Asia-Pacific Third-Party Logistics Market Size Booming to Cross USD 405 Billion by 2029
Asia-Pacific third-party logistics market is gaining traction because of the rise in e-commerce sector and increase in focus of manufacturers and retailers on core competencies.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific third-party logistics market size at USD 201.86 billion in 2022. During the forecast period between 2023 and 2029, the Asia-Pacific third-party logistics market size is projected to grow at an impressive CAGR of 9.4% reaching a value of USD 405.33 billion by 2029. The market is flourishing at a high rate owing to the rising adoption of logistics across various industries including e-commerce, construction, retail, automotive, food and beverage, and hospitality. The introduction of technology advancements into the logistics industry, such as transportation management systems (TMS), supply chain management (SCM), international trade logistics systems (ITLS), and enterprise resource planning (ERP), is also expected to provide lucrative growth opportunities to the Asia-Pacific third-party logistics market during the forecast period.
Asia-Pacific Third-Party Logistics Market – Overview
Third-Party Logistics, or 3PL, is a partner or service that aids online retailers in managing their supply chain. The administration of warehouses and inventories, order fulfillment, shipping arrangements, retail distribution, exchanges, and returns are typical 3PL services. The need for 3PL services has increased as a result of rising online sales and rising customer demands for faster delivery and lower rates. In addition, the growth of 3PLs has been facilitated by monitoring technologies, such as GPS and RFID, which provide more comprehensive supply chain visibility. IoT technology has increased monitoring measures for trucks and other carriers.
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Asia-Pacific Third-Party Logistics Market – By End Use
Based on end use, the Asia-Pacific third-party logistics market is segmented into manufacturing, retail, healthcare, automotive, and others. The manufacturing segment accounts for the highest market share as the industry focuses on efficient supply chain management along with keeping costs low. The manufacturing industry involves the procurement of raw materials and supply of final goods in large volumes regularly as well as engaging with a number of suppliers and distributors. The third-party logistics offer better routing management, reduced costs, freight bill auditing and invoice consolidation, and improved customer service to the manufacturing industry, which is propelling its market growth.
Impact of COVID-19 on Asia-Pacific Third-Party Logistics Market
Asia-Pacific third-party logistics market was disrupted due to the sudden COVID-19 pandemic outbreak. The lockdown imposed by the governments of Asia-Pacific countries halted the operations of the major industries including manufacturing and e-commerce, which resulted in a significant decline in the demand for third-party logistics. The trade of non-essential commodities was temporarily restricted and the transportation networks such as roads were blocked, which negatively affected the third-party logistics market in the Asia-Pacific region. However, third-party logistics gained momentum in the healthcare sector for transporting medical essentials, such as PPE kits and vaccines, which provided the market with a significant boost during this period.
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Competitive Landscape:
Major players operating in Asia-Pacific third-party logistics market include United Parcel Service of America, Inc., DHL International GmbH (a subsidiary of Deutsche Post AG), FedEx, XPO Logistics, Inc, Kuehne+Nagel, Schenker AG, DSV, Expeditors International of Washington, Inc., C.H. Robinson Worldwide, Inc., SNCF, Nippon Express Co., Ltd., Toll Holdings Limited (a subsidiary of Japan Post Holdings Co., Ltd.), CJ Logistics Corporation, Kintetsu World Express, Inc., and Samudera Shipping Line Ltd, Singapore.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Asia-Pacific Third-Party Logistics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific Third-Party Logistics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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