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The fourth party logistics market is experiencing high growth in the forecast period. The manufacturing industry has witnessed rapid growth in recent times owing to huge investments coming up from Governments of various countries and especially the developing economies. This expansion in the manufacturing industry is expected to embrace technological advancements to enhance plant productivity, maintain an edge with the customers and gain competitive advantage. Steady and consistent economic growth worldwide is a major driving factor for the development and advancements in the manufacturing industry. The 21st century is characterized by cut-throat competition in all the industry sectors.
The manufacturers of various products face stiff competition with their competitors on account of costs, quality, service, and time-to-market. Also, manufacturers have faced monumental challenges concerning maintaining a perfect balance between the demand and supply of the product in the diverse geographies. Manufacturing industries thus tend to focus more towards their core competencies of manufacturing and outsource the rest to other stakeholders in the value chain. The need for an efficient supply chain system for the manufacturing sector seemed to be imminent as fourth party logistics providers focus on all aspects of supply chain management and provide advanced and assured management of goods from the production line until the consumer and reverse.
The fourth party logistics market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Asia Pacific is expected to be the dominant and fastest growing region in global fourth party logistics market. Whereas, Europe and North America are the second and third highest market share in the fourth party logistics market. The demand for fourth party logistics in developing economies is constantly rising as the number of applications are rising in different sectors.
In Asia Pacific region, automotive is anticipated to be the fastest growing segment, whereas, retail holds the highest market share. In the Asian countries, the emerging markets are fragmented and faces challenges such as growing market competitiveness, inflation triggers, cost pressures, and market volatility. Thus, planning and execution of supply chain could be complex. To address all issues, manufacturers and suppliers eagerly looks ahead for 4PL services to maximize control of inbound and outbound supply chains while improving visibility, inventory management and management of product life cycles. Some of the initiatives taken by companies would strengthen the growth of 4PL. For instance, companies from China and Italy has currently launched a project to export Italian agri-food products to China by using integrated logistics model. This would bring simplicity and optimize the bilateral exchange. Haibo is a Chinese logistics company and Qiaolab, and a Shanghai-based consulting firm has agreed to develop the first Chinese hub in Italy in Bergamo.
Also, to provide value to enterprises, OEMs, and tier suppliers relies upon 3PL and 4PL service providers to manage entire supply chain networks holistically. The supply chain is the most crucial part of the manufacturing process that includes just-in-time deliveries, majorly among the suppliers and OEMs and. Partnership with logistics service providers enables automotive manufacturers to lower fixed costs such as transportation, inventory. For the lower-tier suppliers, third party and fourth party logistics act as a logistics support provider when small-scale enterprises lag in having a devoted logistics department. These initiatives formed for enhancing 4PL services is expected to offer ample of growth opportunities.
The major players operating in the market for fourth party logistics market include Allyn International Services, Inc., CEVA Logistics AG, Damco, DB Schenker (Deutsche Bahn AG), Deutsche Post AG, GEFCO Group, GEODIS, Logistics Plus Inc., UPS Supply Chain Solutions (United Parcel Service, Inc.), and XPO Logistics, Inc. among others.
Fourth Party Logistics Market - Geographic Breakdown, 2018
Source; The Insight Partners Analysis
The report segments the global fourth party logistics market as follows:
Global Fourth Party Logistics Market - By Type
Global Fourth Party Logistics Market - By End-User
Global Fourth Party Logistics Market - By Geography
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