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Third Party Logistics Market Growth Analysis 2021

A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global third party logistics market was worth USD 957.3 Billion in 2020 and is anticipated to reach the valuation of USD 1,573.8 Billion in 2027 at a CAGR of 7.9%.

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Third Party Logistics Market Growth Analysis 2021

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  1. Global Third Party Logistics MarketIndustry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027

  2. Global Third Party Logistics Market- Industry Trends & Forecast Report 2027 A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global third party logistics market was worth USD 957.3 Billion in 2020 and is anticipated to reach the valuation of USD 1,573.8 Billion in 2027 at a CAGR of 7.9%. The factors leading to this impressive growth is attributed to various market dynamics, such as the increase in trading activities due to the increasing trend of globalization and the thriving the e-commerce industry, which has made recording keeping of trade activities difficult for manufacturers and distributors. Moreover, demand for effective inventory management and enhanced working capital is projected to increase reliance on Third party logistics providers during the forecast period.

  3. Growth Drivers  Increase in Trading Activities Driving the Market With the implementation of new technologies that have enabled fast trade between countries and real-time tracking of carriers, trading activities between countries have increased in recent years. According to the latest World Trade Organization (WTO) data, global exports rose by 46% in value terms in Q2 2021. WTO has estimated that the global trade volume of merchandise would go up by 10.8% in 2021 followed by a 4.7% in 2022. The WTO-UNCTAD-ITC estimates that global transport exports grew by around 7.5% in 2019, with Europe recording an increase of about 9%. During the forecast period, as countries move towards self-sufficiency and trade between countries increases, the demand for third party logistics technology is expected to rise and contribute to the growth of the global third-party logistics technology market.

  4. Restraints  Lack of proper IT Infrastructure in the logistics industry slowing the market growth Warehouses are the heartbeat of the global logistics industry. Poorly architected infrastructure and incorrect implementation of the IT resources at the warehouses are the biggest challenges the companies face in streamlining their supply chains. The lack of adequate information technology infrastructure in the logistics industry and across warehouses has made the implementation of third-party logistics technology quite challenging. Furthermore, there are no standardized solutions for hardware or software, no basic security in systems and operations, and underinvestment issues in global warehouses. These factors are expected to be a major restraint for the growth of the third-party logistics market during the forecast period.

  5. Impact of COVID-19 The shock supply chains around the world had to receive due to COVID 19 was unprecedented. There have been several problems for the supply chain management due to unpredicted demand for several products, restrictions on travel, and production issues. In order to cope with disruptions in delivery networks, many companies adopted robotic process automation and turned to drone delivery. Supply chain strategies are being adopted in the aftermath of the pandemic to make organizations more resilient, collaborative, and strengthen their relationships with customers and suppliers.

  6. Third-Party Logistics Market- Regional Insights The global third-party logistics market is spread across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, the Asia Pacific accounted for the maximum revenue share in 2020 and is expected to emerge as the fastest-growing regional market during the forecast period. On the other hand, the growth of the market in North America is projected to continue, driven by current economic policies, enhanced rail, road, sea, and air infrastructure, and significant logistics enterprises established in the region. The market in North America is expected to grow as both traditional logistics companies and new e-commerce enterprises invest in this industry. 

  7. Competitive Landscape The third party logistics market is highly competitive due to the presence of various global players. The key players dominating the market are C.H. Robinson Worldwide, Inc., DHL International GMBH, DB Schenker, FedEx Corporation, KUEHNE+NAGEL Inc., Maersk, Nippon Express, Panalpina World Transport Ltd., Union Pacific Railroad, United Parcel Service,and other prominent players. Enterprises are developing strategic alliances, mergers, and acquisitions with small and medium-sized firms to utilize their regional capabilities better. In addition, many e-commerce companies are growing their logistics operations through strategic acquisitions or partnerships with Third party logistics service providers to increase profit margins and reduce overhead expenses.

  8. Recent Developments In November 2021, UPS Capital Insurance Agency, Inc., a UPS affiliate, announced that AscendTMS, a product of InMotion Global, will provide additional shipping insurance coverage alternatives to small and mid-size businesses. This upgrade will allow AscendTMS users to customize coverage based on their individual needs. In October 2021, DHL Express, the world's largest international express services provider, inaugurated a new international hub at Paris-Charles de Gaulle airport. The new site, which is ten times bigger than the old one, cost DHL €170 million to build. Among the most significant investments DHL Express has made in Europe in recent years, it is also its largest investment in France since it was founded in 1976.

  9. Key Players Key market players include C.H. Robinson Worldwide, Inc., DB Schenker, FedEx Corporation, KUEHNE+NAGEL Inc., Maersk, DHL International GMBH, Nippon Express Panalpina World Transport Ltd., Union Pacific Railroad, and other prominent players. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/global-third-party-logistics-market-bwc19307/report-sample

  10. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  11. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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