Third Party Logistics Market Zooms Towards Billion-Dollar Valuation: Estimated to Reach USD 2.26 Billion by 2030: Verified Market Research®
The "Global Third Party Logistics Market Size By Mode of Transport (Roadways, Railways, Waterways), By Service Type (Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management), By Geographic Scope & Forecast, 2023-2030" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Third Party Logistics Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., May 23, 2023 /PRNewswire/ -- The Global Third Party Logistics Market is projected to grow at a CAGR of 7.30% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 1.20 Billion in 2021 and is expected to reach USD 2.26 Billion by the end of the forecast period.
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Global Third Party Logistics Market Flourishes as Demand for Efficient Supply Chain Solutions Soars
The global third-party logistics market is experiencing robust growth, propelled by the escalating adoption of logistics services that offer seamless procurement and fulfillment of goods. Third-party logistics providers play a pivotal role in effectively managing supply chain operations, encompassing transportation, warehouse storage, cross-docking, inventory management, door-to-door delivery, and product packaging. By entrusting logistics responsibilities to specialized service providers, organizations can optimize their core areas of focus, streamline operations, and maximize revenue by reducing costs.
The rapid expansion of e-commerce activities has further intensified the demand for freight transportation, creating innovative opportunities for key players in the third-party logistics market. In response to evolving customer demands, third-party logistics services have become indispensable in ensuring efficient and timely deliveries. While train routes remain popular transportation modes within the third-party logistics industry, road transport has gained significant traction due to its 24/7 delivery schedule, unaffected by airport, port, and railway operating schedules. Moreover, the integration of GPS navigation systems has enabled third-party logistics providers to effectively track cargo through flexible routing systems. These factors are anticipated to drive substantial revenue growth in the third-party logistics market during the forecast period.
Market analysis indicates that the roadways segment dominates the third-party logistics market, capturing the largest market share throughout the forecast period. This segment entails vehicles owned and managed by third parties, with transportation operations adhering to licensing, insurance, and regulatory requirements for vehicles. The road transport sector has proven to be a reliable and efficient solution for logistics needs.
Furthermore, the warehousing and distribution segment is poised to witness the highest compound annual growth rate (CAGR) during the forecast period. Warehouses serve as pivotal storage facilities for clients' products until they are ready for sale. Upon order confirmation, these products are meticulously packed and swiftly transferred to designated customers, ensuring efficient order fulfillment.
Leading players in the global third-party logistics market include renowned industry names such as DHL, United Parcel Service (UPS), FedEx Corporation, Maersk Logistics, DB Schenker, Kuehne+Nagel Inc., NYK logistics, Panalpina World Transport Ltd., Union Pacific Corporation, and BNSF Railway Company. These companies are at the forefront of driving innovation, setting industry benchmarks, and meeting customer expectations through their diverse range of logistics services.
To gain a competitive edge in the third-party logistics market, organizations are increasingly relying on comprehensive market analysis, product benchmarking, and SWOT analysis. These strategic approaches aid in identifying key market trends, evaluating product performance against competitors, and assessing strengths, weaknesses, opportunities, and threats to make well-informed business decisions.
As the demand for seamless and efficient logistics services continues to surge, the third-party logistics market is projected to witness substantial growth in the forthcoming years. With its ability to enhance supply chain quality and efficiency, third-party logistics has become an indispensable solution for organizations across diverse industries.
Based on the research, Verified Market Research® has segmented the global Third Party Logistics Market into Mode of Transport, Service Type, And Geography.
Third Party Logistics Market, by Mode of Transport
Third Party Logistics Market, by Service Type
Third Party Logistics Market, by Geography
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