The global third-party logistics market size is estimated to be valued at US$ 2,144 Bn by 2032, expanding at a 7.6% CAGR during the forecast period from 2022 to 2032. The growing popularity of e-commerce and the development of smart technologies are likely to provide a significant boost to the market in the forecast period.
The dynamic nature of the market makes it challenging for the manufacturers to keep a track of their activities, thereby, making it a demanded service in the current period. Prospects suffered a major setback during FY 2020, when the COVID-19 pandemic was at its worst. Sudden disruptions in industrial activity due to the imposition of lockdowns negatively affected output, causing a cessation in logistical activity.
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Key Takeaways from the Market Study :
- The global third-party logistics market size is estimated at USD 1,031 Bn in 2022
- North America to emerge as an opportunistic market, accumulating 40% revenue
- APAC to be the fastest-growing region with a CAGR of 10% during the forecast period.
- Domestic Transportation Management segment to procure about 32% of the market share in 2022
- The manufacturing segment is expected to have acquired more than 24% of the global revenue share in 2022
“The rapid expansion of the e-commerce, especially in developing countries is likely to generate significant opportunities for expansion in the coming time.” – says an analyst at Fact. MR.
Key Market Segments Covered in the Global Third-Party Logistics Market
By End Use :
- Automotive Third Party Logistics
- Manufacturing Third Party Logistics
- Healthcare Third Party Logistics
- Retail Third Party Logistics
- Other Third Party Logistics
By Transport :
- Airway Third Party Logistics
- Railway Third Party Logistics
- Roadway Third Party Logistics
- Waterway Third Party Logistics
By Service :
- Value Added Logistics Services (VALs)
- Domestic Transportation Management (DTM)
- Warehousing &Distribution (W&D)
- Dedicated Contract Carriage (DCC)/Freight forwarding
- International Transportation Management (ITM)
The eminent players of the market adopt various technologies and methods to strengthen their global influence. They make aggressive investments in R&D to add innovations to their products and secure the forefront position in the global market. Further, collaborations, partnerships, and acquisitions are some of the adopted methods to enhance their reach in the global competition. Some of the recent key developments among the players are:
- In January 2022, Microsoft and FedEx disclosed a new cross-platform logistics solution for e-commerce. It focuses on intensifying the merchant competition in the e-commerce space by multiplying customer engagement and providing better shipping options.
- In January 2022, CEVA Logistics disclosed its plan to expand its reach between Asia and Europe. It announced some of its new services and updated the existing services. Now, Turkey is in the company’s network as it provides daily connections between Duisburg in Germany and Halkali Terminal with its equipment. It also gives a block train solution that links Vietnam and Germany through China with trips on a weekly basis.
- In January 2022, BJ’s Wholesale Club inked an agreement to secure the assets and operations of four distribution centers and other private transportation fleets from its partner, Burris Logistics. According to the agreement, the transaction will allow BJ’s to insource its perishable supply chain. The terms of the agreement were not made public.