3PL Market: Flourishing Ecommerce Industry Augmenting Demand
Transparency Market Research
A recent study by Transparency Market Research (TMR) has detected that government initiatives to improve infrastructure across several emerging economies is the primary factor that is augmenting the demand in the global third party logistics (3PL) market.
The report, titled “3PL Market – Global Industry Analysis, Size, Share, Growth, Trends & Forecasts 2016 – 2024,” is an all-inclusive overview of the market in its current scenario and based on the analysis of the factors that may influence the demand in the near future, it estimates the scenario of the market until 2024. To present a clear picture of the competitive landscape and the opportunities available for the new entrants, the report profiles a number of leading players who are currently functional in the market for 3PL.
The report observes that 3PL is a system wherein storage and transportation services are outsourced by specialist companies in order to reduce costs and save time, which then enables them to invest time to focus on their core competency. In the recent past, delivery, packaging, inventory management, and cross-docking services are now combined with 3PL service, which has further escalated the demand. Other factors augmenting the demand are: rising preference of outsourcing all non-essential tasks in the corporate sector, the prosperity of ecommerce across emerging economies, and rebound in manufacturing sector across various regions. However, the market is challenged by factors such as inadequate transportation infrastructure in several potential regions, rise in cargo theft, and varying transportation in different regions. The report also notes a few trends of the market including use of multimodal logistics, adoption of eco-friendly vehicles, and advancements in technology. Advancements such as GPS-enabled transportation trucks helps in tracking and identification of inventory via bar coding.
The global 3PL market can be segmented on the basis of application into warehousing, transportation, and other services. By end-use industries, the market can be categorized into manufacturing, consumer products, retail, food and beverages, IT hardware, chemicals, construction products, automotive, telecom, and oil and gas. Among these, the manufacturing sector currently serves the maximum demand, wherein logistics is essential to reach the consumers. Geographically, the report studies the potential of 3PL market in regions such as Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Currently, Asia Pacific serves most of the demand, as several economies in this region are the manufacturing hub for several sectors.
Nippon Express, C.H. Robinson, DHL, DSV, DB Schenker, Yusen Logistics, CEVA Holdings, Kuehne + Nagel, Ryder System, and Hellman Worldwide Logistics are some of the leading players currently operational in the global 3PL market.
To browse the full report, click here.
Transparency Market Research is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.