Global Third-party Logistics Market Size To Worth USD 2,247.95 Billion by 2032 | CAGR of 8.3% .

Global Third-party Logistics Market Size To Worth USD 2,247.95 Billion by 2032

According to a research report published by Spherical Insights & Consulting, The Global Third-party Logistics Market size is to Grow from USD 1,012.75 Billion in 2022 to USD 2,247.95 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.

Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on The  "Global Third-party Logistics Market Size, Share, and COVID-19 Impact Analysis, By Service (Dedicated Contract Carriage/Freight forwarding, Domestic Transportation Management, International Transportation Management, Warehousing &Distribution, and Value Added Logistics Services), By Transport (Roadways, Railways, Waterways, and Airways), By End-Use (Manufacturing, Retail, Healthcare, Automotive, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032. "Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/third-party-logistics-market

Third-party Logistics (3PL) refers to a strategic business arrangement where companies outsource their logistics and supply chain management functions to specialized third-party providers. This arrangement allows businesses to focus on their core competencies while leveraging the expertise and resources of 3PL providers to streamline and optimize their logistics operations. 3PL providers offer a wide range of services, including transportation, warehousing, inventory management, order fulfillment, and distribution, tailored to meet the unique needs of their clients. By partnering with 3PL providers, companies can reduce costs, improve efficiency, and enhance their overall supply chain performance.

In 2022, the domestic transportation management segment accounted for around 30.4% market share

On the basis of the service, the global third-party logistics market is segmented into dedicated contract carriage/freight forwarding, domestic transportation management, international transportation management, warehousing & distribution, and value-added logistics services. The Domestic Transportation Management (DTM) segment has secured the largest market share in the third-party logistics (3PL) industry due to its pivotal role in managing the movement of goods within a single country. DTM providers offer expertise in optimizing trucking, rail, and other domestic transportation modes, enabling businesses to enhance supply chain efficiency and cost-effectiveness.

The roadways segment held the largest market with more than 57.5% revenue share in 2022

Based on transport, the global third-party logistics market is segmented into roadways, railways, waterways, and airways. The dominance of the roadways segment in the third-party logistics (3PL) market can be attributed to several factors. Road transportation offers flexibility, accessibility, and cost-effectiveness, making it a preferred choice for domestic and regional logistics. Additionally, the extensive road networks in many regions, coupled with the last-mile delivery demands of e-commerce, have propelled the significance of roadways in the 3PL sector.

The manufacturing segment held the largest market with more than 25.3% revenue share in 2022

Based on the end-use, the global third-party logistics market is segmented into manufacturing, retail, healthcare, automotive, and others. The manufacturing segment has secured the largest revenue share in the third-party logistics (3PL) market due to its critical role in optimizing supply chains for production and distribution. Manufacturers increasingly rely on 3PL providers to streamline their logistics, reduce costs, and enhance operational efficiency. This is particularly crucial in an era of globalized supply chains and just-in-time production.

Asia-Pacific is anticipated to Grow at a fastest CAGR of around 8.7% over the projected period

Based on region, Asia Pacific is anticipated to become the fastest-Growing region in the Third-party Logistics (3PL) market over the forecast period due to economic Growth, the burgeoning e-commerce sector, and expanding manufacturing industries that are driving increased demand for efficient and scalable supply chain solutions. Additionally, the region's vast consumer base and the need for streamlined logistics to meet evolving customer expectations are propelling the Growth of 3PL services. Moreover, Asia Pacific's strategic location as a global trade hub positions it for continued expansion in international trade, further boosting the 3PL market's Growth prospects in the region.

North America boasts the largest market share in the Third-party Logistics (3PL) industry for several compelling reasons. The region benefits from a highly developed and sophisticated logistics infrastructure, with extensive transportation networks and advanced technology adoption. Moreover, a robust e-commerce ecosystem and the presence of numerous large retail and manufacturing companies create substantial demand for 3PL services.

Some of the major players in the global third-party logistics market include BDP International, Burris Logistics, C.H. Robinson Worldwide, Inc., CEVA Logistics, DB Schenker Logistics, FedEx, J.B. Hunt Transport, Inc., Kuehne + Nagel, Nippon Express, United Parcel Service of America, Inc., XPO Logistics, Inc., and Yusen Logistics Co. Ltd.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global third-party logistics market based on the below-mentioned segments:

Third-party Logistics Market, By Service

• Dedicated Contract Carriage/Freight forwarding
• Domestic Transportation Management
• International Transportation Management
• Warehousing &Distribution
• Value Added Logistics Services

Third-party Logistics Market, By Transport

• Roadways
• Railways
• Waterways
• Airways

Third-party Logistics Market, By End-Use

• Manufacturing
• Retail
• Healthcare
• Automotive
• Others

Third-party Logistics Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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