The global third-party logistics market size is estimated to be valued at USD 2,144 billion by 2032, expanding at a 7.6% CAGR during the forecast period from 2022 to 2032. The growing popularity of e-commerce and the development of smart technologies will likely provide a significant boost to the market in the forecast period.
The dynamic nature of the market makes it challenging for the manufacturers to keep track of their activities, thereby making it a demanded service in the current period. Prospects suffered a significant setback during FY 2020 when the Covid-19 pandemic was at its worst. Sudden disruptions in industrial activity due to the imposition of lockdowns negatively affected output, causing a cessation in logistical activity.
Fortunately, since 2021, prospects have been rebounding as the restrictions on industrial activity have lifted. In addition, the development in overseas trade is expected to propel market growth in the coming decade.
Some key takeaways from the Market Study:
- The global third-party logistics market size is estimated at USD 1,031 billion in 2022
- North America to emerge as an opportunistic market, accumulating 40% revenue
- APAC is to be the fastest-growing region with a CAGR of 10% during the forecast period.
- Domestic Transportation Management segment to procure about 32% of the market share in 2022
- The manufacturing segment is expected to have acquired more than 24% of the global revenue share in 2022
“The rapid expansion of the e-commerce, especially in developing countries, is likely to generate significant opportunities for expansion in the coming time.” says a Fact.MR analyst.