New 3PL Market Research 2020-2024 | Market Analysis Report for the New Normal | Technavio

LONDON--(BUSINESS WIRE)--The new 3PL market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the increasing use of multimodal transport,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the 3PL market size to grow by USD 76.28 billion during the period 2020-2024.

3PL Market Segment Highlights for 2020

• The 3PL market is expected to post a year-over-year growth rate of 5.29%.
• Based on the service, the transportation segment saw maximum growth in 2019. The market is driven by the increasing use of multimodal transport.
• The market growth in the segment will be significant over the forecast period.

End-user Analysis

• 51% of the growth will originate from the Transportation Segment region.
• Based on the end-user, the retail segment led the market in 2019. The growth of the retail industry will subsequently drive the demand and adoption of third-party logistics services.
• Market growth in this segment will be slower than the growth of the market in the warehousing and distribution and others segment.

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Notes:

• The 3PL market size is expected to accelerate at a CAGR of about 6% during the forecast period.
• The 3PL market is segmented by service (transportation, warehousing and distribution, and others) and end-user (retail, manufacturing, automotive, food and beverages, and others).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Americold Realty Trust, C.H. Robinson Worldwide Inc., Deutsche Post DHL Group, Expeditors International of Washington Inc., FedEx Corp., Hub Group Inc., J.B. Hunt Transport Services Inc., Kuehne + Nagel International AG, United Parcel Service of America Inc., and XPO Logistics Inc.

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