The global third-party logistics (3PL) market is predicted to touch USD 1,893.72 billion at an 8.4% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
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Increasing Adoption by SMEs to Handle Complex Supply Chain Activity to Boost Market Growth
The volatile international documentation procedure & customs rules and regulations require the expertise for handling the complex supply chain activity. Thus SMEs are leveraging the third-party logistics (3PL) services which will boost market growth over the forecast period.
Advent of E-commerce Services and Portals to offer Robust Opportunities
The advent of e-commerce portals and services will offer robust opportunities for the market over the forecast period. The constant development process in the e-commerce industry is offering end-users the freedom of customized experience with utmost comfort. Thus this shift in the behavior of the consumer has introduced tremendous opportunities for the market.
Loss of Reputation to act as Market Restraint
The potential loss of reputation and loss of direct control on the logistics services may act as market restraints over the forecast period.
Risks Associated with Cross Border Transportation to act as Market Challenge
The risks associated with cross border transportation will act as a market challenge over the forecast period.
The third party logistics (3PL) market has been exposed to major challenges owing to the COVID-19 outbreak. Following the emergence of the virus, there has been lockdowns in across the globe along with social distancing trends. The growth of the market rests entirely on the accessibility of the transport chains as well as the market demand of the end-users. The delivery routes have been disrupted for the lockdowns. Besides, the crisis has also impacted the per capita economy of leading consumer countries. The imbalance between supply and demand turns out to be rough on the market. Lack of storage warehouses creates management in the market extremely difficult. The restrictions on borders of infected areas and unequal transactions of outgoing and incoming goods are key obstacles to the market growth.
The third-party logistics market is segmented based on application, mode of transport, and service.
By service, the domestic transportation segment will lead the market over the forecast period.
By mode of transport, the roadways segment will dominate the market over the forecast period for the growth of the retail industry.
By application, the manufacturing segment will spearhead the market over the forecast period for the booming construction industry.
Global 3PL Market – Regional Analysis
Asia Pacific region dominates the global 3PL Market. The largest market share attributes to the spurring rise in the logistic industries across the region and advancements in logistic technologies. Besides, the vast base of third-party logistics service providing companies offering faster and cost-efficient shipping to various product or service-oriented industries influences the region’s 3PL market shares.
Moreover, economically and technologically developing countries such as China, Japan, and India play a causal role in developing the market, offering substantial growth opportunities for the market players.
Global Third-Party Logistics Market – Competitive Analysis
Highly competitive, the global 3PL market appears fragmented due to the presence of several well-established players. Industry players are increasingly forming strategic partnerships and other approaches, such as mergers & acquisitions, collaboration, expansion, and product launch, to gain a competitive share.
Players leading the 3PL market include C.H. Robinson Worldwide (US), BDP International Inc. (US), CEVA Logistics (Switzerland), FedEx Corporation (US), DSV Panalpina A/S (Denmark), Burris Logistics (US), DB Schenker Logistics (Germany), DHL International GmbH (Germany), Nippon Express (Japan), and Kerry Logistics (Hong Kong), among others.
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Sep.09, 2021 --- Berkshire Grey, a leading provider of AI-enabled robotic solutions, announced its partnership with advanced handling systems (AHS), a leading system integrator of fulfillment & distribution solutions, to boost robotics solutions developments.
The company would be able to deliver next-generation warehouse robotics to the world’s largest eCommerce and third-party logistics (3PL) providers. This partnership would help companies grow despite the labor shortages and logistics challenges that are straining the supply chain, combining AI-enabled robotic automation and system design and integration services.
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