According to the report published by Allied Market Research, the global third-party logistics (3PL) market garnered $1,250.50 billion in 2021 and is estimated to generate $2,828.60 billion by 2031, manifesting a CAGR of 8.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
3PL Market Report Coverage & Details:
|Market Size in 2021||$1,250.50 billion|
|Market Size in 2031||$2,828.60 billion|
|No. of Pages in Report||290|
|Segments Covered||Mode of Transport, Service Type, Industry, and Region|
|Drivers||Increase in trading activities due to globalization|
Growth in the manufacturing industry
Development of the e-commerce industry
|Opportunities||The surge in the use of IT solutions and software |
Rise in demand for consumer electronics
|Restraints||Lack of control of manufacturers on logistics service |
Poor infrastructure and higher logistics costs
• Important supply chains in the logistics and transportation industry were hampered, as a consequence of the coronavirus outbreak, though differently across air, freight, and sea sectors. In addition, logistics firms, which are involved in the movement, storage, and flow of goods, have been directly affected by the COVID-19 pandemic. The supply chain disturbance created by the COVID-19 pandemic negatively impacted competitiveness, economic growth, and jobs lost in the logistics industry.
• Although some industries struggled during the pandemic, some thrived such as healthcare & pharmaceuticals, e-commerce, and the daily essentials goods industry, which affected the logistics industry positively during the COVID-19 outbreak globally.
• In India, manufacturing activity opened, resulting in increased demand for logistics services, particularly after June 2022. India reported a strong recovery in FY2021, with a growth of 9% sequentially in Q4 FY2021. This rapid digital transformation encompassed a diverse spectrum from healthcare to manufacturing to logistics, which in turn propels the third-party logistics (3PL) market.
• Also, in the post-covid era, the market observed rising activity from new and emerging players. The number of startups that accept funding is growing constantly. Technology plays a significant role in the third-party logistics industry with the rise in the e-commerce industry. Autonomous vehicles, automated parcel lockers, and drone delivery have become vital technologies developing in the market.
The research provides detailed segmentation of the global third-party logistics (3PL) market based on the mode of transport, service type, industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on the mode of transport, the roadways segment held the highest share in 2021, accounting for more than two-thirds of the global third-party logistics (3PL) market, and is expected to continue its leadership status during the forecast period. However, the airways segment is expected to register the highest CAGR of 9.9% from 2022 to 2031.
Based on service type, the domestic transportation management segment held the highest share in 2021, accounting for more than two-thirds of the global third-party logistics (3PL) market, and is expected to continue its leadership status during the forecast period. However, the dedicated contract carriage (DCC) segment is expected to register the highest CAGR of 12.2% from 2022 to 2031.
Based on industry, the technological segment accounted for the highest share in 2021, holding more than two-thirds of the global third-party logistics (3PL) market, and is expected to continue its leadership status during the forecast period. However, the healthcare segment is estimated to grow at the highest CAGR of 11.3% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global third-party logistics (3PL) market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, Europe is estimated to manifest the fastest CAGR of 10.7% during the forecast period.
Leading market players of the global third-party logistics (3PL) market analyzed in the research include A.P. Moller – Maersk, C.H. Robinson Worldwide, Inc., DB Schenker, DHL International GmbH, DSV, FedEx Corporation, GEODIS, Kuehne+Nagel Inc., UPS, and XPO Logistics Inc.
The report provides a detailed analysis of these key players in the global third-party logistics (3PL) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.