PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1241332
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1241332
Global Third-Party Logistics Market Overview
According to SPER Market Research, the Global Third-Party Logistics Market is estimated to reach USD 2431.83 billion by 2032 with a CAGR of 8.85%.
A segment of the logistics market that offers firms outsourced logistics services is referred to as the worldwide third-party logistics (3PL) market. Transportation, warehousing, inventory management, order fulfilment, and other value-added services like packaging and assembly are just a few of the services that 3PL companies provide. These services let companies outsource their logistics needs to a professional provider so they may concentrate on their core skills. Globalization, the expansion of e-commerce, rising client expectations, and the requirement for cost optimization are some of the reasons driving the 3PL market. The management of intricate supply chains across borders is increasingly important as organisations extend their operations abroad. While online retailers need effective and adaptable logistics solutions to fulfil consumer orders, the growth of e-commerce has also increased demand for 3PL services.
Customers also expect quicker delivery times, real-time visibility, and customised services, all of which 3PL providers can give thanks to cutting-edge technologies and logistical solutions. The international 3PL industry is extremely competitive, with numerous regional and international competitors providing a variety of services to different industries. DHL, Kuehne + Nagel, DB Schenker, C.H. Robinson, XPO Logistics, and UPS Supply Chain Solutions are a few of the industry's top suppliers. To accommodate the rising demand for logistics services, these businesses have been making significant investments in technology and developing their global network. The growing complexity of supply chains, the need for cost optimization, and the adoption of cutting-edge technologies like blockchain and artificial intelligence are all projected to fuel the growth of the 3PL industry in the upcoming years. The market, however, also faces a number of difficulties, such as escalating competition, squeezed margins, and the need to strike a balance between innovation and cost-effectiveness.
Impact of COVID-19 on the Global Third-Party Logistics Market
On the global third-party logistics (3PL) market, the COVID-19 epidemic has had a considerable effect. In addition to driving higher demand for logistics services, the pandemic has disrupted business as usual for 3PL providers and presented them with new obstacles. Global supply chains have been disrupted, which has had a significant impact on the 3PL sector as a result of COVID-19. There have been delays and capacity constraints in the transportation and logistics networks as a result of lockdowns, travel restrictions, and border closures. Due to the need for businesses to find more affordable alternatives for shipping their goods, this has increased demand for 3PL services. Nonetheless, the pandemic has also caused changes in the supply chain and alterations in consumer behaviour, which have had an impact on the demand for specific kinds of logistics services.
In contrast to the fall in demand for commercial and industrial logistics, the growth of e-commerce and online shopping has raised demand for last-mile delivery services. The adoption of new technology in the 3PL sector has been a COVID-19 effect as well. In order to run their operations remotely, 3PL suppliers have been forced to rely on digital technology due to social distancing policies and travel constraints. Robotics, artificial intelligence, and machine learning have all seen an increase in use as a result of this. Also, the pandemic has made it clear how crucial risk management and supply chain resilience are, and 3PL providers have had to modify their methods in response. Investing in emergency preparedness, diversifying supply chain networks, and improving supply chain visibility and transparency have all been part of this. The worldwide 3PL market has faced possibilities and challenges as a result of the COVID-19 epidemic. Even though the pandemic caused disruptions, it also sped up the use of digital technology and emphasized the value of resilience and risk management in supply chains.
Scope of the Report
Report Metric Details:
Market size available for years 2019-2032
Base year considered 2021
Forecast period 2022-2032
Segments covered By Services, By Transportation, By End User.
Regions covered Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
Companies Covered C.H. Robinson Worldwide, Inc., DB Schenker, DHL International GMBH, FedEx Corporation, KUEHNE+NAGEL Inc., Maersk, Nippon Express, Panalpina World Transport Ltd., Union Pacific Railroad, United Parcel Service.
Global Third-Party Logistics Market Segmentation:
By Services: Based on the Services, Global Third-Party Logistics Market is segmented as; Dedicated Contract Carriage (DCC)/Freight forwarding, Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution (W&D), Value Added Logistics Services (VALs).
By Transportation: Based on the Transportation, Global Third-Party Logistics Market is segmented as; Roadways, Railways, Waterways.
By End User: Based on the End User, Global Third-Party Logistics Market is segmented as; Manufacturing, Retail, Healthcare, Automotive, Others.
By Region: The global third-party logistics market was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa based on geography. The greatest market share for stucco is anticipated to be in Asia Pacific.