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Third Party Logistics Market to Hit USD 1701.2 Billion by 2028; Rising Incorporation of Advanced Technologies to Provide Lucrative Market Opportunities: Fortune Business Insights™

·5 min read
Fortune Business Insights
Fortune Business Insights

Companies Profiled in Third Party Logistics Market are FedEx Corporation, DHL Group, Nippon Express, Kuehne + Nagel, DB Schenker, UPS, JB Hunt, Panalpina, C.H. Robinson, Ceva Logistics.

Pune, India, May 25, 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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Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

8.26%

2028 Value Projection

USD 1,701.2 billion

Base Year

2020

Market Size in 2021

USD 976.2 billion

Historical Data for

2017-2019

No. of Pages

150

Segments covered

Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management, and Value Added Warehousing & Distribution

Growth Drivers

Rapid Development in E-commerce to Bolster Market Development

 

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


COVID-19 Impact

Lockdowns and Trade Restrictions to Impede Market Progress

This market is expected to be negatively affected by the COVID-19 pandemic due to the imposition of trade restrictions and lockdowns. Strict government regulations led to the adoption of lockdown procedures, thereby affecting several industries. Furthermore, restrictions on travel led to the lack of automotive demand, thereby hindering the industry's growth. However, the rising demand for automated data management services is expected to drive the market during the pandemic.


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Drivers and 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.

Segmentation

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.


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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.

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.


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Industry Development

  • 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.

List of Key Players Profiled in the Report

  • 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:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Industry Developments - Merger, Acquisitions, and Partnerships

    • Porter’s Five Forces Analysis

    • SWOT Analysis

    • Technological Developments

    • Value Chain Analysis

    • Impact of COVID-19 on Third Party Logistics Market

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

    • Key Findings / Summary

Continued…


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