WASHINGTON, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Third Party Logistics Market which was $931.5 Billion in 2021, is expected to reach $1494.6 Billion by 2028, at a CAGR of 8.2% during the forecast period 2022 to 2028.
The comprehensive industry research on the Third Party Logistics Market published by Vantage Market research which includes growth analysis, regional marketing, challenges, opportunities, and drivers analyzed in the report. Key elements of this report range from industry outlook along with critical success factors, industry dynamics or market definition in terms of drivers and restraints, market segmentation and value chain analysis, key opportunities or developments, application, and technology outlook, regional or country-level analysis to the competitive landscape. What is more, the Third Party Logistics report provides the data and information for actionable, most recent, and real-time market insights which makes it straightforward to even take critical business decisions.
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List of Prominent Players in Third Party Logistics Market:
- BDP International
- Burris Logistics
- C.H. Robinson Worldwide Inc.
- CEVA Logistics
- DSV
- DB Schenker Logistics
- FedEx
- J.B. Hunt Transport Inc.
- Kuehne + Nagel
- Nippon Express
- United Parcel Service of America Inc.
- XPO Logistics Inc.
- Yusen Logistics Co. Ltd.
Market Dynamics:
Rising Trading Activities to Drive the Market Growth
The development of logistics infrastructure in Asia and the Middle East regions is expected to augment the growth of the market in the years to come. Huge market conditions and improvement in the global economy are the major factors that drive globalization. Many activities related to trade have been witnessed to increase, owing to the rise in globalization. Therefore, manufacturers or retailers find it difficult to keep a track of these activities efficiently, 3rd Party Logistics companies help these manufacturers to check the track and control these activities. This is one factor that is expected to drive market growth. Moreover, development in the overseas market is projected to play a vital role in supporting the growth of the market shortly. 3PL services are becoming increasingly convenient for price-conscious customers that demand a larger selection of high-quality products delivered on time. Therefore, an increase in trading activity due to globalization will lead to the growth of the market, and the development of new technologies is expected to significantly contribute to the 3PL market growth.
Increasing E-Commerce Industry to Stimulate the Market Growth
The E-Commerce business during the pandemic has seen a drastic change in some regions. The customers demand witnessed changes related to the timely delivery. Customers are more inclined towards same-day and one-day delivery. As a result, many retailers started affording logistics services to meet customer expectations. Moreover, continuous development in e-commerce will surge the demand for logistics services in areas such as express delivery and inventory management. The demand for 3PL service providers will significantly rise in tier 3 and 5 cities where demand for logistics services has increased. Further, the increase in urbanization and increasing penetration of internet & mobile along with an increase in the number of warehouses and expansion of the logistics industry are also anticipated to fuel the growth of the Third Party Logistics Market during the forecast period.
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Segmentation of the Global Third Party Logistics Market:
- Service
- Dedicated Contract Carriage (DCC)/Freight Forwarding
- Domestic Transportation Management (DTM)
- International Transportation Management (ITM)
- Warehousing & Distribution (W&D)
- Value Added Logistics Services (VALS)
- Transport
- Roadways
- Railways
- Waterways
- Airways
- End-Use
- Manufacturing
- Retail
- Healthcare
- Automotive
- Other End-Uses
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The report on Third Party Logistics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominated the Global Third Party Logistics Market
North America dominated the Global Third Party Logistics Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the presence of key players such as XPO Logistics Inc., C.H. Robinson Worldwide (CHRW) Inc., UPS Supply Chain Solutions Inc., and many others in the region. Apart from this, the increase in demand for cold storage in the region is also expected to fuel the regional market growth. In addition, the growing trade routes between the regions are expected to create a great opportunity for 3PL providers. The accumulation of products and the purchase of goods in China have led to changes in the technological, pharmaceutical, and automotive industries of foreign countries. Such changes are expected to stimulate market growth in countries, including India, South Korea, Japan, and Vietnam. The continuous development of transport infrastructure and the increasing emphasis on travel processes in developing countries are expected to further augment the market growth.
Recent Developments:
December 2021: CI Capital Partners announced the sale of Redwood Logistics, a leading third-party logistics provider to AEA Investors. Redwood Logistics offers a broad suite of services including transportation brokerage, managed transportation, supply chain technology, and related services.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Third Party Logistics Market Forecast Report (2022-2028).
Why Buy this Third Party Logistics Market Report?
- The report offers a comprehensive evaluation of the Global Third Party Logistics Market. The report includes verifiable data from authentic sources, in-depth qualitative analysis, and estimates about size of market. Estimates are calculated using proven research methods.
- The report includes in-depth market analysis using Ansoff Matrix and Porter's 5 Forces Model. Apart from this, the pre-post impact of Covid-19 on the Third Party Logistics market is also featured in the report.
- This Third Party Logistics report has been organize through extensive primary and secondary research. Primary research is done through interviews, surveys and observation of eminent persons in the industry.
- The Third Party Logistics industry report also includes a competitive analysis using the analyst's proprietary competitive positioning tool.
- The report also covers the regulatory landscape in the Third Party Logistics industry, which will help you make an informed decision. The report discusses key regulations and rules imposed on the sector by major regulatory bodies and various geographies.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 931.5 Billion |
| Revenue Forecast by 2028 | USD 1494.6 Billion |
| CAGR | 8.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | BDP International, Burris Logistics, C.H. Robinson Worldwide Inc., CEVA Logistics, DSV, DB Schenker Logistics, FedEx, J.B. Hunt Transport Inc., Kuehne + Nagel, Nippon Express, United Parcel Service of America Inc., XPO Logistics Inc., Yusen Logistics Co. Ltd. |
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