Pune, India, Feb.23, 2022(GLOBE NEWSWIRE) -- The global third party logistics market size is expected to grow from USD 976.2 billion in 2021 to USD 1,701.2 billion in 2028, exhibiting a CAGR of 8.26% during the forecast period. The availability of custom-made services and the rising adoption of advanced technologies are expected to bolster market growth. Fortune Business Insights™ provides this information in its report titled “Third Party Logistics Market, 2021-2028.”
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|Forecast Period 2021 to 2028 CAGR||8.26%|
|2028 Value Projection||USD 1,701.2 billion|
|Market Size in 2020||USD 976.2 billion|
|Historical Data for||2017-2019|
|No. of Pages||150|
|Segments covered||Mode of Transportation, Service Type, Geography, Industry|
|Growth Drivers||Increased Use Of Emerging New Game-Changing Technologies In 3PL Business to Set a Positive Trend For Market Growth|
|Rise In E-Commerce Business and Policy support to Drive The Market Growth|
|Infrastructure Limitation, Shortage of Logistics Experts, And Regulatory Issues Can Restrain The Growth Of The Market|
This Third Party Logistics Market is expected to be negatively affected by the COVID-19 pandemic due to the imposition of trade restrictions and lockdowns. Strict government regulations led to the adoption of lockdown procedures, thereby affecting several industries.
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Market Growth Drivers:
Significant developments in the e-commerce business are expected to boost third party logistics’ adoption. The rising demand for instant and timely delivery is expected to rise with the Internet of Things (IoT) adoption globally.
The rising demand for 3PL service providers in tier 3-5 cities is expected to boost adoption. Moreover, significant government investments in the adoption and development of such services are expected to boost Third Party Logistics Market development.
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Asia Pacific is expected to dominate the third party logistics market share due to the incorporation of warehouse projects and solutions in the supply chain. The market in Asia Pacific stood at USD 483.6 billion in 2020 and is expected to gain a huge portion of the global market share.
In North America, partnership among logistics service providers, joint ventures, and the incorporation of new services are expected to bolster market development.
Prominent companies operating in the Third Party Logistics Market adopt expansion strategies to enhance their footprint. For example, in October 2021, Nippon Express established its Belgrade Branch to expand logistics services, expand its footprint, and meet diversifying logistics demand in Central and Eastern Europe. This strategy may enable the companies to expand their market expansion.
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Key Prominent Players Covered in the Third Party Logistics Market:
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