Global Third-Party Logistics Market is anticipated to hit US $1,260 billion mark by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, rising trading activities conducted by e-commerce and retail firms will drive third-party logistics market growth over the forecast period. Factors like lower shipping cost, lesser time to transfer, and enhanced reliability have led businesses to invest heavily in third-party logistics solutions. The third-party logistics also offer improved efficiency and profitability to businesses in the current market scenario.
The new report claims that the retail segment accounted for a major share in global third-party logistics market in 2017. Retailers and manufacturers are increasingly outsourcing logistics operations to enhance focus on their core competencies. Leveraging of efficient third-party logistics has allowed businesses to offer faster shipping services, thereby enhancing customer satisfaction and expanding consumer base.
Digitalization and integration of advanced IT software & solutions has enabled the use of reverse logistics and multi-modal transportation, thereby offering growth impetus and opportunities in the third-party logistics market over the forecast period.
Factors like high initial investment required to set up warehouses, initiate staffing activities, investments in IT & monitoring services, and delivery solutions might hamper market growth to a certain extent.
Regionally speaking, Asia-Pacific accounted for the highest market share in 2017. Growing demand for e-commerce services coupled with rising need for efficient logistics solutions across various industries will accelerate market size across the region, cites the study.
Increasing economic growth and rising demand from countries like India and China will enhance market traction over the forecast period. Arrival of international players into these countries to leverage market potential will boost industry outlook. Moreover, increasing disposable income and rise in standard of living will accelerate growth prospects of industries such as automotive, retail, and manufacturing, thereby further augmenting APAC market size.
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Some key players operating in third-party logistics market include FedEx Corp., Union Pacific Corp., Kuehne+Nagel Inc., CEVA Logistics, BNSF Railway Co., Landstar System, Inc., AmeriCold Logistics, LLC, Ryder System, Inc., Burris Logistics, and DB SCHENKER Logistics among others. The company profiles of leading firms are summarized in the report along with recent developments, product benchmarking, business overview, and financials.
The report offers a brief overview of third-party logistics market with respect to Porter’s five forces, industry trends, market forces, ecosystem analysis, competitive ranking analysis, and PEST analysis. It also offers an extensive quantitative and qualitative analysis of trends and growth prospects of third-party logistics market between 2018-2026.