Third-Party Logistics Market is projected to touch USD 1,753 Billion by 2028, registering a compound annual growth rate of 8.2% over the forecast period (2021-2028). Third-party logistics refers to outsourcing activities related to logistics and distribution by an organization, such as distribution, shipping operations, and warehousing. 3PL offers various services such as freight shipping, reverse logistics, inventory management, and personalization.
3PL companies incorporate various transformations in supply chain management to tackle the challenges offered by e-commerce. Rapid globalization, innovation of new technologies, and growing emphasis on timely delivery are some of the prominent factors projected to boost the global third-party logistics market. With the changes in international documentation processes, the supply chain has become complicated, thus, growing the need for outsourcing logistic operations by SMEs. Other factors such as the rising number of industries and expansion in the E-commerce industry will bolster the third-party logistics market size.
The coronavirus pandemic has severely impacted the supply chains across the globe, leaving unprecedented damage to the transportation and logistics sectors. Stringent lockdown norms hampered the movement of goods and resulted in a supply-demand imbalance. The improper supervision of logistics services by producers will hamper the market growth.
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North America is projected to hold a larger share over the forecast period, owing to the growing emphasis on transportation. The presence of prominent players such as C.H. Robinson, FedEx Corporation, and UPS Supply Chain Solutions Inc. will bolster the market growth. Growing penetration of e-commerce platforms, inclination towards logistic infrastructure, and growing demand for cold storage are projected to bolster the third-party logistics market share.
Third-Party Logistics Market Segmentation:
Third-Party Logistics Market by Service
· Domestic Transportation Management
· International Transportation Management
· Value-added Warehousing and Distribution
Third-Party Logistics Market by Base Oil Type
· Consumer and Retail
· Automotive
· Healthcare and Pharmaceuticals
· Others
Third-Party Logistics Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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