Third Party Logistics Market is projected to surpass USD 1 trillion by 2024. Growing focus towards cost effectiveness and core business functions incurred in logistics are the major factors driving the third-party logistics market over the forecast timeframe. Rising transportation costs will encourage shippers to discover new alternatives in order to minimize distribution and shipping costs out of the supply chain. 3PL market service providers offers timely and effective logistics solutions which in turn optimize transportation costs. The rising trend of e-commerce accompanied by entrepreneurial ventures will favor the 3PL market demand for customized logistics services.
International transportation management (ITM) is expected to witness significant growth and exceed USD 350 billion by 2024. The domestic transportation management includes value added services as well as freight brokerage and is estimated to grow at over 5% CAGR. Warehousing and distribution (W&D) occupied over 20% of the overall third party logistics market share in 2016. It consists of long-term agreements, contract warehousing and distribution center operations with various value addition services.
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In yet another strategic move, C.H. Robinson, a key player in third party logistics market, has declared the acquisition of Milgram & Company, a leading provider of transportation, freight, and customs brokerage services across Canada. This deal has been forecast to help the former improve its supply chain activities through effective delivery of logistics solutions. On the other hand, technological breakthroughs have also been increasing the proficiency of 3PL operations across the globe. TMW systems, for example, an enterprise management software developer for surface transportation, has introduced TruRTA, a new trip-planning tool, which projects arrival time, available hours of driver service, and traffic patterns.
Asia Pacific third party logistics market is projected to surpass USD 400 billion by 2024. The growth can be credited to increasing adoption of warehousing and distribution centers and facilities in countries such as India, China, Thailand, and Singapore. Rapid technological advancements in logistics software will propel the U.S. 3PL market growth.
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However, factors such as risk containment, inconsistent freight volumes, lack of trust, emphasis on cost and sluggish economical growth may restrict the industry growth. Economic downfalls have led shippers to confine their outsourcing activities to few suppliers. Thus, decreasing the number of outsourcing operations and may negatively affect the third party logistics market growth over the forecast timeframe.
Some Point from Table of Contents:
Chapter 4 (3PL) Third Party Logistics Market, By Solution
4.1 third party logistics market share by solution, 2016 & 2024
4.2.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.3.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.4.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.5.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
4.6 Logistics software
4.6.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
Chapter 5 (3PL) Third Party Logistics Market, By Mode
5.1 third party logistics market share by mode, 2016 & 2024
5.2.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
5.3.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
5.4 Rail & Road
5.4.1 Market estimates and forecast, by region, 2013 – 2024 (USD Billion)
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