Market Insights report
The term “third-party logistics” (3PL) refers to the use of an external company to manage and carry out one or more logistics processes for a business. These operations can include transportation, warehousing, inventory management, and packaging. 3PL providers offer a range of services to help companies increase efficiency, reduce costs, and improve their supply chain operations. The Third-Party Logistics (3PL) market covers various providers that provide or specialize in the above-mentioned third-party logistics services. Global revenue is expected to exhibit a compound annual growth rate (CAGR) of 2.71% (2023–2028), resulting in a projected market volume of US$1.44tn by 2028.
What's included?
The Third-Party Logistics (3PL) market is an ever-changing part of logistics, and it is driven by the increasing demand for practical supply chain solutions. The latest tech advancements have improved supply chain management by providing better visibility and efficiency, allowing businesses to make informed decisions based on real-time data analyses, which boosts productivity. Sustainability is now a significant factor in the 3PL sector. Companies are using environmentally friendly transportation, sustainable packaging, and energy-efficient warehousing to meet corporate social responsibility standards. Regulatory changes, economic shifts, and the increase in eCommerce have forced 3PL providers to adjust their approach, prioritizing compliance and risk management and outsourcing logistics requirements to keep up with a fast-paced and competitive market. Overall, 3PL providers must provide innovative and efficient logistics solutions to succeed in the intricate modern supply chain and meet their clients’ evolving demands.
Total revenue in the Third-Party Logistics (3PL) market is projected to reach US$1.26tn in 2023. Logistics costs are expected to exhibit a compound annual growth rate (CAGR) of 2.71% (2023–2028), amounting to US$13.60tn by 2028.
Note: CAGR: Compound Annual Growth Rate
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