According to a recent report published by Allied Market Research, titled,"Global 3PL (Third Party Logistics) Market by Mode of Transport, and Service Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global 3PL market was valued at $869 billion in 2017, and is projected to reach $1,513 billion by 2025, registering a CAGR of 7.1% from 2018 to 2025.
At present, Asia-Pacific dominates the market, followed by North America, Europe, and LAMEA. China dominated the global 3PL market in 2017, while Mexico is expected to grow at a significant growth rate in North America during the forecast period.
Factors such as increase in trading activities due to globalization and increase in focus of manufacturers and retailers on core competencies fuel the growth of the 3PL market. In addition, development of the e-commerce industry and increase in reverse logistics operations boost the market growth. However, risk to goodwill of manufacturers hinders the growth of the 3PL market. In addition, reduction in control of manufacturers on logistics service restricts the growth of the market. On the contrary, use of IT solutions & software, cost cutting, and lead time reduction due to adoption of multi-modal system are anticipated to provide growth opportunities for the 3PL market.
Key Findings of the Third-party Logistics (3PL) Market:
- The roadways segment in mode of transport generated the highest revenue in terms of revenue for the global 3PL market in 2017.
- In 2017, domestic transportation management segment was the highest revenue contributor in the service type category.
- The LAMEA region is anticipated to exhibit the highest CAGR during the forecast period.
- In 2017, the Asia-Pacific contributed the highest market revenue, followed by North America, Europe, and LAMEA.
The key players analyzed in this report are DHL, United Parcel Service, FedEx Corporation, Maersk Logistics, DB Schenker, Kuehne+Nagel Inc., NYK logistics, Panalpina World Transport Ltd., Union Pacific Corporation, and BNSF Railway Company.
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