Press release
Third Party Logistics Market Forecast Shows Revenue of USD 1,029 Billion by 2024: Growth Analysis, Company Profiles & Trends
Global third party logistics market is set to expand at an annual rate of more than 4% over the period of 2016-2024, and will cross an estimated revenue of USD 1,029 billion by 2024. 3PL service providers offer optimal inventory and transport costs by increasing emphasis on principal business actions, to eventually reduce overall shipping costs. The rise in freight rates has also prompted the shippers to adopt cost effective supply chain solutions, which in turn will drive third party logistics industry size.Furthermore, the progress in the usage of online marketing services and e-commerce will propel the market growth over the coming seven years. Outsourcing of logistics operations will boost the profit by reducing in-house resources and manage high volume more efficiently. Increasing adoption of logistics software will drive 3PL industry over the forecast period.
However, economic downfall has resulted in a decrease in outsourcing operations. Also, varying freight volume and lethargic economic development are likely to hamper 3PL market demand over the coming timeframe.
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Warehousing & Distribution occupied over 22% of the overall industry share in 2014, and is forecast to witness significant gains at a rate of 4% over the analysis period. 3PL market growth is subject to the rise in pharmaceutical applications and other industry sectors where value- added warehousing services are at priority.
ITM industry worth USD 255 billion, was marked as the leading segment in 2014. International transportation management market is likely to register a CAGR of 4% from 2016-2024, owing to rise in supply chain management activities and growth in global economic activities.
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Regional highlights of Third Party Logistics Market over 2016-2024 are given below:
North America 3PL market is projected to witness lucrative growth avenues by hitting a record of above USD 265 billion by 2024. Decreasing transportation and labor costs in the U.S. and Mexico coupled with technological advancements in logistics software will augment 3PL industry share.
Asia Pacific third party logistics market worth USD 255 billion in 2014, is estimated to grow at a rate of 5% over the period of 2016-2024. APAC is leading the regional demand, owing to rise in the adoption of warehouse and distribution channels in countries such as India, China, Thailand, Singapore, and Indonesia.
Asia Pacific and North America are projected to be the most profitable markets for logistics in the regional landscape.
Europe 3PL industry is estimated to touch USD 210 billion mark by 2024, owing to the growing demand from automotive industries post the economic downturn. The market is foreseen to record a CAGR of over 2.5% over the period of 2016-2024.
The global 3PL industry is fairly competitive, owing to the dominance of the top market companies catering for the major industry share. Prominent market participants include C. H. Robinson Logistics company, J. B. Hunt, UPS Supply Chain Solutions, Expeditors International, Kuehne + Nagel, and Deutsche Post DHL (Exel). Market players are likely to adopt flexible distribution strategies and virtual inventory management techniques to maintain a steady rapport with the industry dynamics.
More info: https://marketsizeforecasters.com/third-party-logistics-3pl-market
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