PUNE, India, Jan. 20, 2021 (GLOBE NEWSWIRE) -- The Global 3PL Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Global 3PL market was worth US$ 815.01 billion in 2019 and is expected to reach US$ 1.7 billion by 2030 at a CAGR of 7.1% through 2030. 3PL is defined as the set of resources and systems that an external organization offers to an enterprise for a number of purposes, such as trying to minimize costs, increase efficiencies and improve capabilities. 3PL services are inherently modular and customizable based on the company's needs, which ensures that they can be used as needed or as a long-term solution depending on the company's priorities and objectives.
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There are several reasons why firms chose to follow the path of the third-party logistics operation. Sometimes, as a company expands, the demand for storage space rises beyond the capacity of that business to accommodate it. For open shelves storage space challenges, 3PL warehousing may be a good choice. With rising travel costs and investment in facilities as well as vehicles, other enterprises could be affected. A much more cost-effective alternative is also the vast fleets of modern vehicles as well as facilities that are available to third party logistics operators. Also, there are many United States companies trying to penetrate the Canadian market-a successful 3PL would have the scope of expertise to help overcome all of these scenarios' logistics problems. Customer service issues, order delivery, refunds, order monitoring, technical resources, inventory management, and more are other explanations why businesses may prefer to work with a 3PL.
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Globalization-related rise in trading activities
The main factors that drive globalization are market dynamics and improvement in the global economy. Different trade-related practices have been shown to rise due to increase in globalization. Therefore, it is challenging for manufacturers or dealers to maintain an accurate track of these events. Third party logistics firms assist the manufacturers to keep track of these activities as well as monitor them. The demand is supposed to be influenced by this aspect. In addition, the expansion of the overseas market is an important factor driving the 3 PL industry's growth. For price-sensitive consumers that need a broader range of high-quality goods and prompt delivery, 3PL services are becoming increasingly critical. Thus, the growth of the 3PL industry is fueled by expanded trade activities due to globalization.
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Manufacturing companies' increasing focus on asset reduction and focus on core businesses
For industrial firms, the services provided by 3PL companies add considerable value. Such corporations enable diverse enterprises to resolve weak points that result in loss of sales or profit and thus help to achieve optimum profitability. Third party logistics organizations specialize in many logistics operations, such as network analysis, configuration of network mode, warehousing, distributor approval management, and other logistics operations. In comparison to this, hiring some logistics skills in product control and transportation, contract packaging, assembly requirements, and shipping, among others in each company segment, is difficult for the core businesses. Therefore, by selecting a third party logistics firm, the company effectively opts for logistics professionals, allowing the company to commit its time and money to core competency and real market fields instead of using them to handle logistics activities. In addition, by opting for a 3PL business the company does not have to invest in constructing its own warehouse facilities, recruiting extra staff, and installing new technologies.
Asia Pacific Dominated the Global Market by Holding Maximum Market Share
Asia Pacific is projected to dominate the global market throughout the forecast period. The growth of the region can be attributed to favorable regional initiatives and rising economy. The regional government is promotive reducing taxes and promoting export. This might help in smoothing flow of goods to and from the manufactures which is expected to increase the demand for 3PL services. For instance, recently Japanese government reduced taxes on exported revenue by 80%.
Some of the major player operating in the global 3PL market include DB Schenker Logistics; C.H. Robinson Worldwide Inc.; DHL International GmbH; FedEx Corporation; Kuehne + Nagel International AG; Nippon Express Co., Ltd. and others. These players have adopted merger & acquisition, expansion, product launch and collaboration to expand their business. For instance, in 2018, the Ryder System, Inc. Company has acquired MXD Group e-commerce fulfillment facilities to expand its reach in North America. Hence, this expansion will drive the market growth.
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