Fourth Party Logistics Market
The Europe fourth party logistics market accounted for US$ 15.94 Bn in 2018 and is expected to grow at a CAGR of 4.6% over the forecast period 2019-2027, to account for US$ 23.79 Bn in 2027.
The key factors such as 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 propelling the growth of the fourth party logistics market. Moreover, the factors such as the incorporation of effective logistics services by retail and consumer electronics end-users, and manufacturers seeking for inbound procurement and supplier collaborations management are expected to boost the fourth party logistics market growth in the forecast period. The E-commerce industry gathered pace in the early part of this decade with advancements in the internet infrastructures & speed, as well as increasing smartphones and internet penetration among the users. E-commerce sparked an upheaval in the consumers buying behavior and also changed how businesses interact with each other.
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As the global e-commerce market is rapidly growing, changing buying patterns and trends have been observed in different countries of the region for online purchase. Most of the purchasing power is influenced by the demographics of the country such as the percentage of youth population indulging in e-commerce activity, the economy of the country, age group interested in e-commerce, and the level of awareness in the country. The categories, the online shoppers, most often purchase consist of electronics, apparel, accessories, and perfumes.
Over the years, the retailers had been highly reliant on the third party logistics service providers for transportation, order fulfillment, and warehousing capabilities. However, with exponentially booming e-commerce market, the diverse product demands and product assortments rise, leading to the incapability of 3PL firms handling such complexities efficiently. The need for Omnichannel approach in the wake of the maturing e-commerce market is anticipated to drive the requirements for mediation of fourth party logistics firms. The fourth party logistics market players are focusing on various initiatives to enhance their capabilities and boost their position in the market.
The fourth party logistics market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the fourth party logistics market further. For instance, the automotive industry plays a significant role in the growth of Europe’s prosperity, as it accounts for a maximum portion of the region’s GDP and also offers jobs to a large number of population. Owing to these factors, the European Commission has taken several initiatives for the development of the automotive industry. For example, CARS 2020 Action Plan, and GEAR 2030, among others. Also, Horizon 2020 by EU focuses on providing funds for R&D in the automotive industry by launching programs such as European Green Vehicles Initiative and programs on Road Transport, Factories of the Future and Logistics. The automotive sector is one of the largest end-users for the 4PL services in Europe and initiatives regarding automobile growth imply a positive outlook for the fourth party logistics market. These initiative provide various benefits to the fourth party logistics-based companies located in the region, thus, increasing the growth of the fourth party logistics market.
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Based on type, the solution integrator model segment is leading the fourth party logistics market and is expected to continue its dominance during the forecast period. The solution integrator model is known as the core 4PL model. In the solution integrator model, the 4PL providers are engaged in operating and managing a comprehensive end-to-end supply chain solution for a single client. This business model for 4PL leverages the resources, technology, and capabilities of 4PL and complementary service providers for provisioning a comprehensive supply chain solution to deliver value to their customers. Broadly, all B2B businesses focus on the solution integrator model for optimizing their supply chains and ensuring the best customer service. Food & beverage, and retail sector customers prefer this type of business relationship with their 4PL service providers.
The overall fourth party logistics market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the fourth party logistics market. It also provides an overview and forecast for the fourth party logistics market based on all the segmentation provided for the Europe region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fourth party logistics market. Some of the players present in fourth party logistics market are Allyn International Services Inc., CEVA Logistics AG, DAMCO, DB Schenker, Deutsche Post AG, GEFCO Group, GEODIS, Logistics Plus Inc., UPS Supply Chain Solutions, and XPO Logistics, Inc. among others.
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