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LONDON–(BUSINESS WIRE) – Technavio’s new 3PL market research indicates negative growth in the near term as the business impact of COVID-19 spreads.
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“One of the main drivers of growth in this market is the increasing use of multimodal transportation,” says a senior analyst for industrial industry at Technavio. Suppliers should focus more on growth prospects in fast-growing segments while maintaining their positions in slow-growing segments As markets recover, Technavio expects the 3PL market size to grow by $ 76.28k million during the 2020-2024 period.
3PL Market Segment Highlights for 2020
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The 3PL market is expected to post a 5.29% YoY growth rate.
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Depending on the service, the transportation segment experienced maximum growth in 2019. The market is driven by the increasing use of multimodal transportation.
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Market growth in the segment will be significant during the forecast period.
End user analysis
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51% of the growth will originate in the transportation segment region.
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Based on the end user, the retail segment led the market in 2019. The growth of the retail industry will subsequently drive the demand and adoption of third-party logistics services.
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Market growth in this segment will be slower than market growth in storage and distribution and others.
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Related industry reports include:
Global third-party logistics market The third-party logistics market is segmented by applications (transportation services, warehousing and distribution services and other services) and geography (APAC, Europe, MEA, North America and South America). Click here for exclusive free sample report
Global in-plant logistics market – The in-plant logistics market is segmented by service (in-plant warehousing, line-side feeding, packaging, and others) and geography (APAC, Europe, North America, South America, and MEA). Click here for exclusive free sample report
Notes:
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The 3PL market size is expected to accelerate at a CAGR of approximately 6% during the forecast period.
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The 3PL market is segmented by service (transportation, warehousing and distribution, and others) and end user (retail, manufacturing, automotive, food and beverage, and others).
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The market is fragmented due to the presence of many established vendors that have significant market share.
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The research report provides information on various vendors in the market, including Americold Realty Trust, CH Robinson Worldwide Inc., Deutsche Post DHL Group, Expeditors International of Washington Inc., FedEx Corp., Hub Group Inc., JB Hunt Transport Services Inc. , Kuehne + Nagel International AG, United Parcel Service of America Inc. and XPO Logistics Inc.
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