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Third-Party Logistics (3PL) Global Market Trends for 2024
Third-Party Logistics (3PL) Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Owens Corning, Kingspan Group Plc, SSAB AB, KPS Global, Premier SIPs, Enercept Inc, Extreme Panel Technologies Inc., Isopan, Structural Panels Inc, All Weather Insulated Panels, Shandong Hark Steel Material Co Ltd, Shandong Wiskind Architectural Steel Co Ltd, Shandong Wiskind Steel Structure Co Ltd, Xiamen Yumi New Material Technology Co Ltd, Yantai Jedha Industrial and Trading Co Ltd, Golden Power (Fujian) Building Material Science Technology Co Ltd, Shree Shani Green Energy, Versiclad, EnviroSip, Solaris, Glosford SIPS, Self-Build, Metawell, Sipcon.House, SIPs, Sipeurope, ECSUS Design, Karmod, Tekhnostyl Group, Hotwell, EcoEuroDom, OrgTechStroy, SipMontage, Worsted, FischerSIPS, VIRMAK LLC, TechnoNIKOL, ACME Panel Company, Energy Panel Structures Inc, Foard Panel Inc, General Panel Corporation, Thermapan Structural Insulated Panels, Knight Wall Systems, Tafco, Sinopan, Isoeste, Xipre, Styropek, Arauco, Emirates Industrial Panel, TSSC Group, Sika AG, Qatar Steel Industries Factory, Dana Steel, Isotherm Insulation FZC, Zamil Steel, Al Shahin Metal Industries, Drycraeft, Ecostruct Panel Systems, New World Steel Construction, Panel Co South Africa, Isowall Group, Rockwool
Third-Party Logistics (3PL) Market 2024 Key Insights:
• 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%.
• E-Commerce Boom Fuels Growth In The Third-Party Logistics Market
• AI Revolutionizes Supply Chain Management For Wholesalers And 3Pl Providers
• Asia-Pacific was the largest region in the third-party logistics market in 2023
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