Surge in need for easy & effective supply chain system, increase in difficulties in the operation process, and rise in demand for customized solutions drive the growth of the fourth party logistics market.
PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Fourth Party Logistics Market by Type (Industry Innovator Model, Solution Integrator Model, Synergy Plus Operating Model), by End User (Aerospace & Defense, Automotive, Consumer Electronics, Food & Beverages, Industrial, Retail, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global fourth party logistics industry generated $57.9 billion in 2021, and is anticipated to generate $111.7 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031.
Prime determinants of growth
Increase in demand for easy & effective supply chain system, increase in the complexities in the operation process, and rise in demand for customized solutions propel the growth of the fourth party logistics market. However, reluctance of companies to outsource the logistics function and changes in logistics regulations in different countries are expected to hinder the growth of the market. On the other hand, increase in demand for consumer electronics and growth in the e-commerce market are anticipated to present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global fourth party logistics market, owing to implementation of the global lockdown and stringent import & export restrictions.
- Important supply chains in the logistics and transportation industry were hampered, though differently across air, freight, and sea sectors. Logistics firms, which are involved in the movement, storage, and flow of goods, were directly affected by the COVID-19 pandemic.
- Moreover, changes in consumers purchase behavior due to pandemic uncertainties could significantly impact the growth of the 4PL logistics market.
- With the growing internet penetration and smartphone usage, an increasingly shift to online shopping was witnessed within the consumers during lockdown. This resulted in a large-scale shift in consumer behavior, preferences, and expectations when it came to shopping & shipment deliveries. Hence, the growth normalized from 2021 onwards and the market is projected to grow at a steady pace from 2021 to 2031.
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The solution integrator modelsegment to maintain its leadership status throughout the forecast period
Based on type, the solution integrator model segment held the highest market share in 2021, accounting for around three-fourths of the global fourth party logistics market, and is estimated to maintain its leadership status throughout the forecast period. Increased customer loyalty and open opportunities such as up-selling and cross-selling of the component products or services are expected to fuel the adoption of the solution integrator model in businesses. However, the industry innovator model segment is projected to manifest the highest CAGR of 11.2% from 2022 to 2031. Rapid industrialization and digitalization have increased the demand and adoption of the industry innovator model, which drives the segment.
The retail segment to maintain its lead position during the forecast period
Based on end user, the retail segment accounted for the largest share in 2021, contributing to nearly one-fifths of the global fourth party logistics market. However, consumer electronics is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 10.0% from 2022 to 2031 This is attributed to rise in popularity of technologically advanced devices, changing lifestyle of the population, and increasing per capita income. Furthermore, continuous investments by market players in R&D for the development of new consumer electronic products with enhanced features fueled the industry growth of consumer electronics.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global fourth party logistics market. This is attributed to the booming e-commerce industry in emerging economies. In addition, increased adoption of outsourced logistics services in the region is driving the growth of the 4PL logistics market in Asia-Pacific. However, Europe is expected to witness the fastest CAGR of 8.4% from 2022 to 2031. This is due to the growth of e-commerce, retail sector, and manufacturing sector coupled with the digitalization of infrastructures in the European countries.
Leading Market Players: -
- 4PL Group
- 4PL Insights
- Accenture Consulting
- Allyn International Services, Inc.
- C.H Robinson Worldwide, Ltd.
- CEVA Logistics
- DAMCO
- DB Schenker
- Deloitte
- Deutsche Post AG
- GEFCO Group
- Global4PL Supply Chain Services
- Logistics Plus Inc.
- Panalpina World Transport
- United Parcel Service, Inc.
- XPO Logistics, Inc.
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