3 PL revenues growing to USD 1.1 trillion by 2022
As an addition to its annual third-party logistics (3PL) market analysis, Armstrong & Associates has developed global logistics cost and 3PL revenue estimates with projections through fiscal year 2022.
The global 3PL market estimates cover seven major regions comprising 190 countries. In 2016, the global 3PL market reached USD 802 billion and is on track to exceed USD 1.1 trillion in 2022. Global logistics costs were USD 8.2 trillion in 2016 and should surpass USD 11.1 trillion in 2022.
The Asia Pacific region is the world’s largest logistics market accounting for 39% of total global logistics costs and 38% of total global 3PL revenues. Looking ahead, Greater China and the Asia Pacific region (excluding Japan) are expected to be the fastest growing regions in terms of logistics costs from 2016 to 2022, primarily due to strong growth in private domestic consumption of general merchandise. (mw)