3PL Market (Third Party Logistics Market) Report, published by Allied Market Research, forecasts that the global market is expected to garner $1,110 billion by 2022, registering a CAGR of 5.16% during the period 2016-2022. Major volume of goods transported across the world is done through roadways and waterways which constitutes for close to two-thirds of the global 3PL market.
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3PLs constitutes outsourced activities related to logistics, warehousing and distribution. These services go beyond logistics and include value-addition to the entire process from procurement of goods to the distribution of furnished products to the customers establishing an effective and efficient supply chain. 3PL services are used by retailers and manufacturers to focus on their respective core competencies by outsourcing secondary services. Moreover, advanced IT solutions like EDI (Electronic Data Interchange), VMI (Vendor Managed Inventory), etc., are enhancing the growth of 3PL market.
The global 3PL market is poised to witness significant growth during the forecast period owing to increase in e-commerce industry and trade activities around the globe, inclination of manufactures and retailers towards enhancing their core competencies for enhance profitability. Moreover, varied government rules and regulations in different countries make manufacturers uneasy which is increasing the demand of 3PL expertise companies to deal with them. However factors like lack of control on outsourced activities and risk to reputation or business due to inefficiency of 3PL service provide is hampering the growth of this market.
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Key findings of Third Party Logistics (3PL) Market:
- Asia-Pacific region is projected to occupy the highest market share, registering a CAGR of 6.67%.
- Roadways and waterways are expected to be the major mode of transportation used by 3PL companies.
- Developed countries, including China, are using double decker goods train to increase the quantity of goods transported.
- Almost 50% of the services providers are under dedicated contract carriage and domestic transport management.
Increase in free trade agreements between the countries is evolving the market of 3PL companies. Asia Pacific is expected to be the largest as well as fastest growing geography at a CAGR of 6.67% over the forecast period. More than half of the 3PL market in Asia pacific was occupied by China in 2014, while India is anticipated to grow at the highest CAGR of 8.13% during the forecast period.
Growth in the trade activities around the globe and increase in the e-commerce industry has increased the demand of the 3PL companies. Technological advancement and use of IT solution is expected to drive the market in the forecast period. The key companies profiled in this report are FedEx Corporation, DB Schenker logistics, Kintetsu World express, Kuehne+Nagel Inc., Penske, C.H. Robinson, Geodis, DAMCO (The Maersk Group), Panalpina World Transport Ltd., and Yusen Logistics Co. Ltd.
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