The global logistics services (3PL & 4PL) market is expected to grow primarily due to the growing e-commerce sector. Transportation sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
NEW YORK, March 24, 2023 /PRNewswire/ -- Global Logistics Services (3PL & 4PL) Market Forecast Analysis:
As per the report published by Research Dive, the global logistics services (3PL & 4PL) market is expected to register a revenue of $3,040 million by 2031 with at a CAGR of 9.7% during the forecast period 2022-2031.
Segments of the Logistics Services (3PL & 4PL) Market
The report has divided the market into the following segments:
Service Type: transportation, warehousing, value added services, and others
Application: consumer electronics, healthcare, automotive, industrial, food and beverages, aerospace and defence, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment | Sub-Segment |
Service Type | Transportation - Most dominant market share in 2021 |
The ability of transportation segment to address specific shipping requirements with the help of road, rail, air, and water routes is expected to push the growth of this sub-segment further. | |
Application | Consumer Electronics - Most profitable in 2021 |
Development of portable consumer devices in the recent years, including phones and tablet PCs is expected to propel the sub-segment forward. | |
Region | Asia-Pacific- Most lucrative in 2021 |
Growing demand for logistics services (3pl&4pl) in countries such as Vietnam, South Korea, Japan, and India is predicted to be the main factor behind the growth of the market in the forecast period. |
Dynamics of the Global Logistics Services (3PL & 4PL) Market
Increasing expanse and penetration of e-commerce sector across the globe is expected to become the primary growth driver of the logistics services (3PL & 4PL) market in the forecast period. Additionally, the cost-effective nature of outsourced logistics services is anticipated to propel the market forward. However, according to market analysts, lack of logistics experts might become a restraint in the growth of the market.
Rising adoption of AI in logistics sector is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, enhanced productivity and supply-chain management is expected to push the market growth forward in the coming period.
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COVID-19 Impact on the Global Logistics Services (3PL & 4PL) Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The logistics services (3PL & 4PL) market, too, was negatively impacted due to the pandemic. The decline in the growth rate of the market can be attributed to the travel restrictions and shutdown of industries during the pandemic period.
Key Players of the Global Logistics Services (3PL & 4PL) Market
The major players of the market include
- C.H. Robinson Worldwide Inc.
- 4PL Group
- Global4PL
- DB Schenker
- Kuehne + Nagel International AG
- Orkestra SCS
- DHL
- Maersk
- Phoenix Freight Systems
- FedEx Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in August 2022, Maersk, a leading global shipping company, announced the acquisition of LF Logistics, a logistics company based in Hong-Kong. This acquisition is predicted to expand the market share of the acquiring company and consolidate its position over its competitors.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Logistics Services (3PL & 4PL) Market:
- Examining the Potential of Logistics Services (3PL & 4PL) and MSME Sector Collaboration
- Acquisitions Like That of Bolloré Africa Logistics by MSC Group to Boost the Growth of Global Logistics Services (3PL & 4PL) Market in the 2022-2031 Timeframe
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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