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Global 3PL Market Will Reach $1.2T by 2025
The third-party logistics (3PL) market is expected to reach US$1.2 trillion globally by 2025, Grand View Research says in a recent report. Titled “Third Party Logistics (3PL) Market Analysis Report By Service, By End Use (Retail, Manufacturing, Automotive), By Transport (Roadways, Railways, Waterways), And Segment Forecasts, 2019 – 2025,” the report has just been added to the ResearchAndMarkets.com online store.
“Demand for efficient inventory management and improved working capital is expected to increase the dependence on 3PL providers,” Grand View says in the report. “Growth of the e-commerce industry across several regions has increased freight transportation, thus creating new opportunities for 3PL providers.”
Grand View’s report notes that the 3PL market was valued at US$725 billion globally in 2018. It assumes a CAGR of 7.5% for the market between now and 2025.
Although manufacturing commanded the largest share of 3PL demand last year, Grand View says that retail is expected to see the fastest growth rate over the forecast period. “Retailers are adopting 3PL services for data-driven analytical solutions for predictive analytics to manage their fleet, design and distribution strategies and reduce their inventory management costs,” according to the report.
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- ◦Economy
