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The healthy growth of the trade and e-commerce activities in both developed and developing nations is driving the growth of the third-party logistics (3PL) market. In 2018, the Asia Pacific, North America, and Europe together accounted for about 85% of the total share in the global third party logistics (3PL) market. Third-party logistics services involve outsourcing to a single global player in place of hiring several brokers at a national/local level. Thus, the service is a one-stop solution for the customs brokerage, providing faster coordination and customs clearance.
Further, the global third-party logistics services market is being driven by the growing global freight forwarding market, which is projected to grow at a CAGR of 4.5% until 2021. In November 2020, DHL Global Forwarding (OTCMKTS: DPSGY), a key player in the market, opened three rail competence centres in addition to the existing ones in Europe and will further introduce the fastest rail freight connection between Germany and China, meeting the rising demand for rail freight services between Europe and Asia. This step has been taken by the company due to the substantial increase in the rail freight volumes along the new silk road from China to Europe. Such developments will further aid the global third-party logistics (3PL) market over the forecast period.
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The major players in the global third-party logistics services market are DHL Global Forwarding, Kuehne + Nagel International AG, DB Schenker, DSV A/S, Sinotrans Changhang Group, Panalpina, Nippon Express Co., Ltd., Expeditors, UPS Supply Chain Solutions Inc, Hitachi Transport System, C.H. Robinson, Hellmann Worldwide Logistics SE & Co. KG, Bolloré Logistics, CEVA Logistics, and Yusen Logistics Co., Ltd. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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