Third Party Logistics (3PL) Market Analysis, Industry Outlook and Forecast to 2024
by Susan Hill Business ConsultantThe Third Party Logistics
(3PL) Market is expected to grow at a CAGR of over 5 % during the
forecast period (from 2016 to 2024). Rising focus on core business activities
along with reduced shipping costs is expected to spur the growth of the global
market. The introduction of e-commerce coupled with entrepreneurial ventures is
also said to augment the demands for supply chain execution capabilities as
well as specialized logistics. Various factors such as the emphasis on price
and risk containment are said to hinder the market growth. In addition to this,
sluggish economic growth and inconsistent freight volumes are also likely to
hamper the overall market growth over the coming years. The global market is
segregated as services and regions.
The services sector involves
dedicated contract carriage, domestic transportation management, software,
international transportation management, and warehousing & distribution.
The International Transportation Management (ITM) sector led the global market in
2014 and is expected to witness reach USD 340 billion by 2024. It includes
goods brokerage and value-added transport management services. The Warehousing
& Distribution (W&D) sector occupied for more than 23 % of the total
market share in 2014. Other sectors including refrigerated grocery coupled with
pharma applications are likely to witness the maximum growth prospects for
value-added warehousing services in the near future.
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Geographically, the
Asia-Pacific third party logistics (3PL) market dominated the global market in
2014. The regional market is projected to reach USD 390 billion by 2024 growing
at a healthy CAGR of over 6 % from 2015 to 2024. The European 3PL market is
anticipated to reach USD 212 billion by 2024 growing at a CAGR of over 3 %
during the estimated years.
The North American regional
market is said to reach USD 270 billion by 2024. The region is expected to
witness lucrative growth opportunities on account of steadily decreasing
transportation charges and labor costs in the United States as well as Mexico.
In addition to this, rapid improvement in technology logistics software is said
to boost the growth of the market across the region in the next few years.
The major players in the
third party logistics (3PL) market are Expeditors International; UPS Supply
Chain Solutions; and Kuehne + Nagel International AG.
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Created on Oct 3rd 2017 05:24. Viewed 467 times.