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Global Third-Party Logistics Market is Expected to Reach $1,656.7 billion by 2027 – Astute Analytica 
CHICAGO, UNITED STATES, October 27, 2022 /EINPresswire.com/ — The global third-party logistics market size was US$ 1,032 billion in 2021. The global third-party logistics market is expected to grow to US$ 1,656.7 billion by 2027 by growing at a compound annual growth rate (CAGR) of 8.2% during the forecast period, i.e., 2022-2027.
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Third-party logistics, also known as 3PL, is the use of third-party businesses by companies to outsource elements of warehousing, distribution, and fulfilment services. The rapidly growing rate of trade activities owing to rising globalization and growing emphasis on core competencies will primarily pave the path for the third-party logistics market during the study period. 3PL is used to maintain the network of manufacturing activities. Moreover, 3PL services are gaining significant popularity due to the growing demand for a wider choice of high-quality products from end-users, along with on-time delivery.
Segmental Analysis
Roadways, based on the mode of transportation, lead with the highest share
Based on the mode of transport, the roadways segment leads with the highest share in the global third-party logistics market and is expected to maintain its dominance even in the coming years. The growth of the roadways segment is attributed to the growing initiatives by government bodies and stringent regulations. For instance, the regulations imposed by the Federal Motor Carrier Safety Administration allow the use of cameras in place of rearview mirrors.
DTM segment leads with the highest share on the basis of services
On the basis of services, international transportation management, dedicated contract carriage (DCC), domestic transportation management, warehousing & transportation, and others are the categories of the market, wherein the domestic transport management segment is maintaining its lead. The growth of the domestic transport management segment is because of the increasing trade movement between unloading docks. Further, escalating carrier rates, the growing popularity of cross-docking services, and the growing fuel surcharge will outline the scope of the domestic transport management segment in the market.
The technological segment, based on end-user, leads with the highest share in the third-party logistics market
On the basis of end-users, the technological segment leads with the highest share in the third-party logistics market in 2021 and is expected to continue to dominate with the highest CAGR during the forecast period 2022-2027. Mobile technology is outlining the scope of the 3PL industry as companies have begun deploying mobile devices and apps to improve agility and maintain flexibility for users. With the use of mobile phones and effective applications, customers can order, process, and track their shipments anytime and from any place.
Asia-Pacific, based on region, will hold the highest share in the global third-party logistics Market
The Asia-Pacific third-party logistics market is maintaining its dominance with the highest market share, owing to the growing urbanization and swiftly expanding digitization in growing economies like India and China. Additionally, the rising number of trans-regional trade corridors and gateways will bring untapped growth opportunities for the Asia-Pacific third-party logistics market during the study period.
Impact of COVID-19
The COVID-19 pandemic has significantly affected supply chain operations across the globe due to the government's decision to ban international imports and export. Therefore, the crisis led to an unprecedented strain on the logistics resources, which complicated the situation for a prolonged time. The logistics networks were primarily affected by the supply/demand imbalance and the limited staff. As a result of the growing online shopping trend, the demand for third-party logistics will ultimately increase.
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Competitive Insight
DHL International GmbH has been in the logistics industry since 1969. The firm has significantly contributed to revolutionizing the logistics industry with its impeccable air freight, overland transport, and sea freight services.
Kuehne+Nagel Inc. has been dealing in the logistics sector for more than 130 years, along with its subsidiaries that offer integrated logistics services globally. The firm's offerings are segmented into sea freight, overland, contract logistics, and air freight.
DB Schenker is the division of DB Group, which specifically deals in freight transportation. This division of the DB group is engaged in the transportation of paper, chemicals, mineral oil, metal, and coal. Apart from that, the firm is known for its time & cost-optimized services for general cargo and partial & full-load transport.
Nippon Express deals in the global logistics business. The firm offers an expansive range of logistics services to companies engaged in the automotive, fashion & retail, electric & telecommunication, aerospace & aviation, railway sector, food, and art.
FedEx Corporation, a multinational company based in the US offers a wide range of transportation, e-commerce, and business services globally. The firm's offerings are segmented into express, freight, ground, and service. Apart from that, it also offers sales, communications, marketing, information technology, and technical support services to companies with its best-in-class suite of solutions.
Segmentation Overview
The following are the different segments of the Global Third Part Logistics Market:
By Mode of Transport:
Railway
Roadways
Waterways
Airways
By Service segment:
Dedicated Contract Carriage (DCC)
Domestic Transportation Management
International Transportation Management
Warehousing & Distribution
Others
By End User:
Technological
Automotive
Retailing
Elements
Food & Groceries
Healthcare
Others
By Region:
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
+1 888-429-6757
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