As stated in our extensive report, the Global Third Party Logistics Market accounted for USD 931.5 Billion in the year 2021.
The companies that provide most of the transportation services to the purchasing company are known as third-party logistics companies. Globalization, visible organization, time & cost competition, and high customer awareness positively impact the export goods market. Key features of the market include service cost efficiency, corporate control, and technological advancement. Rising globalization trends are encouraging several companies to outsource their logistics activities to third-party suppliers, boosting industry growth. In addition, the increase seen in the trend of e-commerce in the market has resulted in increased freight transportation and has created several opportunities for 3PL providers.
E-Commerce sector sales saw a continuous increase in demand. Furthermore, last-minute deliveries in the market are becoming more serious as customers/public expect fast shipping and delivery that has become more specific regarding their delivery demands. As a result, supply chain management has become an important part of the business, motivating shippers to turn to 3PL providers to fulfill last-minute requirements to meet customer demands. Moreover, the restructuring of the brick-and-mortar business model continues to provide dynamic growth for the industry. However, the lack of direct control and monitoring of the manufacturer's services is expected to hamper the growth of the third-party asset market during the forecast period.
North Americaholds the major share in the GlobalThird Party LogisticsMarket. And it will rise by the present administration's new economic policies, along with improving rail, road, sea, and air infrastructure, and the growth of logistics firms in the region focusing on technological advancements. Furthermore, increasing investments in this industry from both traditional logistics and new e-commerce firms are analyzed to propel the market ahead. The market is likely to witness continued investment in trains, bridges, and airways across the region's emerging economies, which will boost warehousing and logistics demand, thereby expected to drive the market growth in the region.
Some of the key players in the GlobalThird Party Logistics MarketincludeBDP International, Burris Logistics, C.H. Robinson Worldwide Inc., CEVA Logistics, DSV, DB Schenker Logistics, FedEx, J.B. Hunt Transport Inc., Kuehne + Nagel, Nippon Express, United Parcel Service of America Inc., XPO Logistics Inc., Yusen Logistics Co. Ltd., and others.