Selbyville, Delaware, Nov. 08, 2022 (GLOBE NEWSWIRE) — The third-party logistics market is expected to see a valuation of $3 trillion by 2032, according to a new research report by Global Market Insights Inc. Rising demand for reverse logistics in the retail sector is increasing the deployment of 3PL services. The emergence of e-commerce has transformed the retail landscape by making it easier to buy and sell goods and make product returns or recalls using smartphones and similar mobile devices. Consumers around the world purchase goods and services using e-commerce which promotes the implementation of reverse logistics.
Warehousing and distribution solutions segment 3PL market will register appreciable revenue during the forecast period. Automated warehouse and distribution systems are used to quickly transport products in a safe and sustainable manner. Companies, in turn, are introducing new technologies to advance third-party logistics services.
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The third party logistics (3PL) market share of the maritime mode segment is expected to exceed more than 5% CAGR between 2023 and 2032. to countries with medium to low economies. Sea transport is affordable, inexpensive and sustainable compared to other modes of transport. With growing concerns over shipping-induced pollution, the preference for shipping is likely to increase, amplifying the need for 3PL services to ensure optimal shipping freight management.
The manufacturing application segment accounted for around 5% of the third party logistics market share in 2022. The manufacturing sector relies on 3PL services to source raw materials and deliver products to end consumers. 3PL service providers use their expertise to venture into new markets, allowing manufacturers to expand their business scope. The robust applicability of 3PL services will thus increase their adoption in manufacturing operations for managing complex supply chains.
European 3PL market held more than 15% of the revenue share in 2022. The increasing implementation of advanced technologies in the logistics sector has boosted the adoption of 3PL services in the region. The use of truck platoon, which connects trucks to automated driver assistance systems to streamline convoying, is becoming a mainstream trend in the European logistics industry.
For example, the EU co-funded the ENSEMBLE project with many global partners to deploy multi-brand truck platoons to improve road transport safety in Europe. These technological advancements, in addition to growing import and export initiatives, will positively influence the growth of the regional industry.
Some of the companies operating in the third party logistics market include AmeriCold Logistics LLC, BDP International, Burris Logistics, CH Robinson Worldwide, DB Schenker Logistics, DHL Supply Chain, DSV A/S (UTi Worldwide, Inc.), Echo Global Logistics, Washington Expeditors International, FedEx, GEODIS, JB Hunt, Kintetsu World Express, Inc., Kuehne + Nagel International AG, Landstar System, Inc., Nippon Express Co., Ltd, Penske Logistics, Inc., Ryder Supply Chain Solutions, Schneider National, Inc. and SinoTrans (HK) Logistics Limited. These leaders focus on various strategies such as partnerships, mergers and acquisitions to develop their logistics capabilities and venture into new regions.
For example, in September 2022, DHL Supply Chain announced plans to invest US$489.3 million over five years to grow its workforce, capabilities and sustainability initiatives in India. With this investment, the company will own and operate wholly-owned multi-client sites in the country. The agreement also includes the addition of approximately twelve million square feet of warehouse space to the Group’s existing portfolio.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Third Party Logistics Market Overview
3.2 Impact of the COVID-19 outbreak
3.3 Impact of the Ukraine–Russia War
3.4 Industry Ecosystem Analysis
3.5 Technology and innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Drivers of growth
22.214.171.124 Growing Application of Reverse Logistics in Retail
126.96.36.199 Technological Advancements in Logistics and SCM in the United States
188.8.131.52 Growing demand from manufacturing industry to manage inventory and supply chain in Europe
184.108.40.206 Government initiatives encouraging Asia-Pacific market growth
220.127.116.11 Emerging e-commerce industry in South America and MEA
3.7.2 Industry Pitfalls and Challenges
18.104.22.168 Lack of logistical control
22.214.171.124 Risks related to cross-border transport
3.8 Main initiatives and news
3.9 Analysis of growth potential
3.10 Consumer Analysis
3.11 Porter’s analysis
3.12 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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