Third-Party Logistics Market worth USD 1,893.72 billion by 2027, registering a CAGR of 8.4% – Report by Market Research Future (MRFR)
New York, July 05, 2021 (GLOBE NEWSWIRE) — Third-Party Logistics Market / 3PL Market: According to a comprehensive research report by Market Research Future (MRFR), “Third-Party Logistics Market/ 3PL Market Research Report by Service, by Mode of Transport, by Application and Region – Forecast till 2027” the market size is projected to be worth USD 1,893.72 billion by 2027, registering a CAGR of 8.4% during the forecast period (2021 – 2027), The market was valued at USD 921.49 billion in 2020.
In 2019, the Domestic Transportation segment helda significant market share: MRFR
The global Third-Party Logistics (3PL) market has been segmented based on service, mode of transport, application, and region. Based on service, the global market is divided into Domestic Transportation, International Transportation, Value-added Warehousing and Distribution, and Others. The domestic transportation segment is anticipated to hold a significant market share.
Based on mode of transport, the global Third-Party Logistics (3PL) market is segmented into Railways, Roadways, Waterways, and Airways. The roadways segment accounted for a significantly large share in the global market owing to the growth of the retail industry.
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Based on application, the global Third-Party Logistics (3PL) market is segmented into Manufacturing, Retail, Healthcare, Automotive, and Others. The manufacturing segment accounted for a significantly large share globally due to substantial growth in the construction industry.
Based on region, the Third-Party Logistics (3PL) market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific dominated the Third-Party Logistics (3PL) market in 2019. Consistently developing infrastructural activities have supported the product growth in the region.
Key Players
The forefront players profiled in the global Third-Party Logistics Market / 3PL Market research report are
- C.H. Robinson Worldwide (United States)
- BDP International, Inc. (United States)
- Burris Logistics (United States)
- CEVA Logistics (Switzerland)
- DSV Panalpina A/S (Denmark)
- DB Schenker Logistics (Germany)
- FedEx Corporation (United States)
- J.B. Hunt Transport Services, Inc. (United States)
- Kerry Logistics (Hong Kong)
- Nippon Express (Japan)
- DB Schenker (Germany)
- DHL (Germany), and
- Agility Logistics (Kuwait), among others,
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Competitive Landscape
Larger investments in e-commerce technologies and solutions have enhanced the third-party logistics companies too. To cope up with the customized demand from the end-users, the service providers have employed real-time shipment tracking, route optimization, etc. The latest technologies require constant maintenance and innovation. The global market for 3PL services is adopting these changes with help of several big corporations who are investing in various segments of the third-party logistics market. The local players of individual countries are setting important trends for the industry.
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Regional Analysis
The global third-party logistics market is distributed into several potential regions of business. The Asia-Pacific region is showing promising records in the global market for the last couple of years. The countries like China, India, South Korea, Vietnam, etc are growing fast in the global market of 3PL services. The Asia-Pacific region has contributed the largest share of revenue in 2020. The huge consumer base, fast urbanization, and demand for customized shipments have encouraged the prosperity of 3PL companies in these regions.
The presence of North America is significant in the global market where the U.S. leads. The U.S. has an enormous trucking capacity that fuels the growth of 3PL services.
Report Overview
This report deeply studies the backdrop and market situations of 3PL services. To give a better understanding of the market, this report covers 3PL industry statistics, competitive landscapes, regional overviews, and recent developments, and much more. It will be useful for Government and research organizations, corporations, investors, etc.
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Segmentation of Market covered in the research:
Research Report: by Service (Domestic Transportation, International Transportation, Value-added Warehousing and Distribution, and Others), by Mode of Transport (Railways, Roadways, Waterways, and Airways), by Application (Manufacturing, Retail, Healthcare, Automotive, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2027
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