The fourth party logistics market was valued at $57.9 billion in 2021, and is estimated to reach $111.7 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
Fourth party logistics, popularly known as 4PL, is the model of outsourcing of logistics operations, where the service provider integrates with the company’s supply chain department. This logistics partner is responsible for assessing, designing, building, running, and measuring integrated supply chain solutions for the organization. It is rapidly emerging as the most innovative form of outsourcing & connecting a complex logistics structure for ease of operation. It handles the complete process-to-pay workflow, including the management of inbound raw material supply, dynamic logistics, demand-driven logistics, and global distribution. It also controls storage, packaging, and timely delivery of crucial and perishable products.
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Covid-19 Scenario :
The outbreak of the Covid-19 pandemic had a negative impact on the global fourth party logistics market, owing to implementation of the global lockdown and stringent import & export restrictions.
Important supply chains in the logistics and transportation industry were hampered, though differently across air, freight, and sea sectors. Logistics firms, which are involved in the movement, storage, and flow of goods, were directly affected by the COVID-19 pandemic.
Moreover, changes in consumers purchase behavior due to pandemic uncertainties could significantly impact the growth of the 4PL logistics market.
With the growing internet penetration and smartphone usage, an increasingly shift to online shopping was witnessed within the consumers during lockdown. This resulted in a large-scale shift in consumer behavior, preferences, and expectations when it came to shopping & shipment deliveries. Hence, the growth normalized from 2021 onwards and the market is projected to grow at a steady pace from 2021 to 2031.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global fourth party logistics market. This is attributed to the booming e-commerce industry in emerging economies. In addition, increased adoption of outsourced logistics services in the region is driving the growth of the 4PL logistics market in Asia-Pacific. However, Europe is expected to witness the fastest CAGR of 8.4% from 2022 to 2031. This is due to the growth of e-commerce, retail sector, and manufacturing sector coupled with the digitalization of infrastructures in the European countries.
Leading Market Players :
4PL Group
4PL Insights
Allyn International Services, Inc.
C.H Robinson Worldwide, Ltd.
CEVA Logistics
DAMCO
DB Schenker
Deloitte
Deutsche Post AG
GEFCO Group
Global4PL Supply Chain Services
Logistics Plus Inc.
Panalpina World Transport
United Parcel Service, Inc.
XPO Logistics, Inc.
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KEY FINDINGS OF THE STUDY :
- By type, the industry innovator model segment dominated the global fourth party logistics market, in terms of growth rate.
- On the basis of end user, the consumer electronics segment is anticipated to exhibit a remarkable growth during the forecast period.
- By region, Europe is anticipated to exhibit a remarkable growth during the forecast period.
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