India 3PL Market Seen Soaring 7.95% Growth to Reach USD XX Million by 2032, Projects UnivDatos Market Insights
- Himanshu Patni
- November 5, 2024
- AUTOMOTIVE, NEWS
- 0 Comments
According to a new report by UnivDatos Market Insights, India 3PL Market is expected to reach USD XX Million in 2032 by growing at a CAGR of 7.95%. The rising demand for 3PLs is due to key factors such as the rising demand for transportation of goods from the expansion of the manufacturing and automobile sector as well as the rising demand for online delivery through the e-commerce and retail sector growth in the country. E-commerce industry in India has witnessed a rapid growth in the historical years owing to the increasing number of customers opting for the online delivery of the goods. Companies such as Amazon, Flipkart, Myntra, Ajio, etc., are also experiencing notable growth in the online delivery demand due to which the logistics supply demand in the country is growing. Additionally, the quick commerce industry in the country is also growing such as Blinkit, Zepto, Instamart, Dunzo, etc., are penetrated into 10-15 minute delivery market and increased their share in delivery in the tier-1 and tier-2 cities. Considering these shifts the transportation of goods to the tier-1 and tier-2 cities is further anticipated to grow. Furthermore, after the COVID-19 pandemic in the year 2020, the usage of online delivery services for essential goods and other items has been on the higher side, Considering this the market demand for E-commerce delivery services is further anticipated to rise as a large number of customers are lured towards online delivery services for its aggressive pricing, offers, a wide number of options, ease comparison, etc. Due to the aforementioned factors the E-commerce industry is further anticipated to promote the demand for India 3PL Market during 2024-2032.
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Applications:
3PL services offer third-party logistics services to companies in the retail sector, automobile sector, manufacturing e-commerce, construction, chemical, etc., for shipping their products within Indian markets and internationally. Many of the companies cannot rely solely on their in-house transportation system due to the sheer volume of production as well as the higher fixed cost involved in keeping their own transport and logistics.
Furthermore, with the rising economy and government focus to expand domestic manufacturing and increasing the export of goods the 3PL services providers have increasingly found a conducive environment for growth.
Considering the shifts the demand for third-party logistics market in India is anticipated to rise during 2023-2032.
Expansion in Tier-2 and Tier-3 Cities:
India is a vast region with an expansive network of roads due to which logistics and transportation services play a crucial role in the shipping of goods. With the growth of e-commerce, online shipping of goods to a large number of regions has become prominent due to which many of the logistics services providers started collaborating with the regional shipping providers. The e-commerce providers such as Flipkart, Amazon, Ajio, Myntra, and various single-brand websites were forced to deliver their goods in less time due to steep competition. Considering these the tier-2 and tier-3 cities became some of the growth hotspots for online delivery services.
As India is a growing region many more e-commerce companies will shift their focus towards tier-2 and tier-3 cities for potential market expansion. Considering this the 3PL market in the coming years will exponentially grow.
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Conclusion:
In conclusion, the India 3PL market is poised for continued growth and innovation driven by economic expansion, rising e-commerce, standardization in the 3PL industry, and following sustainable practices. Additionally, with the government policy and industry focus aligned towards making in India and pushing the domestic consumption to grow along with heightened exports, the logistics services in the county are further anticipated to rise. Additionally, the businesses operating on the regional level are also pushing their products in pan-India which would further strengthen the demand for 3PL services in the coming years.
