Market Analysis Report Third Party Logistics (3PL) Market

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Third Party Logistics (3PL) Market Share, Size,Growth, Key
Players, Outlook and Forecasts to 2024 | Hexa Research
“ The third party logistics (3PL) market is expected to grow at a CAGR of over
5 % during the forecast period.”
26 December 2018
The third party logistics (3PL) market is expected to grow at a CAGR of over 5 % during the forecast period
(from 2016 to 2024). Rising focus on core business activities along with reduced shipping costs is expected to
spur the growth of the global market. The introduction of e-commerce coupled with entrepreneurial ventures
is also said to augment the demands for supply chain execution capabilities as well as specialized logistics.
Various factors such as the emphasis on price and risk containment are said to hinder the market growth. In
addition to this, sluggish economic growth and inconsistent freight volumes are also likely to hamper the
overall market growth over the coming years. The global market is segregated as services and regions.
The services sector involves dedicated contract carriage, domestic transportation management, software,
international transportation management, and warehousing & distribution. The International Transportation
Management (ITM) sector led the global market in 2014 and is expected to witness reach USD 340 billion by
2024. It includes goods brokerage and value-added transport management services. The Warehousing &
Distribution (W&D) sector occupied for more than 23 % of the total market share in 2014. Other sectors
including refrigerated grocery coupled with pharma applications are likely to witness the maximum growth
prospects for value-added warehousing services in the near future.
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