Dublin, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Third-Party Logistics Market, By Mode of Transport, By Service, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global third party logistics market was valued at USD 1,032 Billion in 2021 and is forecasted to reach USD 1,656.7 Billion by the year 2027. The market is anticipated to register a CAGR of 8.2% over the projected period.
Third party logistics or 3PL or TPL involves hiring of a third party businesses by an organization for outsourcing elements on its warehousing, distribution, and fulfilment services. Increase in trading activities due to globalization is expected to boost the market growth. Furthermore, rise in focus of manufacturers and retailers on core competencies is also expected to fuel the market growth.
Despite the driving factors, issues over dependency are expected to hinder the market growth during the forecast period. Also, loss of direct control on the logistics is also expected to negatively impact the market growth. The COVID-19 pandemic put a unprecedented stress on logistics as well as transportation services. Hence, the pandemic restrained the market growth.
Increase in trading activities due to globalization
Rapidly improving global economy along with the changing market conditions is leading to globalization. This is also increasing the trading activities, which makes it difficult for various organizations to control their activities as well as track them. Hence, various organizations partner with other companies for outsourcing their logistics activities. Hence, growing trading activities for globalization is expected to boost the market growth.
Rise in focus of retailers and manufacturers on their core competencies
Retailers and manufacturers are increasing their focus on core competencies to sustain the intense competition in their respective markets. Due to this, they are outsourcing their other supporting activities to third party vendors. One of the major activities outsourced includes logistics. Hence, rise in focus of manufacturers and retailers on core competencies is anticipated to fuel the market growth.
The roadways segment is expected to hold the largest market share of around 44% owing to increasing emphasis on logistics infrastructure. Moreover, the airways segment is anticipated to witness the fastest growth rate of approximately 8.2% owing to growing preference of air transport owing to speedy transport of goods, especially medical equipment.
The domestic transportation management segment is estimated to hold the largest share of the market owing to growing trade movement among the unloading dock to a warehouse and increasing carrier charges. The dedicated contract carriage (DCC) segment is expected to grow at the fastest rate of over 10% during the projected period.
The technological segment is estimated to hold the largest market share of more than 28% owing to increasing demand of third party logistics by technological companies. The healthcare segment's market size is approximately 37% of the automotive segment's market size in 2021 and 41% by 2027.
The Asia Pacific region is expected to hold the largest market share and is also expected to grow at the fastest rate of 8.9% during the projected period. this is owing to availability of cheap as well as skilled labor in the Asia Pacific countries, such as India and China.
Key players operating in the global Third Party Logistics market include DHL International GmbH (Deutsche Post DHL Group), Kuehne+Nagel Inc., DB Schenker (DB Group), Nippon Express, C.H. Robinson Worldwide, Inc., Union Pacific Corporation, Fedex Corporation, United Parcel Service (UPS), Panalpina World Transport Ltd, Maersk, and Other Prominent Players.
These key players in the market are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in November 2021, DHL Express expanded its airfreight capacity for meeting the growing intra-Asia demand as well as between the U.S. and Asia Pacific.
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Global Third Party Logistics Market
Chapter 4. Global Third Party Logistics Market Overview
4.1. Industry Value Chain Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Dynamics and Trends
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Bn), 2017 - 2027
4.8. Regulatory Landscape
4.9. Competition Dashboard
4.9.1. Market Concentration Rate
4.9.2. Company Market Share Analysis (Value %), 2020
4.9.2. Competitor Mapping
Chapter 5. Third Party Logistics Market, By Product
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
Chapter 6. Third Party Logistics Market, By Service
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
6.2.1. Dedicated Contract Carriage (DCC)
6.2.2. Domestic Transportation Management
6.2.3. International Transportation Management
6.2.4. Warehousing & Distribution
Chapter 7. Third Party Logistics Market, By End User
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
7.2.5. Food & Groceries
Chapter 8. Third Party Logistics Market, By Region/ Country
8.1. Key Insights
8.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
Chapter 9. North America Third Party Logistics Market Analysis
9.1. Key Insights
9.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
9.2.1. By Product
9.2.2. By End User
9.2.3 By Service
9.2.4. By Country
Chapter 10. Europe Third Party Logistics Market Analysis
Chapter 11. Asia Pacific Third Party Logistics Market Analysis
Chapter 12. Middle East & Africa Third Party Logistics Market Analysis
Chapter 13. South America Third Party Logistics Market Analysis
Chapter 14. Company Profiles
Dhl International Gmbh (Deutsche Post Dhl Group)
Db Schenker (Db Group)
C.H. Robinson Worldwide, Inc.
Union Pacific Corporation
United Parcel Service (Ups)
Panalpina World Transport Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/rx17on
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900