The Global Third Party Logistics Market is anticipated to reach around USD 1,260 billion by 2026 according to a new research published by Polaris Market Research. The retail segment dominated the global third party logistics market in 2017. In 2017, Asia-Pacific accounted for the majority share in the global third party logistics market.
The rise in global trading with respect to e-commerce and retail has led to an increase in the third party logistics market. Advantages offered by 3PL, such as lesser time taken to complete the process, cost and reliability, has encouraged businesses to invest in it to increase overall efficiency and profitability. Outsourcing logistics operations enables manufacturers and retailers to focus on core competencies. Digitalization and integration of IT software and solutions coupled use of reverse logistics and multi-modal transportation is expected to offer growth opportunities during the forecast period. However, factors such as high initial investment to setup the warehouses, initiate staffing activities, investment in IT and monitoring services and actual delivery solutions might hinder market growth to a certain extent.
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In 2017, Asia-Pacific accounted for the highest share in the global third party logistics market. The growing demand for e-commerce in the region, and rising need for efficient logistics operations across various industries would accelerate the demand for third party logistics services during the forecast period. The increasing economic growth, and increasing demand from countries such as China and India further increases the adoption of Third Party Logistics in the region to also accelerate the market growth during the forecast period. Expansion of global players into these countries to tap market potential boosts the market growth. The increasing disposable income, and improving living standards boost the growth of industries such as retail, automotive, and manufacturing, thereby supporting market growth in the region.
The major players operating in the third party logistics market include FedEx Corporation, Union Pacific Corporation, Kuehne+Nagel Inc., BNSF Railway Company, AmeriCold Logistics, LLC, Landstar System, Inc., Ryder System, Inc., Burris Logistics, DB SCHENKER Logistics, CEVA Logistics.