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 labour 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.
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Key Segments Covered
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By End Use :
- Automotive Third Party Logistics
- Manufacturing Third Party Logistics
- Healthcare Third Party Logistics
- Retail Third Party Logistics
- Other Third Party Logistics
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By Transport :
- Airway Third Party Logistics
- Railway Third Party Logistics
- Roadway Third Party Logistics
- Waterway Third Party Logistics
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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)
In 2022, Domestic Transportation Management will hold the largest market share.
Fact.MR estimates that Domestic Transportation Management (DTM) will hold roughly 32% of the market in 2022. A key driver of market expansion during the forecast period is likely to be the rising consumer demand in the retail and healthcare sectors.
Other key factors driving the segment’s growth include the expansion of global economic activity and the rise in popularity of e-commerce. However, due to the expansion of Free Trade Agreements (FTAs), trade liberalisation laws, and cross-border logistics, it is expected that the need for international transportation services would increase significantly over the future years.
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.
How Can Fact.MR Help You Reach Strategic Decisions?
The data in the market study on Third Party Logistics provides in-depth analysis of important market trends. Market participants might use this information to create innovative business plans and produce remarkable revenue in the near future. The study examines pricing trends, a value chain analysis, and various goods offered by industry rivals. The main objectives of this study are to support data-driven decision-making and business planning.
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