July 20, 2022 07:50 ET | Source: Vantage Market Research Vantage Market Research

WASHINGTON, July 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Third Party Logistics Market finds that the increasing trading activities are expediting the market growth. Primarily driven by the growing e-commerce sector. Furthermore, the increasing government initiatives are also anticipated to augment the growth of the Global Third Party Logistics Market, states Vantage Market Research, in their latest report. The Global Third Party Logistics Market revenue is expected to reach a value USD 1494.6 Billion in 2028.

The Global Market revenue stood at a value USD 931.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period; states Vantage Market Research, in a report, titled “Third Party Logistics Market Size, Share & Trends Analysis Report by Service (Dedicated Contract Carriage (DCC)/Freight Forwarding, Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution (W&D), Value Added Logistics Services (VALS), by Transport (Roadways, Railways, Waterways, Airways), by End-Use (Manufacturing, Retail, Healthcare, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

Rising Trading Activities to Drive the Market Growth

The development of logistics infrastructure in Asia and the Middle East regions is expected to augment the growth of the market in the years to come. Huge market conditions and improvement in the global economy are the major factors that drive globalization. Many activities related to trade have been witnessed to increase, owing to the rise in globalization. Therefore, manufacturers or retailers find it difficult to keep a track of these activities efficiently, 3rd Party Logistics companies help these manufacturers to check the track and control these activities. This is one factor that is expected to drive market growth. Moreover, development in the overseas market is projected to play a vital role in supporting the growth of the market shortly. 3PL services are becoming increasingly convenient for price-conscious customers that demand a larger selection of high-quality products delivered on time. Therefore, an increase in trading activity due to globalization will lead to the growth of the market, and the development of new technologies is expected to significantly contribute to the 3PL market growth.

Increasing E-Commerce Industry to Stimulate the Market Growth

The E-Commerce business during the pandemic has seen a drastic change in some regions. The customers demand witnessed changes related to the timely delivery. Customers are more inclined towards same-day and one-day delivery. As a result, many retailers started affording logistics services to meet customer expectations. Moreover, continuous development in e-commerce will surge the demand for logistics services in areas such as express delivery and inventory management. The demand for 3PL service providers will significantly rise in tier 3 and 5 cities where demand for logistics services has increased. Further, the increase in urbanization and increasing penetration of internet & mobile along with an increase in the number of warehouses and expansion of the logistics industry are also anticipated to fuel the growth of the Third Party Logistics Market during the forecast period.

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Segmentation of the Global Third Party Logistics Market:

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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

The report on Third Party Logistics Market highlights:

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Third Party Logistics Market Size, Share & Trends Analysis Report by Service (Dedicated Contract Carriage (DCC)/Freight Forwarding, Domestic Transportation Management (DTM), International Transportation Management (ITM), Warehousing & Distribution (W&D), Value Added Logistics Services (VALS)), by Transport (Roadways, Railways, Waterways, Airways), by End-Use (Manufacturing, Retail, Healthcare, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

North America Dominated the Global Third Party Logistics Market

North America dominated the Global Third Party Logistics Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the presence of key players such as XPO Logistics Inc., C.H. Robinson Worldwide (CHRW) Inc., UPS Supply Chain Solutions Inc., and many others in the region. Apart from this, the increase in demand for cold storage in the region is also expected to fuel the regional market growth. In addition, the growing trade routes between the regions are expected to create a great opportunity for 3PL providers. The accumulation of products and the purchase of goods in China have led to changes in the technological, pharmaceutical, and automotive industries of foreign countries. Such changes are expected to stimulate market growth in countries, including India, South Korea, Japan, and Vietnam. The continuous development of transport infrastructure and the increasing emphasis on travel processes in developing countries are expected to further augment the market growth.

List of Prominent Players in Third Party Logistics Market:

December 2021: CI Capital Partners announced the sale of Redwood Logistics, a leading third-party logistics provider to AEA Investors. Redwood Logistics offers a broad suite of services including transportation brokerage, managed transportation, supply chain technology, and related services.

Key questions answered in the report:

This market titled “Third Party Logistics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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