Third-Party Logistics Market in Europe: Rising Complexities of In-house Logistics Operations to Drive Growth
NEW YORK, June 21, 2021 /PRNewswire/ -- Technavio identifies the increasing complexities of in-house logistics operations as one of the major factors driving the growth of the third-party logistics market in Europe. Manufacturing companies across the world are expanding their production capacities and operations. The growth in production volumes is necessitating the need for efficient logistics solutions to transport raw materials to factories and finished goods to retailers and distributors, which is increasing complexities in the supply chain.
Hence, many manufacturing companies are outsourcing their supply chain operations to 3PL service providers. This enables them to focus more on their core business while reducing operational costs. All these factors are positively influencing the growth of the third-party logistics market in Europe.
The third-party logistics market in Europe report helps businesses create strategies to make the most of future growth opportunities.
In 2020, the Rest of the Europe region accounted for about 26% of the global market share. However, Germany is expected to remain a potential market for third-party logistics in Europe during the forecast period. The strong growth of the automotive and automotive components industries is one of the key factors driving the market demand in the country. Also, the growth of other industries such as mechanical engineering, aerospace, chemical, and pharmaceutical will provide significant opportunities for market players.
Similarly, based on the end-user, the market generated maximum revenue in the manufacturing segment in 2020. The growth of the segment can be attributed to the thriving manufacturing sector in the Eastern European region. In addition, the growing ICT sector and the introduction of 5G technologies will support the growth of the segment during the forecast period.
Although the third-party logistics market in Europe is expected to record a healthy growth during the forecast period, limited use of IT and regulatory barriers and high operational cost and competitive pricing might reduce the growth opportunities for market participants. This report on the third-party logistics market in Europe will help businesses become better equipped, make informed decisions, and develop effective strategies to improve their market positions.
Access detailed information about the third-party logistics market in Europe here:
Technavio's reports offer customizations as per the specific needs of companies. Our custom reports include a further breakdown of market segmentation at regional levels, information on additional market players, and the strategies adopted by vendors during the COVID-19 recovery phase.
Reasons to Buy Third-Party Logistics Market in Europe Report:
Make fast, effective, and sound decisions and stay on top of the latest industry developments.
Related Reports on Industrials Include:
Third-party Logistics Market in India – Third-party logistics market in India is segmented by end-user (manufacturing, consumer goods, food and beverages, automotive, and others) and service (transportation services, warehousing and distribution services, and VAS).
Global In-Plant Logistics Market for Automobile OEM Industry – Global in-plant logistics market for automobile OEM industry is segmented by service (in-plant warehousing, line-side feeding, packing, and others) and geography (APAC, Europe, North America, South America, and MEA).
View original content to download multimedia:http://www.prnewswire.com/news-releases/third-party-logistics-market-in-europe-rising-complexities-of-in-house-logistics-operations-to-drive-growth-301315803.html