What is the global market size of Third Party Logistics Market?

Third Party Logistics Market size was valued at USD 936 billion in 2021 and is poised to grow from USD 1034.43 billion in 2022 to USD 2199.08 billion by 2030, growing at a CAGR of 10.7% in the forecast period (2023-2030).

Global Third Party Logistics Market Size, Share, Growth Analysis, By Transport(Railways, Roadways), By Service Type(Dedicated Contract Carriage (DCC), Domestic Transportation Management), By Industry(Technological, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG20R2029 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 98 | Figures: 76

Global Third Party Logistics Market Insights

Third Party Logistics Market size was valued at USD 936 billion in 2019 and is poised to grow from USD 1034.43 billion in 2023 to USD 2199.08 billion by 2031, growing at a CAGR of 10.7% in the forecast period (2024-2031).

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.

US Third Party Logistics Market is poised to grow at a sustainable CAGR for the next forecast year.

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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. 'DHL Group ', 'Ceva Logistics ', 'DB Schenker', 'Kuehne + Nagel', 'C.H. Robinson', 'Nippon Express', 'UPS Supply Chain Solutions', 'DSV Panalpina', 'XPO Logistics', 'Expeditors International', 'Sinotrans', 'Geodis', 'Agility Logistics', 'Bolloré Logistics', 'Yusen Logistics', 'Pantos Logistics', 'Kerry Logistics', 'CHINA POST', 'Rhenus Logistics', 'CJ Logistics'

The key factor that drives the industry growth includes the increased trade activities across the globe. Globalization is fueled by dynamic market conditions and improvements in the global economy. As a result of increased globalization, various trade-related activities have increased. As a result, manufacturers and retailers struggle to maintain track of these operations promptly. Third party logistics services assist these manufacturers in keeping track and controlling these activities. The market is projected to be driven by this aspect. Furthermore, the expansion of the global market is a major driver driving the third-party logistics sector forward. Third party logistics services are becoming increasingly important for price-conscious customers who demand a larger selection of high-quality products delivered on time. As a result, the expansion of the third-party logistics industry is fueled by an increase in trading activities as a result of globalization.

One of the key trends in the global third party logistics market is the integration of novel technologies. Technology plays an important role for shippers as well as service providers. For pricey and sophisticated technology solutions, shippers are increasingly relying on third-party logistics. Users are increasingly turning to their logistics providers for help with supply chain event management (SCEM), transportation management systems (TMS), international trade logistics systems (ITLS), and warehouse management systems (WMS). Furthermore, third-party service logistics providers can purchase and apply these technologies/software in their operations to maximize productivity. Furthermore, utilizing this cutting-edge technology software aids in achieving significant operational efficiencies.

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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Global Third Party Logistics Market Size, Share, Growth Analysis, By Transport(Railways, Roadways), By Service Type(Dedicated Contract Carriage (DCC), Domestic Transportation Management), By Industry(Technological, Automotive) - Industry Forecast 2024-2031

Global Third Party Logistics Market Insights

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