According to the research report, the global 4PL logistics market was valued at USD 49.84 billion in 2021 and is expected to reach USD USD 89.95 billion by 2030, growing at a CAGR of 7.1% during the forecast period.
The growing demand for the inbound logistic services majorly by the manufacturing industry, coupled with the rising need for the easy logistics procedure from distributors and producers, are the chief impelling factors for the market growth. Additionally, various organizations are presenting enhanced customer service, flexibility, and overall operating cost, which, in turn, promotes organizations to opt for supply chain vendors.
Furthermore, the potential growth of the e-commerce sector is also boosting the need for these services for the delivery of small and large products that further creates lucrative opportunities for market growth around the world.
Based on the end-user, the retail segment is dominating the global market with the highest revenue shares owing to the introduction of innovative products, as well as the rising trend of e-commerce trading has changed the population”s purchasing behaviors, which in turn, leads to the segment dominance globally.
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The 4PL supply chain is gaining huge traction across various industries owing to it offering easy supply chain procedures to the companies. The exponential growth of the electronic industries is propelling the industry growth. Consumer electronics manufacturers are more inclined to invest in fourth-party supply chains to offer their customers doorstep delivery services.
Top Market Players
Market participants such as 4PL Insights, 4PL Group, Accenture Consulting, Allyn International Services, Inc., United Parcel Service, Inc., CEVA Logistics, DAMCO, C.H Robinson Worldwide, Ltd., DB Schenker, Deloitte, GEFCO Group, Deutsche Post AG, Global4PL Supply Chain Services, Panalpina World Transport, Logistics Plus Inc., and XPO Logistics, Inc. are some of the key players operating in the global industry.
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The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent industry players support global industry development. For instance, in March 2021, Blue Yonder declared that the TRAXIoN Logistics- a 3PL and a 4PL operator part of the Grupo TRAXIoN implemented the Blue Yonder”s LuminateTM Control Tower and Transportation Management Solution (TMS), as well as the network design and modeling solutions.
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