Third-party logistics, or 3PL, is the practice of contracting out supply chain management and logistical work to outside service providers. These vendors are pros at giving companies that require assistance with their logistical operations comprehensive options. Companies that engage with a 3PL supplier can focus on their core competencies while leaving the intricate logistics management to the experts. Logistics companies that work for third parties may provide specialized services such product packaging, door-to-door delivery, cross-docking, and inventory control.
According to SPER market research, ‘Canada Third Party Logistics (3PL) Market Size – By Mode of Transport, By Services, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Canada Third Party Logistics Market is predicted to reach USD 32.34 billion by 2033 with a CAGR of 4.86%.
Drivers:
The increasing popularity of online shopping has led to a growth in demand for efficient logistics services, including warehousing, last-mile delivery, and inventory management. Furthermore, as a result of Canada's participation in international trade agreements, cross-border trade has grown, which has raised the need for trustworthy and efficient logistics services. Additionally, businesses are outsourcing their logistical needs to third-party logistics (3PL) providers more and more in order to concentrate on their core competencies and boost overall operational effectiveness. In addition, technical advancements The advent of cutting-edge technology like automation, robotics, and artificial intelligence has revolutionized the 3PL industry by enabling companies to reduce costs and boost production.
Challenges:
The cost of hiring third-party logistics (3PL) providers to handle their logistical operations may deter some organizations, especially small and medium-sized enterprises with limited funding. Furthermore, while outsourcing logistical activities entails giving up some control over the supply chain, it may worry enterprises who prefer to have total visibility and control over their operations. Additionally, as outsourcing logistical tasks involves sharing personal data and handing over responsibility of security and risk management to outside parties, there might be a risk involved.
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Impact of COVID-19 on Canada Third Party Logistics (3PL) Market
The COVID-19 epidemic had a major effect on the Canadian 3PL market. Demand for certain businesses, like needs and e-commerce, increased, while other industries, like retail for non-essentials and autos, had challenges. The pandemic highlighted the importance of strong and adaptable supply chains, which led companies to revaluate their logistics strategies and hunt for reliable third-party logistics partners. Moreover, the significance of health and safety protocols in the transportation and warehousing sectors resulted in an increased focus on contactless delivery options and employee welfare.
Canada Third Party Logistics (3PL) Market Key Players:
Additionally, some of the market key players are Mactrans Logistics, CEVA Logistics, TSI Group, DSV, Polaris Worldwide Logistics, Kuehne + Nagel, DHL Supply Chain.
Canada Third Party Logistics (3PL) Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Mode of Transport: Based on the Mode of Transport, Canada Third Party Logistics (3PL) Market is segmented as; Railways, Roadways, Waterways, Airways.
By Services: Based on the Services, Canada Third Party Logistics (3PL) Market is segmented as; Domestic Transportation Management, International Transportation Management, Dedicated Contract Carriage, Warehousing and Distribution.
By End User: Based on the End User, Canada Third Party Logistics (3PL) Market is segmented as; Automotive, Consumer & Retail, Energy, Healthcare, Industrial & Aerospace, Technology, Others.
By Region: This research also includes data for South India, North India, West and Central India, East India.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Canada 3PL Market Future Outlook
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