Sellbyville, DE -- (SBWire) -- 01/30/2019 --The Third Party Logistics (3PL) Market is forecast to grow at a significant rate owing to the increasing focus of manufacturers on their core businesses and sub-contracting the activities, where they have less expertise. The growth in the e-commerce industry is expected to drive the 3PL market due to an increase in demand for fast delivery, efficient inventory management, freight forwarding, and individualized shipping time. The players in the e-commerce sector are focused on selling goods online, thus necessitating the need for 3PL market providers.
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Increasing globalization is encouraging companies across several industry verticals including e-commerce, food & beverage, durable manufacturing, and general merchandising to expand their geographical presence to meet the global demand. This is expected to positively impact the International Transportation Management (ITM) segment demand.
Factors such as perceived loss of reputation and loss of control, are expected to hamper the 3PL market growth. The explosion of e-commerce sector is providing tremendous growth opportunities. An exponential increase in the number of orders and reduced delivery times is compelling providers to improve their operations to meet the ever-increasing demand to complete more orders in lesser time.
Rail & road mode is expected to experience a high demand owing to the increasing domestic transportation requirements. The launch of rail freight services between Beijing and London across Asia and Europe is expected to surge the trade through the rail mode. This has enabled manufacturers to explore newer transportation options at low costs. This silk route unlocks options for shippers to reduce the transportation time.
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The Asia Pacific Third Party Logistics (3PL) Market is predicted to have a significant industry share contributing to over 30% of the total revenue in 2016. The growth in the region is propelled by the improving economic conditions, Internet penetration, and the rising number manufacturing firms. These factors provide lucrative growth opportunities to the industry for effective warehousing and distribution services.
Some of the prominent players operating in the Third Party Logistics (3PL) Market include DHL Supply Chain, DB Schenker, Kuehne + Nagel International AG, Panalpina World Transport Ltd., Nippon Express Co., Ltd., SinoTrans (HK) Logistics Ltd., UPS Supply Chain Solutions, and XPO Logistics, Inc.
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Third Party Logistics (3PL) Market - 2024:Key Players DHL Supply Chain, DB Schenker, Kuehne + Nagel, Panalpina, Nippon Express, UPS Supply Chain Solutions & XPO Logistics
Rising demand for reducing the shipping costs accompanied with the focus on managing timely delivery of goods is anticipated to fuel the Third Party Logistics (3PL) Market over the forecast timeline.