Third-Party Logistics Market to value USD 3 Tn by 2032: Global Market Insights Inc.

Major third-party logistics (3PL) market participants include AmeriCold Logistics LLC, BDP International, Burris Logistics, C.H. Robinson Worldwide, DB Schenker Logistics, DHL Supply Chain, DSV A/S (UTi Worldwide, Inc.), and Penske Logistics, Inc, among others.

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Selbyville, Delaware, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The third-party logistics market is expected to record a valuation of USD 3 trillion by 2032, according to a new research report by Global Market Insights Inc. Growing demand for reverse logistics in the retail sector is increasing the deployment of 3PL services. The emergence of e-commerce has transformed the retail landscape by facilitating buying & selling of goods and product returns or recalls using smartphones and similar mobile devices. Consumers worldwide are purchasing goods & services using online commerce which promotes the implementation of reverse logistics.

The 3PL market from warehousing & distribution solution segment will register appreciable proceeds during the forecast period. Automated warehouse and distribution systems are used for rapidly transporting products safely and sustainably. Companies, in turn, are introducing new technologies to advance third-party logistics services.

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Third-party logistics (3PL) market share from the sea mode segment is projected to surpass more than 5% CAGR between 2023 to 2032. Shipping enables the transportation of medicines, technology, food, etc. to middle- to low-economy nations. Maritime transport is affordable, low-cost, and sustainable in comparison to other modes of transportation. With growing concerns regarding transportation-induced pollution, the preference for marine transport is likely to increase, amplifying the need for 3PL services to ensure optimum sea freight management.

The manufacturing application segment accounted for around 5% of the third-party logistics market share in 2022. The manufacturing sector relies on 3PL services to procure raw materials and deliver products to end consumers. 3PL service providers use their expertise to venture into new markets which enables manufacturers to expand their business scope. The robust applicability of 3PL services will thus increase their adoption in manufacturing operations for the management of complex supply chains.

Europe 3PL market held over 15% of the revenue share in 2022. The rising implementation of advanced technologies in the logistics sector has bolstered the adoption of 3PL services across the region. The use of truck platooning, which links trucks to automated driving support systems to streamline the convoy is emerging as a prominent trend in the European logistics sector.

For instance, the EU has co-funded the ENSEMBLE project with numerous global partners to deploy multi-brand truck platooning to enhance road transport safety in Europe. Such tech advancements, in addition to the growing import and export initiatives, will positively influence the regional industry growth.

Some of the companies operating in the third-party logistics market include AmeriCold Logistics LLC, BDP International, Burris Logistics, C.H. Robinson Worldwide, DB Schenker Logistics, DHL Supply Chain, DSV A/S (UTi Worldwide, Inc.), Echo Global Logistics, Expeditors International of Washington, FedEx, GEODIS, J. B. Hunt, Kintetsu World Express, Inc., Kuehne + Nagel International AG, Landstar System, Inc., Nippon Express Co., Ltd, Penske Logistics, Inc., Ryder Supply Chain Solutions, Schneider National, Inc., and SinoTrans (HK) Logistics Limited. These leaders are focusing on various strategies such as partnerships, mergers & acquisitions to expand their logistics abilities and venture into new regions.

For instance, in September 2022, DHL Supply Chain announced plans to invest USD 489.3 million over five years to expand its workforce, capacity, and sustainability initiatives in India. With this investment, the company will own and operate fully owned multi-client sites in the country. The deal also includes the addition of warehouse spacing of around twelve million square feet to the existing portfolio of the Group.

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Partial Table of Contents (ToC) of the report:
Chapter 3   Third-Party Logistics Market Insights
3.1    Introduction
3.2    Impact of the COVID-19 outbreak
3.3    Impact of the Ukraine-Russia war
3.4    Industry ecosystem analysis
3.5    Technology and innovation landscape
3.6    Regulatory landscape
3.7    Industry Impact Forces
3.7.1    Growth drivers    Growing application of reverse logistics in the retail industry    Technological advancements in logistics and SCM in U.S.    Rising demand from the manufacturing industry to manage inventory and supply chain in Europe    Government initiatives encouraging the Asia Pacific market growth    Emerging e-commerce industry in South America and MEA
3.7.2    Industry pitfalls & challenges    Lack of logistics control    Risks associated with cross border transportation
3.8    Key initiatives & news
3.9    Growth potential analysis
3.10    Consumer Analysis
3.11    Porter's analysis
3.12    PESTEL Analysis

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