South Korea Third-Party Logistics Market Poised for Robust Growth, forecasted to Expand at 9.8% CAGR from 2024-30

MarkNtel Advisors has released its latest report highlighting strong growth in The South Korea Third-Party Logistics Market size is valued at around USD 18.5 billion in 2024 & is estimated to reach around USD 32 billion by 2030. The market is also expected to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30.

Report Coverage

This report offers a comprehensive analysis of the South Korea Third-Party Logistics Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2023
• Forecast Years: 2024-30
• Historical Years: 2019-22

South Korea Third-Party Logistics Market Overview

The market in South Korea is experiencing robust growth driven by economic recovery, a rise in industrial production, an increase in consumer, and overall expansion in various industries such as manufacturing, healthcare & pharmaceuticals, retail & e-commerce, automotive, consumer goods, food & beverages, etc. Such developments in the economy and across industries will boost the growth of 3PL services in the country. The services offered by 3PL in South Korea include transportation management, warehousing & distribution, dedicated contract carriage, logistics software, and others, these services are necessary for these industries due to their objective of achieving operational efficiency.

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South Korea Third-Party Logistics Market Segmentation Outlook

The South Korea Third-Party Logistics is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Type

• Contractual 3PL
• Non-contractual 3PL

By Solution

• Transportation Management
• Warehousing & Distribution
• Dedicated Contract Carriage (DCC)
• Logistics Software
• Others

By Transportation Mode

• Rail
• Road
• Air
• Sea

By End User Industries

• Manufacturing
• Healthcare & Pharmaceuticals
• Retail & E-commerce
• Automotive
• Consumer Goods
• Food & Beverage
• Others

South Korea Third-Party Logistics Market Driver

Rise in the E-Commerce Industry – South Korea is certainly one of the biggest e-commerce markets globally pushing third-party logistics boom in the country because of the need for dependable logistics and fulfillment partners. The expansion in the e-commerce sector is primarily due to the excessive penetration of smartphones, high-speed internet, and the presence of dependable online payment programs in the country.

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Top South Korea Third-Party Logistics Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies Hyundai Glovis, SEBANG, Daewoo Logistics, Yusen Logistics, Sunjin   Logistics,   Kuehne + Nagel, CTSI Logistics, Lotte Global Logistics, Omni   Logistics, DSV,   and  OthersOthers as key players shaping the market landscape.

South Korea Third-Party Logistics Market News

• In July 2024: Hyundai Glovis acquired an LNG carrier for its fleet as the company ventures into the LNG transportation business. The vessel is 292 meters long and carries a capacity of 174,000 cbm of liquefied gas. The said capacity is enough to fulfill half of the country's daily LNG consumption.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2030?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

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