Third-party Logistics (3PL) Market to Reach $1,513.11 Bn, Globally, by 2025 at 7.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 8, 2018 /PRNewswire/ --
Upsurge in trading activities due to globalization, improved focus on core competencies by manufacturers & retailers, and growth of e-commerce industry would drive the growth of the global 3PL market through 2025
Allied Market Research published a report, titled, Third-party Logistics (3PL) Market by Mode of Transportation (Railways, Roadways, Waterways, and Airways) and Service Type (Dedicated Contract Carriage (DCC), Domestic Transportation Management, International Transportation Management, Warehousing & Distribution, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides detailed analyses of the driving forces & opportunities, major market segments, top investment pockets, key player positioning, and competitive landscape. According to the report, the global third-party logistics (3PL) market was valued at $869 billion in 2017, and is estimated to reach $1,513.11 billion by 2025, registering a CAGR of 7.1% from 2018 to 2025.
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Significant growth of the e-commerce industry and increased focus on core competencies among manufacturers & retailers drive the growth of the market. Moreover, surge in trading activities due to rapid globalization supplements the market growth. However, lack of direct control on logistics services hampers the growth of the market. Conversely, implementation of IT solutions & software and reduction in cost & lead time would create new opportunities for the market.
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Roadways segment to maintain its lead through 2025
Roadways segment contributed more than one-third of the total market share in 2017 and is expected to maintain its lead through 2025. This is attributed to the improvement in the quality of roads and increase in cross-border trading activities. However, airways segment would register the highest CAGR of 10.8% from 2018 to 2025, owing to the several benefits of using this mode of transport, especially speedy and urgent delivery of goods. The waterways segment is expected to grow at a steady pace during the forecast period.
Domestic transportation management segment to maintain its dominance by 2025
Domestic transportation management segment accounted for the largest share in 2017, contributing one-third of the total market revenue. This is due to the efficient utilization of capital and integration of transportation management. This segment is expected to maintain its dominance throughout the forecast period. However, other service types segment would grow at the highest CAGR of 11.2% from 2018 to 2025, owing to several benefits such as large distribution coverage and best service solutions to customers. The report also analyzes dedicated contract carriage (DCC), international transportation management, and warehousing & distribution segments.
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Asia-Pacific to retain lead through 2025
Asia-Pacific 3PL market accounted for more than one-third share of the total market revenue in 2017, owing to surge in trading activities due to globalization. This region would retain its dominance during the forecast period. However, LAMEA region would register the fastest CAGR of 10.1% from 2018 to 2025, owing to increase in population and upsurge in R&D activities in the region.
Leading market players
The key players analyzed in the research include DHL, FedEx Corporation, United Parcel Service, DB Schenker, Maersk Logistics, NYK logistics, Kuehne+Nagel Inc., Union Pacific Corporation, Panalpina World Transport Ltd., and BNSF Railway Company. These market players have implemented various strategies such as partnership, expansion, collaboration, joint ventures, and others to gain a stronghold in the industry.
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