Automotive 3PL Market size is estimated to grow by USD 93.48 billion from 2022 to 2027, 31% of market growth is expected in North America, Technavio

NEW YORK, Feb. 27, 2024 /PRNewswire/ -- According to Technavio, the global automotive 3pl market size is estimated to grow by USD 93.48 billion from 2022 to 2027. The market is expected to grow at a CAGR of 6.6% during the forecast period. Moreover, the growth momentum will accelerate. Based on geography, the global automotive 3pl market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive 3PL market. North America is estimated to account for 31% of the growth of the global market during the forecast period. The demand for logistics is high in the region, especially in countries such as the US, owing to the expansion of regional distribution models. This, in turn, will result in an increase in the demand for warehouses in the region. The US is the second-largest automobile market globally, which plays a key role in imports and exports. It is the third-largest car manufacturer in the world and also the second-largest car importer in the world after the EU. These factors will drive the growth of the market in the region during the forecast period. Download a sample report

The global automotive 3PL market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details. Buy the report!

Customer landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Segmentation assessment

Technavio has segmented the market based on type (finished vehicle and auto components) and service (transportation, warehousing, distribution, inventory management, and others). 

• The finished vehicle segment will grow at a significant rate during the forecast period. Finished vehicle logistics include a series of stages and processes through which cars are safely delivered to end users. This process includes transporting or delivering vehicles from the manufacturer to domestic or international customers. As the global economy is becoming more complex, automotive manufacturers are looking for ways to streamline their supply chains, which has increased the demand for external logistics service providers such as 3PL. In addition, logistics service providers are integrating disruptive technologies such as big data, the Internet of Things (IoT), and connected ships to improve their supply chain management systems. Such factors are expected to fuel the growth of the automotive third-party logistics market during the forecast period. request a sample report

Market dynamics

• The increasing auto part manufacturing is driving the market growth.
• The automotive industry is expected to grow at a significant rate owing to improved living standards and increasing purchasing power across the world.
• Moreover, changes in lifestyles have increased car sales in emerging economies.
• Auto parts manufacturing plants require new solutions to ensure constant efficiency and meet consumer demand globally. Collaboration with 3PL providers supports the global expansion of the automotive industry.
• In addition, the aftermarket demand for auto spare parts for vehicles is expected to drive the growth of the market during the forecast period.

Cost reduction in the automotive industry through 3PL is a key trend in the market. High operation costs are challenging the market growth. Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

Analyst Review

In the dynamic landscape of the automotive industry, the Automotive 3PL (Third-Party Logistics) Market plays a pivotal role in ensuring seamless operations across the supply chain. From sourcing raw materials like metals, plastics, and semiconductors to delivering finished tires, batteries, and engine components, 3PL providers optimize efficiency for companies and transportation service providers alike. They manage intricate logistics, including warehousing auto parts and overseeing the distribution of light bulbs, speakers, and brake systems. With a focus on safety, they facilitate the integration of safety features and cooling units while ensuring the smooth flow of exhaust systems and gas tanks. In collaboration with automotive supply chains, 3PL providers streamline operations, offering tailored solutions for fenders and other critical components. Find some insights from a sample report!

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The automotive timing belt market size is expected to increase by USD 37.62 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.4%. This report extensively covers market segmentation by end-user (OEMs and automotive aftermarket), vehicle type (passenger vehicles and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

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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