Sales of Third Party Logistic to Surpass US$ 2,144 Bn by 2032 as Demand in Manufacturing Sector Contributes Nearly 1/4th of Revenue
Fact.MR's latest report on third party logistic market investigates key growth variables influencing sales. The report also divulges aspects such as drivers, challenges, and opportunities propelling the growth. To present the information in a vivid way, the report is segmented into end-use, transport, and service across key regions.
NEW YORK, Sept. 5, 2022 /PRNewswire/ -- The global third party logistic market is predicted to reach a valuation of US$ 2,144 Billion by 2032, at a CAGR of 7.6% between 2022 and 2032. Rising penetration of smart technology and increased awareness of e-commerce are the key factors expected to boost sales.
As per Fact.MR, the global third party logistics market is projected to surpass a valuation of US$ 1,031 Billion in 2022. Surging industrial activity and improved foreign trade activities for efficient transportation and storage systems will push the demand for third party logistics.
Furthermore, the increased demand for important medications and vaccines, as well as the increased emphasis on outsourcing logistics services will boost the adoption of third-party logistics sales in the healthcare sector.
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With advent of e-commerce platforms in multiple domains such as healthcare, railway, automotive, and others, need for a streamlined supply chain management is surging to improve the revenue. Hence, end users are adopting smart three party logistics to ensure the productivity and profitable revenues.
As per the study, the manufacturing segment is expected to dominate the global market with rapid expansion in the U.S., Mexico, and India. Adoption of third party logistics for manufacturing automotive products and enhanced customer service is creating a conducive environment for the market. On the back of this, key players are eyeing the North America and South Asia market to capitalize on rising application in manufacturing industry.
For instance, in April 2021, Fklipkart, a leading e-comemrce platform in India announced collaboration with Mahindra Logistics Limited as one of its partners to steamline the deployment of electric vehicles across its logistics fleet.
The global third party logistic market is expected to be worth US$ 955 billion in 2021.
North America is expected to have the highest market share in 2022, amounting for 40% of the overall share.
Based on service, the domestic transportation management (DTM) segment is anticipated to hold 32% share through 2032.
In terms of end-use, the manufacturing segment is anticipated to account for 24% of the revenue share in 2022.
Asia Pacific third party logistics market is expected to grow at 10% CAGR owing to the growing focus on transportation and logistics infrastructure.
The incorporation of advanced technologies such as machine learning, artificial intelligence, and the internet of things into third-party logistics will boost the market.
Rising emphasis on shipping cost reduction, seasonal variation management, lowering reliance on firm assets, and timely delivery management will boost the industry.
The adoption of third-party logistics is expected to be hampered by stringent government laws and regulations governing shipping activities.
The producer's lack of control over logistics and warehousing operations is expected to hinder market expansion.
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To enhance their worldwide footprint, key businesses are working on various methods such as mergers and acquisitions, partnerships, collaborations, and joint ventures. Furthermore, in order to maintain their market position, prominent firms are expanding their product ranges by creating production facilities.
In October 2021, Nippon Express enhanced its presence in the Republic of Serbia by opening the Belgrade Branch. This development intends to broaden logistics services in order to suit the changing logistical demands of Central and Eastern Europe.
In 2021, DHL, the global logistics giant, has formed a relationship with Embark, a major firm in North America that develops autonomous trucking technology. DHL intends to put these trucks into its operations based on this strategy once the software is publicly available in 2024. The primary goal is to maximize value while reaping the projected benefits of speed, safety, and sustainability.
Key Companies Profiled by Fact.MR
Kuehne + Nagel
Yusen Logistics Co. Ltd.
United Parcel Service of America, Inc.
DB Schenker Logistics
XPO Logistics, Inc.
C.H. Robinson Worldwide, Inc.
J.B. Hunt Transport, Inc.
More Valuable Insights on Third Party Logistics Market
In the latest study, Fact.MR offers a detailed study on global third party logistics market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of third party logistics through detailed segmentation as follows:
By End Use:
Value Added Logistics Services (VALs)
Domestic Transportation Management (DTM)
Warehousing &Distribution (W&D)
Dedicated Contract Carriage (DCC)/Freight forwarding
International Transportation Management (ITM)
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Key Questions Covered in the Third Party Logistics Market Report
What is the projected value of the third party logistics market in 2022?
At what rate will the global third party logistics market grow until 2032?
Which are the factors hampering the growth in the third party logistics market?
Which region is expected to lead in the global third party logistics market 2022-2032?
Which are the factors driving the third party logistics market during the forecast period?
What is the expected market value of the third party logistics market during the forecast period?
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