PORTLAND, Oregon, July 7, 2016 /PRNewswire/ --
According to new research report published by Allied Market Research, titled "World Third Party Logistics (3PL) Market - Opportunities and Forecasts, 2014-2022", the global third party logistics market is expected to reach $1,110 billion, registering a CAGR of 5.16% during the forecast period 2016-2022. In 2015, Asia Pacific accounted for the largest revenue share of about 36%, followed by North America. The strong roadways segment in the Asia Pacific region, which processes highest volume of goods transported, invariably supported the growth of 3PL market in the region.
3PL constitutes outsourced activities related to logistics, warehousing and distribution. 3PL services go beyond logistics and include value-addition to the entire process from procurement of goods to the distribution of furnished products to the consumers establishing an effective and efficient supply chain. Moreover, advanced IT solutions like EDI (Electronic Data Interchange) and VMI (Vendor Managed Inventory) among others are enhancing the growth of 3PL market.
The world 3PL market is poised to witness significant growth during the forecast period owing to increase in e-commerce industry and trade activities globally and inclination of manufactures and retailers towards enhancing their profitability. Moreover, government regulations across different countries are increasing the demand of 3PL across various industries. However, factors such limited control on outsourced activities and inefficiency of 3PL service provider to an extent is hampering the growth of this market.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/3PL-market
3PL market, based on the service type, is segmented into dedicated contract carriage, domestic transport management, international transport management, warehouse & distribution and others (IT services and logistics software). International transportation management and domestic transportation segments collectively accounted for about two-third share. Others constituting IT services and logistics software is expected to register a substantial growth of 5.72% over the forecast period.
Key findings of the study:
- Asia-Pacific is estimated to account the largest market share and would register a CAGR of 6.67%
- Roadways and railways are expected to be the major mode of transportation used by 3PL companies
- Countries like China are using double decked goods train to increase the quantity of goods transported
Increase in free trade agreements between different countries is evolving the market of 3PL. Asia Pacific is expected to be the largest as well as fastest growing region and would grow at a CAGR of 6.67% during the forecast period. In 2014, China dominated the region's market and accounted for more than 50% of 3PL market in Asia Pacific , whereas India is anticipated to grow at the highest CAGR of 8.13% during the forecast period.
Growth in trade activities around the globe and increase in the e-commerce industry have led to an increase in the number of 3PL companies. Moreover, technological advancement and use of IT solutions are expected to drive the market during the forecast period. The key companies profiled in this report include FedEx Corporation, DB Schenker logistics, Kintetsu World express, Kuehne+NagelInc., Penske, C.H. Robinson, Geodis, Maersk logistics, Panalpina World Transport Ltd., and Yusen Logistics Co. Ltd.
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SOURCE Allied Market Research