Growth prospects were poor in 2022 as the COVID-19 epidemic was at its worst. The choice to impose a global lockdown led to a precipitous drop in industrial output, which put an end to the outsourcing of logistics work to outside parties. But eventually, things began to alter. First, the healthcare sector is beginning to adapt to the increased demand for necessary drugs, vaccinations, and other supplies to treat sick patients.
During the course of the forecast period, a growing focus on outsourced logistics operations is anticipated to have a substantial impact on the market’s revenue growth. The market is anticipated to expand at a CAGR of 7.6% during the course of the analysis period, reaching a market value of $2,144 billion by 2032. Retailers and manufacturers are putting a greater emphasis on outsourcing jobs like logistics,
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Main sectors covered
- End Use:
- Automotive Third-Party Logistics
- Manufacturing Third Party Logistics
- Medical Third Party Logistics
- Retail Third Party Logistics
- Other Third Party Logistics
- Transportation:
- Airway Third-Party Logistics
- Rail Third Party Logistics
- Road Third-Party Logistics
- Waterway Third-Party Logistics
- By service:
- Value Added Logistics Services (VAL)
- Domestic Transport Management (DTM)
- Warehousing and Distribution (W&D)
- Dedicated Contract Transportation (DCC)/Freight Transportation
- International Transportation Management (ITM)
major players
- Kuehne + Nagel
- Yusen Logistics
- Burris Logistics
- CEVA Logistics
- United Parcel Service of America, Inc.
- BDP International
- fedex
- DSV
- DB Schenker Logistics
- XPO Logistics, Inc.
- CH Robinson Worldwide, Inc.
- Nippon Express
- JB Hunt Transportation, Inc.
By 2022, domestic transportation management will occupy the top spot in market share.
Fact.MR estimates that domestic transportation management (DTM) will account for approximately 32% of the market in 2022. During the forecast period, the main driver for market expansion is likely to be growing consumer demand from the retail and healthcare sectors.
Other major factors driving the growth of this sector include the expansion of global economic activity and the rising popularity of e-commerce. However, demand for international transportation services is expected to increase significantly in the future due to the expansion of free trade agreements (FTAs), trade liberalization laws, and cross-border logistics.
Highlights of our market research:
- The global third-party logistics market size is estimated at USD 1.31 trillion in 2022.
- North America emerges as an opportunistic market, accumulating 40% of sales
- APAC is the fastest-growing region with a CAGR of 10% during the forecast period.
- The domestic transport management segment is expected to capture around 32% market share in 2022.
- The manufacturing segment is projected to acquire more than 24% of the global revenue share in 2022.
“The rapid expansion of e-commerce, especially in developing countries, will create significant expansion opportunities in the coming years.” – says an analyst at Fact. Seed.
Outsourcing logistics activity will increase in manufacturing in Mexico, China, the United States, and India.
actually. MR predicts that by 2022, the manufacturing segment will account for more than 24% of revenue share. Outsourcing logistics activities will certainly increase noticeably in the manufacturing sector in the US, Mexico, China and India, expanding the market. .
Benefits such as improved customer service, chain visibility, and lower transportation costs are driving manufacturing sectors to outsource their logistics activities, which is fueling market growth. Another important factor in developing a business is the expansion of the local industrial sector. For example, the “Make in India” initiative has created tremendous potential for market expansion.
How can Fact.MR helps you reach strategic decisions.
Market research data on third-party logistics provides an in-depth analysis of important market trends. Market participants can use this information to devise innovative business plans and earn incredible profits in the near future. This research examines pricing trends, value chain analysis, and a range of products offered by industry competitors. The main goal of this research is to support data-driven decision-making and business planning.