Fourth Party Logistics market in Europe is expected to grow from US$ 15.94 Bn in 2018 to US$ 23.79 Bn by the year 2027. This represents a CAGR of 4.6% from the year 2019 to 2027.
The Increase in demand for 4PL services due to rising complexity in supply chain operations and Affinity of the retail end-users for supporting Omni-channel services are fueling the growth of the fourth party logistics market. Moreover, the inbound procurement and supplier collaborations management for the manufacturing industry is anticipated to boost fourth party logistics market growth in the forecast period. The fourth party logistics service providers have a global distribution network of carriers and fleets that enables them to reach any destination within a given time frame and at minimal costs. Scaling up and down functions of a supply chain is also accessible as the service is majorly outsourced. Accountability of the goods being transported, quicker move towards any technological changes, and adding on network partners consistently are all managed by the outsourced logistics service provider thereby empowering the customer to achieve cost optimizations on the product until it reaches the last mile. These factors have been a major driving factor towards the adoptions of fourth party logistics services by the companies today and are anticipated to accelerate in the coming years.
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The automotive segment is one of the leading end-users with the second highest market share in Europe fourth party logistics market. The automotive industry is the most crucial sector contributing to economic development. Driven by factors such as globalization and changing market demands, car manufacturers are forced to provide a broad array of the vehicle with new models and options. The automotive industry is presumed to be continually evolving that could lead to complexities in the logistic processes. In a bid to tap on new market opportunities, reduce costs, and thereby maintain competitive advantage, the automotive companies have laid enhanced focus on their logistic strategies off late. Automotive is highly used among the fourth party logistics sector. Car manufacturers use logistic services from the point of production to transportation and delivery. Too efficiently and timely match up with dynamic requirements of customers, need for value-added logistic service is a foremost priority of the industrialist.
Rest of Europe is anticipated to lead the fourth party logistics market across the Europe region through the forecast period. Increasing transportation & logistics activities in countries such as Russia and Turkey have increased the demands for 4PL services in Rest of Europe market. Also, the NORDIC countries are said to house a large number of SMEs engaged in diverse industrial manufacturing. The concentration of manufacturing industries in the NORDIC region is another factor that has been driving the implementations of 4PL services. This will lead to the growth of the fourth party logistics market in this region. The figure given below highlights the revenue share of the Rest of Europe in the fourth party logistics market in the forecast period:
Rest of Europe Fourth Party Logistics Market Revenue and Forecasts to 2027 (US$ Bn)
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EUROPE FOURTH PARTY LOGISTICS MARKET SEGMENTATION
Fourth Party Logistics Market – Companies Mentioned
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