3PL Market Size to Reach USD 1,789.94 Billion by 2027 at a CAGR of 7.1% | Valuates Reports

BANGALORE, India, Feb. 11, 2022 /PRNewswire/ -- The Global 3PL Market is Segmented by by Mode of Transportation (Railways, Roadways, Waterways, and Airways), Service Type (Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management, Warehousing & Distribution, and Others) and Industry (Technological, Automotive, Retailing, Elements, Food & Groceries, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. It is published in Valuates Reports under the Transportation & Logistics Category.

The Global 3PL market was valued at USD 1,027.71 Billion in 2019 and is projected to reach USD 1,789.94 Billion by 2027, registering a CAGR of 7.1% from 2020 to 2027.

Major factors driving the growth of the 3PL market are:

The rising e-commerce industry, growing trading activities due to globalization, the increase in focus of manufacturers and retailers on their core business, the need to minimize overhead costs, and the need for flexibility and scalability based on business needs are some of the major factors driving the growth of the 3PL market. 

Furthermore, The 3PL market is expected to witness significant growth, due to the development of the e-commerce industry and an increase in reverse logistics operations.

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TRENDS INFLUENCING THE GROWTH OF 3PL MARKET:

The growing need to save money is expected to propel the 3PL market forward. Third-party logistics companies specialize in logistics and thus have a larger supply chain network. They have exclusive relationships in the logistics industry and thus have more negotiating power. They can also assist in providing clients with larger volume discounts. All of this can help you save money on overhead. Retailers and manufacturers can save money on infrastructure investments by partnering with a 3PL supply chain management firm, which can provide transportation, warehouse space, staff, and tracking technology, among other things.

An increase in globalization has resulted in various trade-related activities. As a result, manufacturers and retailers struggle to keep track of these activities in a timely manner. 3PL companies assist these manufacturers in keeping track and controlling these activities. This in turn is expected to drive the growth of the 3PL market. Furthermore, the growth of the 3PL market is fueled by the development of the overseas market.

Outsourcing logistics allows businesses to focus on their core competencies rather than managing non-core but critical functions. Without deploying internal resources, businesses can benefit from logistical expertise. This feature is expected to propel the 3PL market forward.

Another benefit of third-party logistics in supply chain management is that it gives businesses the flexibility and scalability to use supply and distribution resources as needed. When sales are down, there are no redundant investments or underutilized resources, and when demand spikes, businesses can scale up. This factor is expected to help the 3PL market grow even faster.

Third-party logistics service providers are in charge of some of the most important aspects of the business, including customs management, distribution, and order fulfillment. Their error is expected to harm the manufacturer's reputation and customer relationships. If a 3PL service provider fails to deliver an order on time, the manufacturing company's creditworthiness suffers, and consumers' trust in the company suffers as a result. This factor is expected to limit the global 3PL market's growth.

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3PL MARKET SHARE ANALYSIS

Based on transportation mode, the Airways segment is projected as the most lucrative segment. 

Based on service type, Dedicated Contract Carriage (DCC) segment is projected as the most lucrative segment Dedicated logistics services have enabled medium-sized businesses to enter the 3PL market, allowing retailers to expand their operations and offerings into semi-urban areas. Furthermore, 3PL gives retailers the freedom to create new products, expand their capabilities, and expand their regional presence.

Based on industry, the Food & Groceries segment is projected as the most lucrative segment.

Based on region, the LAMEA region segment is projected as the most lucrative segment.

Key Market Players:

• DB Schenker,
• DHL International GMBH,
• FedEx Corporation,
• KUEHNE+NAGEL Inc.,
• Maersk,
• Nippon Express,
• Panalpina World Transport Ltd.,
• Union Pacific Railroad,
• United Parcel Service
• H. Robinson Worldwide, Inc.

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SIMILAR REPORTS:

-  The Canada 3PL market was valued at USD 1,580.8 Million in 2019, and is projected to reach USD 3,010.7 Million by 2027, registering a CAGR of 9.0%.

-  The global logistics market size is valued at USD 7641.20 Billion in 2017 and is projected to reach USD 12975.64 Billion by 2027 registering a CAGR of 6.5% from 2020 to 2027.

-  The global express delivery market was valued at USD 262.86 Billion in 2020, and is projected to reach USD 484.38 Billion by 2030, registering a CAGR of 6.4% from 2021 to 2030.

-  The Latin America logistics market was valued at USD 542.40 Billion in 2019, and is projected to reach USD 784.60 Billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.

-  The global Logistics Services (3PL and 4PL) market size is projected to reach USD 1163180 Million by 2027, from USD 832630 Million in 2020, at a CAGR of 5.2% during 2021-2027.

-  The global Last Mile Delivery market size is projected to reach USD 68180 Million by 2027, from USD 35230 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.9% during 2021-2027.

-  The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.

-  The global freight forwarding market size is projected to reach USD 207 Billion by 2026, from USD 170 Billion in 2019 at a CAGR of 2.8% during 2020-2026.

-  Global Automotive Logistics Services (3PL and 4PL) Market Size, Status and Forecast 2021-2027

-  Global 3PL Software Market Insights and Forecast to 2028

-  Global 3PL in Cold Chain Logistics Market Size, Status and Forecast 2021-2027

-  Global 3PL in FMCG Market Size, Status and Forecast 2021-2027

-  Global 3PL Healthcare Logistics Market Size, Status and Forecast 2021-2027

-  Global IT Spending by 3PL Market Size, Status and Forecast 2021-2027

-  Global and China Biopharmaceutical 3PL Market Size, Status and Forecast 2021-2027

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