Global 5PL Solutions Market 2019-2023
About this market
The growing global e-commerce market will contribute significantly to the 5PL solutions market growth during the forecast period. Economies including China and the US are key contributors to the global e-commerce market. Factors including the growing Internet penetration and smartphone penetration are accelerating the 5PL solutions market growth during the upcoming years. Technavio’s analysts have predicted that the 5PL solutions market will register a CAGR of almost 4% by 2023.
Rising free trade agreements in Europe
The increase in free trades provides many opportunities for European manufacturers to enter other developed and developing economies. These free trades are expected to stimulate the volume shipment of various manufacturing industries such as electronics, which will further increase the requirements of 5PL solutions.
Stringent government regulations in marine transportation
Due to the presence of the regulatory bodies as well as stringent regulations in marine transportation, the operational cost of vendors is estimated to increase, which will hinder the market growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the 5PL solutions market during 2019-2023, view our report.
The market appears to be highy fragmented and with the presence of several companies including CEVA Logistics AG and DB Schenker, the competitive environment is quite intense. Several logistics players including 5PL solution providers are focusing on green logistics to ensure compliance with stringent government regulations on freight and logistics activities for sustainability. Deutsche Post AG, Kuehne + Nagel Management AG, and United Parcel Service Inc. are some of the major companies covered in this report.
CEVA Logistics AG
Deutsche Post AG
Kuehne + Nagel Management AG
United Parcel Service Inc.
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