The Global Third Party Logistics market size is estimated to be valued at USD 865 billion in 2018 and will register a CAGR of 9% between 2017 and 2028. There has been significant development in overall industry outlook in last five years. Competition in the industry has increased with tightened regulatory compliances and increased consolidation. As such, the companies are focusing on offering differentiated services to strengthen their market share.
Logistics providers are coming up with various innovative solutions and are actively implementing newer technologies to drive profits over longer time duration. Adoption of various software solutions including ERM and SCM is positively impacting the overall has led to reshaping of the physical trade flow.
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Third party logistics market (3PL Market) will be driven by increase global trade volume. This will further escalate with increased pace of outsourcing. Nearly 85% of Fortune 500 companies rely on 3PL for logistics purpose. While industry is certainly growing at a very impressive rate, absolute market opportunity ceases to be potentially low in Asia Pacific – however, the region has highest addressable demand and represents the largest trade flow. As such, there is high market opportunity for industry players provided well developed strategic decisions are taking to scale up the business operations.
Bekryl’s market research report, Global Third Party Logistics Market Size Analysis and Industry Opportunity, finds Asia Pacific to account for 46.9% of global sales in 2018. Much of the growth in the industry is expected to be from China representing over 56% of regional share in 2017. Concept of e-commerce has well penetrated in the region.
Western Europe trails behind Asia Pacific with 22.2% market share in 2017. The region will create an incremental opportunity of USD 105 billion between 2018 and 2028. Growth in Europe is expected to take place from growing e-commerce business in the region.
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Some key global Third Party Logistics market players are C.H. Robinson, J.B. Hunt Transport, Hub Group, XPO Logistics, UPS Supply Chain Solutions, GoGoVan, Lalamove, SNCF Logistics, DB Schenker Logistics, Landstar, Panalpina Coyote Logistics, Burris Logistics, and Ryder Supply Chain Solutions. These companies are investing heavily on digital platforms to lower down their operational expenses. With such measures, supply chain will be streamlined, thus creating higher market opportunity for engaged players. It is expected that growing manufacturing facilities in South East Asia will shift market dynamics and companies need to adopt inorganic growth strategy to ensure higher profitability from such regions.
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