Expanding e-commerce sector to provide impetus to third-party logistics market growth through 2026
Rapid globalization, increasing consumerism and expanding e-commerce sector are some of the key factors driving third-party logistics market outlook.
In a bid to cater to the heavy product demand from consumers, various companies are outsourcing their logistics activities to third-party suppliers. Third-party logistics services aid e-commerce businesses to ensure timely deliveries and handle issues of warehousing, tracking, shipping, packaging, delivery and inventory. Additionally, one of the prime advantages of outsourcing logistics services from a third-party vendor is that it helps enterprises to focus on core business activities.
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Several logistics firms have stepped in the market to offer solutions & services, primarily to the e-commerce industry. For instance, Orio Logistics is offering third-party logistics services for the e-commerce industry, ensuring flexible, fast distribution, as well as efficient returns management.
Shifting trends towards blockchain, IoT, and cloud computing are expected to create favorable conditions for industry expansion. Moreover, easy availability of enhanced digital technology solutions and low-cost services may foster third-party logistics market size over the coming years. Third-party logistics market size is touted to cross the USD 1.8 trillion mark by 2026.
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Globalization trends and rising trade activities across the globe are offering lucrative opportunities for third-party logistics industry expansion. Various advanced software solutions, including cloud ERP and SCMs are being adopted by companies for logistics applications. These software solutions showcase beneficial features, such as warehouse management, online documentation for international freight, inventory tracking, and real-time data tracking. Growing adoption of these software to boost operational efficiency will change third-party logistics business scenario.
Third-party logistics service providers are continually transforming the supply chain management system across emerging markets. Retailers always aim at maximizing operational efficiency and improving profitability of their customers and these services enable retailers to add value, as well as enhance engagement with their customers. On the global level, third-party logistics service providers are broadening their service offerings, investing in new technology, and extending geographical reach to boost their market share, and delivering data-driven solutions.
Region-wise, Europe third-party logistics market is expected to witness major growth over the projected timeframe. Rapid internet penetration, improved economic conditions, and steady development of the manufacturing sector across the region are favoring industry growth. For instance, in 2019, the United Kingdom became the 9th largest manufacturing nation in the world with an annual output revenue of around USD 192 billion. European free trade agreements with major countries across the globe are further contributing towards the industry expansion.
Key players operating in the industry are focusing on delivering enhanced value-added services to achieve customer loyalty. Technologically advanced and cost-effective services are being extensively adopted in third-party logistics industry.
To attract more customers, they are also incorporating digital technology into their services. For instance, in 2019 J.B. Hunt Transport Services, Inc., planned integration of JB hunt 360 with supply chain management platform of JDA Software, to provide value-added services to its customers along with greater pricing visibility.
Major market players contributing towards third-party logistics market expansion include UPS Supply Chain Solutions, FedEx, DHL, Nippon Express, DB Schenker, C.H. Robinson, UPS, XPO Logistics, JB Hunt, Kuehne + Nagel, Expeditors International, Expeditors International, CEVA Logistics, Dachser, Sinotrans, SNCF Geodis, Panalpina, Gefco, Deutsche Post DHL, and Kintetsu World Express.
