The 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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Related Category Market Reports @ https://www.hexaresearch.com/research-category/communication-services-industry
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