedition, Sc Oprean Srl, Vectra Logistic, Rzd Logistics Eurosib, Omnipack, Union Pacific Corporation, Red Arts Capital, Weber Logistics, XPO Logistics Inc, American Eagle Outfitters Inc, TA Services Yusen Logistics Co. Ltd, BDP International Inc, Burris Logistics, ShipMonk, FoxCom Management, Promptus LLC, Expeditors International, Pronto Cargo Logistics & Supply Chain, RodoVitor Transport and Vehicle Rental, Imexlog Logistica Aduaneira Perfect Solutions, Maxitrans Brazil Logistics Company, Norte brasil logistica, Novatrade Brasil, Leo de Juda Logistics Company, Kuwait logistics & freight co, Move One Logistics, Glaube Logistics, Shorages E-Commerce Fulfillment, SLR Shipping Services LLC, Camel Logistics Group LLC, Flow Progressive Logistics, Crown logistics Company, Maersk, Imperial Logistics, APG Logistics, Value Logistics, Transnova Africa, Monteagle Logistics, Megafreight Services, Logistica SA, Eurotrans Maroc, Laser Group
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the third-party logistics market in 2023. The regions covered in the third-party logistics (3pl) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Third-Party Logistics (3PL) Market Report Structure
3. Third-Party Logistics (3PL) Market Trends And Strategies
4. Third-Party Logistics (3PL) Market - Macro Economic Scenario
5. Third-Party Logistics (3PL) Market Size And Growth
…..
27. Third-Party Logistics (3PL) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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