The global third-party logistics market size is estimated to be valued at US$ 2,144 Bn 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 are likely to 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 a track of their activities, thereby, making it a demanded service in the current period. Prospects suffered a major 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.
Key Takeaways from the Market Study:
“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.
Competitive Landscape
The eminent players of the market adopt various technologies and methods to strengthen their global influence. They make aggressive investments in R&D to add innovations to their products and secure the forefront position in the global market. Further, collaborations, partnerships, and acquisitions are some of the adopted methods to enhance their reach in the global competition. Some of the recent key developments among the players are:
Logistics and supply chain professionals are quick to acknowledge AI’s power, but slower to adopt
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