Growth prospects suffered in 2022, amid the height of the COVID-19 pandemic catastrophe. The decision to declare a global lockdown caused abrupt declines in industrial output, which led to the termination of outsourcing logistical labor to third parties. But, as time went on, things began to turn around, first in the healthcare industry as a result of the growing demand for essential medicines, vaccines, and other supplies to treat infected people.
The market’s revenue growth is expected to be significantly impacted throughout the projection period by the growing emphasis on outsourcing logistical activities. Over the analysis period, the market is anticipated to expand at a CAGR of 7.6%, reaching US$ 2,144 Bn in market value in 2032.Retailers and manufacturers’ increased emphasis on outsourcing tasks like logistics is anticipated to significantly accelerate market growth.
Download Sample Copy of This Report:https://www.factmr.com/connectus/sample?flag=S&rep_id=7154?PJ
Key Segments Covered
- By End Use :
- Automotive Third Party Logistics
- Manufacturing Third Party Logistics
- Healthcare Third Party Logistics
- Retail Third Party Logistics
- Other Third Party Logistics
- By Transport :
- Airway Third Party Logistics
- Railway Third Party Logistics
- Roadway Third Party Logistics
- Waterway Third Party Logistics
- By Service :
- Value Added Logistics Services (VALs)
- Domestic Transportation Management (DTM)
- Warehousing &Distribution (W&D)
- Dedicated Contract Carriage (DCC)/Freight forwarding
- International Transportation Management (ITM)
Improving Global Economy due to Rapid Globalization to Pump the Industry Expansion
Trade has increased significantly due to expanding globalization. Further, the dynamic conditions are expected to accelerate the growth of the industry. Due to the dynamism of the market, manufacturers find it challenging to keep a track of these activities, which is why 3PL are gaining prominence in the current time period. Besides, the advancement of the overseas market is likely to propel the industry notably.
Furthermore, the complexities in international documentation customs rules & regulations demand efficiency to handle the supply chain activity, therefore, SMEs leverage 3PL services, which provides a significant boost to the market. Moreover, the rapid expansion of e-commerce has changed the market dynamics, enhancing the importance of 3PL, and bolstering the market size during the forecast period.
Top Companies Analysis
- Kuehne + Nagel
- Yusen Logistics Co. Ltd.
- Burris Logistics
- CEVA Logistics
- United Parcel Service of America, Inc.
- BDP International
- FedEx
- DSV
- DB Schenker Logistics
- XPO Logistics, Inc.
- C.H. Robinson Worldwide, Inc.
Key Takeaways from the Market Study :
- The global third-party logistics market size is estimated at USD 1,031 Bn in 2022
- North America to emerge as an opportunistic market, accumulating 40% revenue
- APAC to be the fastest-growing region with a CAGR of 10% during the forecast period.
- Domestic Transportation Management segment to procure about 32% of the market share in 2022
- The manufacturing segment is expected to have acquired more than 24% of the global revenue share in 2022
“The rapid expansion of the e-commerce, especially in developing countries is likely to generate significant opportunities for expansion in the coming time.” – says an analyst at Fact. MR.
Manufacturing in Mexico, China, the US, and India will see an increase in outsourced logistics activities.
Fact. MR predicts that the manufacturing sector will have more than 24% of the revenue share in 2022. There will certainly be a noticeable increase in outsourced logistics activities in the manufacturing sectors of the US, Mexico, China, and India, which will expand the market.
Due to the advantages such as improved customer service, chain visibility, and lower transportation costs, the manufacturing sector is outsourcing the logistics activities, which is boosting market growth. Another important factor advancing the business is the expansion of regional industrial sectors. For instance, the “Make in India” initiative has created a huge possibility for market expansion.
Get Customization on this Report for Specific Research Solutions:https://www.factmr.com/connectus/sample?flag=RC&rep_id=7154?PJ