The practice of contracting out different operational facets of supply chain management and logistics to outside service providers is referred to as third-party logistics, or 3PL. These services are designed to help companies focus on their core competencies by simplifying their logistical operations, cutting expenses, and improving efficiency. South Korea’s third-party logistics (3PL) industry is well-established, with both domestic and foreign companies actively involved in the nation’s logistics. The increasing number of mergers, acquisitions, and expansion agreements by the current businesses to enable better service at lower costs and simultaneously break into the South Korean third-party logistics market is driving the market’s growth. In addition, the Korean government suggested building free economic zones and trade and logistics hubs to establish cooperatives for food processing, boosting Kyrgyzstan’s export potential and bringing Kyrgyz organic goods to foreign markets.
According to SPER Market Research, ‘South Korea Third Party Logistic (3PL) Market Size- By Service, By Distributive trade, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Third Party Logistic Market is estimated to reach USD 41.23 billion by 2033 with a CAGR of 4.26%.
One of the main drivers propelling the South Korean third-party logistics market is the proliferation of e-commerce websites and the availability of low-cost freight. The market has benefited from the rise in demand for local and international logistics brought about by the popularity of C2C and B2C e-commerce platforms. Additionally, the rise in sales of imported items speeds up market expansion by promoting cross-border e-commerce. Furthermore, the expansion of the third-party logistics market is driven by the increased adoption of the Internet of Things in the region. Consequently, the market has been further impacted by the growth of the e-commerce sector as a result of an increase in consumer online purchases. The third-party logistics market is expected to develop due in part to the increasing popularity of e-commerce websites because of their quick delivery, door-to-door delivery, and substantial discounts.
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A significant barrier to the expansion of the third-party logistics (3PL) business in South Korea is the unpredictability of economic conditions. The macroeconomic environment at the local and national levels significantly affects the third-party logistics (3PL) sector. On the other side, uncertainty about the state of the economy may hurt the third-party logistics (3PL) sector since consumers may decide to put off purchases in reaction to tighter credit, a drop in income or asset prices, or unfavourable financial headlines. The population of the Republic of Korea is rapidly declining, with long-term structural effects on the nation coming from an aging population and declining fertility rates. Thus, such circumstances will result in a decline in the nation’s economic activity and force the government to spend heavily on social programs going forward, negating its ability to spend on economic expansion.
The COVID-19 epidemic caused supply chain interruptions and a decline in the demand for logistics services, which had a detrimental effect on the logistics sector. Online sales surged during the epidemic, and many businesses looked to third-party logistics (3PL) providers to assist in handling their supply chain and logistics requirements. The epidemic resulted in significant transportation and warehousing delays and disruptions because of lockdowns, travel restrictions, and a decrease in the availability of labor.
The largest share for South Korea Third Party Logistic Market is held by Gyeonggi province due to strategic location and well-connected transportation networks. CJ Logistics, DHL Korea, Hanjin Transportation, Hyundai Glovis, Kerry Logistics, few of the key players in the market.
Key Target Audience:
- Retailers
- Manufacturer
- E-commerce Companies
- Importers and Exporters
- Automotive Companies
- Pharmaceuticals and Healthcare Providers
- Consumer Goods Companies
South Korea Third Party Logistic Market Segments:
By Service:
- Domestic Transportation Management
- International Transportation Management
- Value-Added Warehousing and Distribution
By Distributive Trade:
- Wholesale
- Retail Trade
- E-Commerce
By End-Users:
- Manufacturing and Automotive
- Oil & Gas and Chemicals
For More Information, refer to below link –
South Korea Third Party Logistic (3PL) Market Share
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