As per the report titled ‘Third Party Logistics (3PL) Market Share, Size, Trends, Industry Analysis Report By Service; By Mode of Transport; By Regions, Segments & Forecast, 2019 - 2026’, available with Market Study Report, global third party logistics (3PL) market is expected to record an appreciable growth over 2020-2026, subsequently accumulating USD 1,337.91 billion by the end of the forecast period.
 

According to the findings of report, spike in international trading in tandem with thriving e-commerce and retail sectors is driving global third party logistics (3PL) market growth. Moreover, digitization and integration of IT software and solutions, along with utilization of reverse logistics and multimodal transportation are expected to present new growth opportunities in the forthcoming years.
 

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Notably, a key benefit of third party logistics is reduced time in completion of process along with improved overall efficiency and profitability. Utilizing third party logistics allows manufacturers and retailers to stick to their core competencies.
 

Based on service type, global third party logistics market from domestic transportation segment is expected to record strong growth during the forecast period, attributable to increased logistics and transportation activities particularly in developing economies like India and China.
 

Considering mode of transportation, roadways segment is expected to accrue significant returns in the upcoming years, creditable to increasing government initiatives and growing investments towards development of road networks.
 

From a geographical perspective, Asia Pacific captured majority of global third party logistics industry share in 2018 and is expected to grow substantially in the forthcoming years. Booming e-commerce sector and rapid economic progress in countries like India and China, along with growth of industries such as automotive, retail, and manufacturing due to factors like rising per capita income and improving living standards are supporting the regional market expansion.
 

Speaking of the competitive arena, top contenders in third part logistics (3PL) market sphere are C.H. Robinson Worldwide, Inc., Expeditors International of Washington, Inc., Exel (DHL Group), DB Schenker, Burris Logistics, BDP International, Ryder System, Inc., Landstar System, Inc., CEVA Logistics, AmeriCold Logistics, LLC, BNSF Railway, Kuehne + Nagel International AG, Union Pacific Corp., and FedEx Corp. among others.