Third Party Logistics market in North America is expected to grow from US$ 196.2 Bn in 2017 to US$ 315.0 Bn by the year 2025. This represents a CAGR of 6.2% from the year 2018 to 2025.
The Business Market Insights provides you regional research analysis on “North America Third Party Logistics Market” and forecast to 2027. The research report provides deep insights into the regional market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the North America Third Party Logistics market during the forecast period, i.e., 2020–2025.
Enhancing focus of manufacturing companies are concentrating on reducing assets and emphasize on core business is fueling the North America third party logistics market. 3PL firms also help to reduce inventory cost and can strategize to reduce a company’s overall shipping & delivery costs as well. The core companies may not have that time or expertise to keep logistic services and systems updated. The company often face challenges meeting timely delivery of products during high business growth. Outsourcing logistic function from a third party is helpful for core companies as these firms manage and maintain warehouse, transportation, and other operations with more efficiently with expertise. Also, 3PL eliminates the need to invest in technology, warehouse space, transportation, a trained staff in order to execute the logistics process, thereby driving the third party logistics market in North America. This factor has created a potential market space for North America third party logistics market.
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Major key players covered in this report:
- Deutsche Post AG
- Kuehne + Nagel International AG
- Nippon Express Co., Ltd.
- DB Schenker
- H. Robinson Worldwide, Inc.
- DSV A/S
- XPO Logistics, Inc.
- Sinotrans Co., Ltd.
- UPS Supply Chain Solutions
The bolstering acceptance of several software solutions is anticipated to fuel the North America third party logistics market growth. In coming years, the 3PL firms are expected to shift towards mobile technology in order to reduce the paper records. Moreover, the adoption of the RFID enabled devices are expected to store data for easy transport that will also simplify tracking & identification of products. Software related to transportation management system will reduce the inefficiency and costs with saving time for operations. For instance, XPO Logistics announced XPO Connect which is a digital freight and cloud-based marketplace. This platform is developed to offer shippers with a single POE (point of entry) for visibility across modes to minimize cost and time. These initiative by the market player are enhancing the growth of North America third party logistics market.
US is anticipated to leads the third party logistics market across the North America region through the forecast period. US is one of the leading market for 3PL in North America where warehousing is the major outsourced logistics service. Increase in inclination of manufacturers to develop paperless work along with rise in adoption of just-in-time trucking for e-commerce companies is boosting the market for 3PL in U.S. The growth of the warehousing market in the U.S is majorly attributed to the rising sophistication and system capabilities of the VAWD (Verified-Accredited Wholesale Distributors) and 3PL. The industry therefore offers great opportunities for the high tech development, particularly to the automotive shippers along with other verticals. This bolster the North America third party logistics market on the forecast period.
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The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the North America Third Party Logistics market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the North America Third Party Logistics market segments and regions.
The research on the North America Third Party Logistics market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the North America Third Party Logistics market on the basis of end user, product type, application, and demography for the forecast period 2020–2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the North America Third Party Logistics market.
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