Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Third Party Logistics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, July 28, 2021 (GLOBE NEWSWIRE) -- The Global Third Party Logistics Market is expected to grow at a CAGR of around 7.5% from 2021 to 2028 and expected to reach around US$ 1,800.1 Bn by 2028.
Asia Pacific dominates; North America to register reasonable share for the third party logistics market
Asia Pacific is expected to hold a dominant share of the third-party logistics market and to maintain this trend throughout the forecast period. This is due to the increased influx of the e-commerce market as a result of the widespread use of smart phones and internet services. With India on the cusp of third-party logistics, high-level government initiatives such as Digital India, Make in India, Start-up India, Skill India, and the Innovation Fund are critical to the growth of e-commerce. As a result, the high influx of technologically driven solutions is a key factor that contributes to the growth of regions, ultimately driving the global third party logistics market.
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On the other hand, North America has had a reasonable share of the third-party logistics market in the past and will continue to grow rapidly in the coming years. According to Statista data, third-party logistics is expanding in the US market. Revenue has increased year on year until 2019 when total revenue reached US$231.5 Bn. Furthermore, technological advancements and high optimization of supply chain drivers involving modern transportation, information, and warehousing are key factors that contribute positively to regional growth, ultimately contributing to the global third party logistics market.
Key Takeaways:
According to a report released by the United States Department of Transportation, the majority of companies have turned to outsourcing services that are not core to their line of business operations over the last few decades. Because transportation and warehousing are the two most commonly outsourced activities, the third-party logistics market has grown significantly. Third-party logistics providers are a significant type of logistics intermediary in the freight industry. These companies generate more than US$100 Bn in revenue and pay out more than US$50 Bn to transportation carriers. Such factors have become increasingly important for the expansion of the global third-party logistics market.
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COVID-19 impact on the global third party logistics market
With COVID-19 restrictions allowing stay-at-home orders and business shutdowns, value-added warehousing and distributions (VAWD) experienced significant growth in B2C fulfillment activity in the first half of 2020. Globally, third-party logistics revenues reached US$951 Bn in 2019, representing a 2.1% increase over 2018, compared to a 9.1% increase in 2018. COVID-19 has resulted in a 2.9% decrease in 3PL revenues worldwide.
Segmental Analysis
The global third party logistics market is segmented based on service, transport, and end-use. Based on service, the market is segmented as dedicated contract carriage (DCC)/freight forwarding, domestic transportation management (DTM), international transportation management (ITM), warehousing & distribution (W&D), and value-added logistics services (VALs). By transport, the market is segregated as roadways, railways, waterways, and airways. Furthermore, end-use is segmented as manufacturing, retail, healthcare, automotive, and others.
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Competitive Analysis
The global players of the third party logistics market involve BDP INTERNATIONAL, C.H. Robinson, CEVA Logistics, DSV Panalpina A/S, DB Schenker, FedEx Corporation, J.B. Hunt Transport Services, Inc., Kuehne + Nagel International AG, Nippon Express Co., Ltd., United Parcel Service, and among others
- In November 2019, Universal Logistics Holdings, Inc., announced acquisition with Roadrunner Intermodal Services, LLC, Morgan Southern, Inc., Wando Trucking, LLC, and Central Cal Transportation, LLC (collectively, “Roadrunner Intermodal”) from Roadrunner Transportation Systems, Inc. Through the acquisition of Roadrunner Intermodal, Universal expects its intermodal drayage business to operate and function within an estimated fleet of 2,500 tractors, transact business from 49 terminals strategically located throughout the US and produce future annual revenue in excess of US$500 Mn.
- In August 2019, DSV announced the acquisition of Panalpina. Through this acquisition, both companies will strive to offer customer experience worldwide and in prominent industry verticals. Furthermore, DSV expects to achieve annual cost synergies of around US$349.1 Mn. This will enhance the consolidation of operations, logistics facilities, administration, and IT infrastructure.
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