The global third-party logistics market is anticipated to reach USD 1,337.91 billion by 2026 according to a new report published by Polaris Market Research. The report “Third Party Logistics (3PL) Market Share, Size, Trends, Industry Analysis Report By Service (Dedicated Contract Carriage, Domestic Transportation Management, International Transportation Management, Warehousing and Distribution, Others); By Mode of Transport (Roadways, Railways, Waterways, Airways); By End-User (Retail, Manufacturing, Healthcare, Others); By Regions, Segments & Forecast, 2019 – 2026” provides detailed insights into current market dynamics and future market trends.
The manufacturing segment dominated the global market in 2018. In 2018, Asia Pacific accounted for the majority share in the market. The rise in global trading with thriving end-users E-commerce and retail has led to a booming logistics market. A key advantage offered by 3PL such as less time in completion of process has encouraged businesses to invest in it. This also increases overall efficiency and profitability. Outsourcing logistics operations enables manufacturers and retailers to stick to core competencies. Digitization and integration of IT software and solutions coupled with use of reverse logistics and multi-modal transportation is expected to offer growth opportunities during forecast period.
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In 2018, Asia Pacific accounted for highest share in global third party logistics market. The spiraling E-commerce market in the region and efficient logistics operations across various industries in place would accelerate the demand for Third Party Logistics services during the forecast period. The showering economic growth and increasing spread of e-commerce in India and China further increased adoption of Third Party Logistics in the region. Anticipation of global players in these countries to tap market potential boosts the market growth. The widespread disposable incomes and progressing living standards boost the growth of industries such as retail, automotive and manufacturing, thus supporting market growth in the region.
The domestic transportation management segment is expected to witness high growth during the forecast period. It is because of the increased logistics and transportation within the countries has increased specially in the developing economies of China and India. Dedicated Contract Carriage is a fast-moving segment of the trucking and distribution industry. Prominent companies such as Wal-Mart and Kroger use DCC to reduce costs and increase truck capacity. Several illustrious organizations have withdrawn ownership for trucking operations.
The 3PL market via roadways is looking profitable with increasing Government initiatives and rising investments to develop road transport networks in a smooth gesture to boost freight forwarding have led vendors to adopt road transportation modes. This propels growth of 3PL services through roadways.
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The well-known companies profiled in the Third Party Logistics Market report include FedEx Corporation, Union Pacific Corporation, Kuehne+Nagel Inc., BNSF Railway Company, AmeriCold Logistics, LLC, CEVA Logistics, Landstar System, Inc., Ryder System, Inc., Burris Logistics, DB SCHENKER Logistics, Agility 98, BDP International, C.H. Robinson Worldwide (CHRW) Inc., Exel (DHL Group), Expeditors International of Washington, Inc., Flexport Inc., J.B. Hunt Transport Services, Inc.,Kerry Logistics Network Limited, Nippon Express Co., Ltd., Ozburn – Hessey Logistics, Inc. (GEODIS), Panalpina World Transport Ltd., Schneider National, Inc.,Total Quality Logistics (TQL), LLC, Transplace, LLC, Unyson Logistics, Inc., UPS Supply Chain Solutions, Inc., UTi Worldwide, Inc. (DSV A/S), XPO Logistics, Inc., and Yusen Logistics Co. Ltd.
