3PL Market Size in the US to grow at a CAGR of 8.42% from 2022 to 2027, 7.5% YOY market growth recorded in 2023, Technavio

NEW YORK, Feb. 23, 2024 /PRNewswire/ -- The 3PL market size in the US is estimated to grow by USD 117.1 billion during 2022-2027. Moreover, the growth momentum will progress at a CAGR of 8.42% during the forecast period. To learn more about the market, request a sample report.

The market is segmented by end-user (retail, manufacturing, automotive, food and beverages, and others) and service (transportation, warehousing and distribution, and others). In 2017, the 3PL market in US was valued at USD 172.54 billion.

The retail segment will account for a significant share of the market's growth during the forecast period. The retail industry covers organized retail and consumer goods. The growth of consumer goods is attributed to factors such as the adoption of various appliances, including air conditioners, refrigerators, washing machines, and hairstyling devices. Due to changing consumer preferences, companies use 3PL services to deliver products to customers.

The increasing use of multimodal transport

Multimodal transport refers to the combination of two or more modes of transport, such as road, rail, air, or sea. This type of transport helps reduce storage and transport costs. For instance, FedEx Corp. (FedEx) uses various modes of transport to ensure the safe transportation of goods. These factors will fuel market growth during the forecast period. Request a sample report.

Market insights -

• Vendors: 15+, including Americold Realty Trust Inc., Blu Logistics, Burris Logistics Co., C H Robinson Worldwide Inc., Crete Carrier Corp., Expeditors International of Washington Inc., FedEx Corp., Hub Group Inc., J B Hunt Transport Services Inc., Kenco Group Inc., Kuehne Nagel Management AG, M and W Logistics Group Inc., NFI Industries Inc., Ryder System Inc., Taylor Logistics Inc., Total Quality Logistics LLC, United Parcel Service Inc., Wagner Logistics Inc., XPO Inc., Deutsche Post AG, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: End-user (retail, manufacturing, automotive, food and beverages, and others) and service (transportation, warehousing and distribution, and others)

Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity
• For highlights on customer landscape analysis, download a sample!

Vendor insights

The 3PL market in US is fragmented, with a large number of international and regional logistics vendors. There are various growth opportunities for vendors in the market, especially due to the rising demand for green logistics and digital transformation. Vendors would be able to enhance their services and increase their market shares by incorporating such solutions. They differentiate themselves based on service quality and innovations. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including

• C H Robinson Worldwide Inc. - The company offers 3PL services that provide control of the required stock in warehouses with flexible storage solutions, such as temperature-controlled spaces for bonded and non-bonded goods.
• Expeditors International of Washington Inc. - The company offers 3PL services that provide procurement, warehouse management, transportation of goods, and distribution, along with freight consolidation.
• FedEx Corp. - The company offers 3PL services that provide order capturing, tracking, and fulfilling customer orders.
• Hub Group Inc. - The company offers 3PL services that manage order fulfillment by holding inventory warehouses and packing orders and sending them out for delivery as per client requirements.

Growing demand for green logistics, emergence of blockchain and RFID in logistics, and digital transformation in logistics to be some of the key trends. Rise in cargo theft, high impact of trade war, and shortage of truck drivers to be some of the major challenges. Drivers, trends, and challenges have an impact on businesses. Find more insights in a sample report!

Analyst Review

The US Third-party logistics (3PL) market is evolving rapidly, driven by diverse needs such as supply chain optimization, cost savings, and increased efficiency. With a focus on improved customer service, companies are leveraging logistics operations to enhance their core competencies. Visibility and transparency are crucial, facilitated by technology and cloud-based logistics platforms. Advanced analytics provide insights into market trends, aiding in e-commerce and online shopping. Fulfillment and delivery are streamlined, especially in urban areas with complex transportation infrastructure. Tools cater to local special circumstances, ensuring adaptability and responsiveness. The US 3PL market continues to flourish, driven by innovation and a commitment to meeting evolving customer demands.

The US Third-party logistics (3PL) market thrives in both urban hubs and rural areas, adapting to diverse regulatory environments and ensuring compliance. Its growth intertwines with macroeconomic factors shaping the economy, driving GDP growth and influencing consumer spending and business investment. Navigating trade policies and international relations, 3PL providers leverage technological advancements to foster innovation and optimize global supply chains. They strategically manage trade flows amidst evolving landscapes, enhancing efficiency. Amidst these dynamics, the 3PL sector remains resilient, capitalizing on opportunities presented by interconnected markets and fostering collaborations for sustained success. Find more insights in a sample report!

Related Reports:

The third-party logistics (3PL) market is estimated to grow at a CAGR of 7.87% between 2022 and 2027. The size of the market is forecasted to increase by USD 532.65 billion. T

The Europe third-party logistics (3PL) market is estimated to grow at a CAGR of 24.7% between 2022 and 2027, and the size of the market is forecasted to increase by USD 458.87 billion.

Table of contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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