Third Party Logistics Market: Global Industry Analysis, Size, Share, Growth, Trends And Forecast -2027

The Third Party Logistics Market was valued at US$ 899.4billion in 2019 and is projected to reach US$ 1,329.4 billion by 2027; it is expected to grow at a CAGR of 4.2% during the forecast period.

Third party logistics (3PL) is a service provided by an outside company in order to perform the company's product distribution and materials management functions. 3PL are the companies delivering single or multiple logistics services to the manufacturing companies. Although 3PL firms do not hold the ownership of the product for distribution, they are bound to accomplish the requested logistics activities of the purchasing company. 3PL firm has become a significant part supply chain for small and large businesses. These firms provide services such as international and domestic transportation, inventory management, warehousing, distribution, order fulfillment, and freight consolidation. By outsourcing 3PL services, manufacturing companies are able to focus on product development, sales, and other core operations. 3PL offers immediate knowledge andexpertise in the field, tracks on international logistics, and create cost savings.

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The List of Companies -
1. SINOTRANS Limited
2. DB Group
3. Deutsche Post Ag
4. Geodis
5. United Parcel Service, Inc. (Ups)
6. XPO Logistics, Inc.
7. Kuehne + Nagel International AG
8. C.H. Robinson Worldwide, Inc
9. DSV A/S
10. Nippon Express Co., Ltd

Increase in demand for shipping cost reduction and focus on timely delivery management, reduction on company's assets and permitting focus on core business, and advantage in managing seasonal variations are projected to drive the third party logistics market during the forecast period. However, lesser control of manufacturers on logistic service and delivery process may adversely impact the third party logistics market in near future. Moreover, the factor such as growing e-commerce in retail sector is projected to generate remarkable growth opportunities for the industry players.

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The global market for third party logistics has been segmented on the basis of mode of transport, services, end user, and customer. Based on mode of transport, the market is categorized into roadways, railways, waterways, airways, and others. The roadways is the dominant segment owing to its rapid and cost-effective transportation. Based on services, the market is classified into international transportation, warehousing, domestic transportation, inventory management, and others. Domestic transportation is the leading segment which is expected to grow at a CAGR of 3.3% during the forecast period from US$ 99.1 Billion in 2019 to US$ 136.0 Billion in 2027. Based on end user, the global market is segmented into automotive, healthcare, retail, consumer goods, and others. The retail segment dominated the market in 2019 with the market share of 22.0% and is expected to continue its dominance during the forecast period.

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