USD 1045.93 Billion
Report ID: SQSG20R2001 | Region: Global | Published Date: June, 2022 | Pages: 165 | Tables: 98 | Figures: 66
The Global Third Party Logistics Market was valued at USD 1045.93 Billion in 2021, and it is expected to reach a value of USD 1924.31 Billion by 2028, at a CAGR of 9.10% over the forecast period (2022 - 2028).
Third-party logistics refers to a company's capacity to outsource logistics and distribution activities. Inventory management, cross-docking, door-to-door delivery, and product packing are all services that third-party logistics companies can provide. Attributing to the e-commerce industry's growth, the third-party logistics services market is predicted to rise significantly. Furthermore, demand for this service is likely to rise in the near future as manufacturers and retailers focus on their core business (referred to as core competencies) and increasing interest in subcontracting activities such as logistics, which require expertise. As a result of the growing competition, manufacturers' focus has turned to promoting each specialization in manufacturing and distribution.
The outbreak of COVID-19 severely impacted the growth of the market. Retailers and brands in North America were experiencing a variety of short-term issues related to supply chain activities through retailers, distributors, and third-party logistics providers as a result of COVID-19. As a result, countries like the United States and Canada have limited the amount of logistics services they provide. The COVID-19's detrimental impact on market growth has been minimized with which lockdown restrictions can be implemented, as well as an emphasis on the effective restoration of food industry-related supply chain operations. However, post-COVID-19, the industry is on its path to recovery.
Global Market Size
USD 1045.93 Billion
Domestic Transportation Management
Domestic Transportation Management
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The Global Third Party Logistics Market is segmented on the basis of Transport, Service Type, Industry, and Region. Based on Transport, the market is segmented into Railways, Roadways, Waterways, and Airways. Based on Service Type, the market is segmented into Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management, Warehousing & Distribution, and Others. Based on the Industry, the market is segmented into Technological, Automotive, Retailing, Manufacturing, Elements, Food & Groceries, Healthcare, and Others. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Transport
In 2021, the roadways segment of the market is projected to hold the most lucrative share of more than 30% of the market. The segmental growth of the market is attributed to the growing public-private partnerships model and increased emphasis on logistics infrastructure. In addition, the growth of the road transportation industry is aided by a number of government initiatives. The Federal Motor Carrier Safety Administration has issued regulations allowing the use of cameras as a substitute for rearview mirrors, which are intended to help truck drivers in terms of safety. Such aforementioned factor is likely to encourage the roadways transportation, which hence, will contribute to the third-party logistics market growth.
Analysis by Service Type
In 2021, the domestic transportation management segment of the market is projected to hold the most lucrative share of more than 30% of the market. The segmental growth of the market is attributed to the increased preferences for domestic transportation management over other service types. Domestic transportation management services are provided in collaboration with freight brokers, who handle shipments from point of origin to point of destination. The segmental growth is due to increased trade movement from unloading docks to warehouses, rising carrier costs, an increase in cross-docking services, and rising fuel surcharges. The segment's growth is also aided by rising consumer demand in areas such as retail and healthcare, as well as sustained GDP growth in various countries. The demand for international transportation management services has increased as global economic activity has continued to grow and the e-commerce sector has grown. This thus has contributed to the segmental growth of the global third-party logistics industry
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Based on the geographical viewpoint, the global third party logistics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the presence of numerous third party logistics service providers in the emerging economies of the region such as China and India. Over 10,000 third-party logistics service firms are estimated to be active in China. Many of them are small and mid-sized businesses. China accounts for a sizable portion of the Asia-Pacific third party logistics industry. With a market share of more than 60%, China dominates the third party logistics market in the Asia-Pacific region. India is another important market that is predicted to grow rapidly throughout the projection period. The ongoing development of logistics infrastructure and increasing emphasis on transportation practices, for instance, Logistics Efficiency Enhancement Program (LEEP) are likely to contribute to the market growth in the country
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, among the transport, the roadways segment is projected to hold a dominating share during the period. Among the service type, the domestic transport management segment is projected to hold a dominating share during the period. Among the industry, the manufacturing segment is projected to hold a dominating share during the period.
|Market size value in 2021||USD 1045.93 Billion|
|Market size value in 2028||USD 1924.31 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Third Party Logistics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Third Party Logistics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20R2001