Category

Third-Party Logistics (3PL) Services Market Size, Share, COVID-19 Impact, And Trends By Transportation Mode (Road, Water, Air, Rail), By Service Type (Domestic, International), By End-User Industry (Retail, Consumer Electronics. Automotive, Metallurgy, Others), And By Geography – Forecast From 2019 To 2024

Published: May 2021 | Report Code:  KSI061612778 | Pages:  127

The Global Third-Party Logistics (3PL) Services Market was valued at US$888.761 billion in 2018 and is expected to grow at a CAGR of 2.92% over the forecast period to reach a total market size of US$1056.145 billion by 2024. A Third-Party Logistics (3PL) service provider offers outsourced logistics services to the manufacturers to help them focus on its core business. 3PL service is known to provide the optimized cost of transportation services efficiently and timely. The market is expected to grow due to the company's global set up which necessitates the need for 3PL service providers. Increasing the adoption of IT applications and services, the vendors are enhancing their system of distribution to give quality services to their users is anticipated to create new opportunities in the growth of the market. The reduction in shipping freight along with the development of e-commerce is expected to drive the market. However, due to inconsistent freight volume along with cost and risks regarding contamination, spillage, and theft, among others, is expected to hinder the market growth. The market is segmented by transport mode, service type, end-user, and geography. Based on service type, domestic transportation management is expected to hold a significant share in the market due to the increasing demand for efficient logistics operations. Geographically, North America is projected to be a substantial shareholder in the market owing to its technological innovation and investment in logistics software along with a reduction in the cost of transportation and labor.
 
DRIVERS
Growing trading activated due to globalization.
Growing e-commerce industry and need for reverse logistics operations.
 
RESTRAINTS
High cost and risks during shipment.
 
INDUSTRY UPDATES
In July 2019, UPS Supply chain Solution Inc. expanded its express freight delivery services in Russia.
In March 2019, C.H Robinson Worldwide Inc. acquired The Space Cargo group for US$48 million to expand their global presence.
 
The major players profiled in the 3PL services market are J.B. Hunt Inc., Allcargo Logistics Ltd., UPS Supply Chain Solutions Inc., Container Corporation of India Ltd., PenskeLogistics Inc., C.H Robinson Worldwide Inc., Transportation Corporation of India ltd., FedEx Corporation, DHL, Kuehne+Nagel Inc., Maersk Logistics, NYK Logistics, and DB Schenker.
 
Segmentation
The 3PL services market has been analyzed through the following segments:
 
By Transportation Mode
Road
Water
Air
Rail
 
By Service Type
Domestic
International
 
By End-User Industry
Retail
Consumer Electronics
Automotive
Metallurgy
Others
 
By Geography
North America
United States
Canada
Mexico
 
South America
Brazil
Argentina
 
Europe
UK
Germany
France
Italy
Others
 
Middle East and Africa
Saudi Arabia
UAE
Israel
 
Asia Pacific
Japan
China
India
South Korea
Others
 

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for third-party logistics services market?
A1. The third-party logistics (3PL) services market is expected to grow at a CAGR of 2.92% during the forecast period.

Q2. What is the size of global third-party logistics (3PL) services market?
A2. Third-Party Logistics (3PL) Services market was valued at US$888.761 billion in 2018.

Q3. Which region holds the largest market share in the third-party logistics services market?
A3. Geographically, North America is projected to be a substantial shareholder in the third-party logistics services market owing to its technological innovation and investment in logistics software along with a reduction in the cost of transportation and labor.

Q4. What will be the third-party logistics (3PL) services market size by 2024?
A4. The global third-party logistics services market is expected to reach a total market size of US$1056.145 billion by 2024.

Q5. What factors are anticipated to drive the third-party logistics services market growth?
A5. The third-party logistics services market is expected to grow due to the company's global set up which necessitates the need for 3PL service providers.

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