Third Party Logistics Market size worth USD 1701 Billion by 2028 | Industry expected to grow at 8.26% CAGR

The global third party logistics market size valued USD 961.8 billion in 2020. The market is to grow worth USD 1,701 billion by 2028, at CAGR of 8.26%.

Pune, India, Dec. 21, 2022 (GLOBE NEWSWIRE) — The global third party logistics market size was USD 961.8 billion in 2020. The market is expected to grow from USD 976.2 billion in 2021 to USD 1,701.2 billion in 2028, exhibiting a CAGR of 8.26% during the forecast period. The availability of custom-made services and the rising adoption of advanced technologies are expected to bolster market growth. Fortune Business Insights™ provides this information in its report titled “Third Party Logistics Market, 2021-2028.”

Third party logistics is a business process where companies outsource logistics functionality and distribution to service providers. The rising awareness regarding the product’s benefits is expected to boost its demand. The availability of custom-made services is expected to boost the product adoption. It reduces the cost of operations such as freight & forwarding, transportation, warehousing, and assembly services. In addition, the incorporation of advanced technologies is expected to boost the product’s adoption. These factors may propel market development.

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Industry developments

May 2021: DSV (Danish-based logistics service provider) recently acquired Agility. This acquisition will improve DSV’s Air & Sea sector and provide top-quality services to clients in Asia Pacific.

Report Highlights:

Drivers & Restraints-

Rapid Development in E-commerce to Bolster Market Development

Significant developments in the e-commerce business are expected to boost third party logistics’ adoption. The rising demand for instant and timely delivery is expected to rise with the Internet of Things (IoT) adoption globally. Furthermore, the rising demand for 3PL service providers in tier 3-5 cities is expected to boost adoption. Moreover, significant government investments in the adoption and development of such services are expected to boost industry development. For example, Belt and Road Initiative in China is expected to boost logistics services infrastructure investments. These factors may drive the third party logistics market growth.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

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Segments-

Mode of Transportation, Service Type, Industry, and Region are Studied

By mode of transportation, the market is classified into seaways, roadways, airways, and roadways. As per service type, it is categorized into dedicated contract carriage (DCC), domestic transportation management, international transportation management, and value-added warehousing & distribution. Based on industry, it is classified into technological, automotive, retailing, manufacturing, and logistics. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.

Regional Insights-

Incorporation of Warehouse Projects and Solutions in Supply Chain to Disrupt Market Progress in Asia Pacific

Asia Pacific is expected to dominate the third party logistics market share due to the incorporation of warehouse projects and solutions in the supply chain. The market in Asia Pacific stood at USD 483.6 billion in 2020 and is expected to gain a huge portion of the global market share. Further, logistics and transport companies’ collaboration is expected to bolster market progress.

In North America, partnership among logistics service providers, joint ventures, and the incorporation of new services are expected to bolster market development.

In Europe, the growing e-commerce, food & groceries industry, and rising adoption of advanced technology are expected to propel third party logistics adoption. In addition, the rising adoption of sharing economy and rising focus on truck platooning is expected to bolster market development.

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Competitive Landscape

Companies Expand Footprint to Enhance Market Reach

Prominent companies operating in the market adopt expansion strategies to enhance their footprint. For example, in October 2021, Nippon Express established its Belgrade Branch to expand logistics services, expand its footprint, and meet diversifying logistics demand in Central and Eastern Europe. This strategy may enable the companies to expand their market expansion. Further, the adoption of mergers, partnerships, acquisitions, and research and development may boost market position.

A list of prominent Third-party Logistics manufacturers operating in the global market:

• DHL Group (Bonn, Germany)

• Kuehne + Nagel (Schindellegi, Switzerland)

• C.H. Robinson  (Minnesota, U.S.)

• Ceva Logistics (Marseille, France)

• FedEx Corporation (Tennessee, U.S.)

• Nippon Express (Tokyo, Japan)

• DB Schenker (Essen, Germany)

• UPS (Georgia, U.S.)

• JB Hunt (Arkansas, U.S.)

• Panalpina (Basel, Switzerland)

Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Key Industry Developments – Merger, Acquisitions, and Partnerships

4.2 Distribution Analysis

4.3 Porter’s Five Forces Analysis

4.4 PEST Analysis

4.5 Technological Developments

4.6 Impact of COVID-19

5. Global Third Party Logistics Market Analysis, Insights and Forecast, 2017-2028

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast – By Mode Of Transportation

5.2.1 Railways

5.2.2 Airways

5.2.3 Roadways

5.2.4 Seaways

5.3. Market Analysis, Insights and Forecast – By Service Type

5.3.1 Dedicated Contract Carriage (DCC)

5.3.2 Domestic Transportation Management

5.3.3 International Transportation Management

5.3.4 Value added warehousing & distribution

5.4. Market Analysis, Insights and Forecast – By Industry

             5.4.1 Technological

             5.4.2 Automotive

             5.4.3 Retailing

             5.4.4 Manufacturing

             5.4.5 Logistics

5.5. Market Analysis, Insights and Forecast – By Region

5.5.1 North America

5.5.2 Europe

5.5.3 Asia Pacific

5.5.4 Rest of the World

Continued…

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