Singapore Freight and Logistics Market Size Set to Grow at Steady CAGR of 6.5% Reaching USD 1.75 Billion by 2029

Published | 05 July 2023

Singapore freight and logistics market is flourishing due to its strategic geographic location, world-class infrastructure, efficient port operations, adoption of advanced technology, robust trade connectivity, government support, and a strong focus on innovation and sustainability.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Singapore freight and logistics market size at USD 1.13 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Singapore freight and logistics market size to grow at a CAGR of 6.5% reaching a value of USD 1.75 billion by 2029. The growing emphasis on digitization and technology adoption is a major factor driving the expansion of Singapore freight and logistics market. To improve operational efficiency and supply chain visibility, the sector has adopted automation, artificial intelligence, and blockchain technologies. Sustainability has been a major concern, with businesses increasingly embracing eco-friendly practices and green logistical solutions. The growth of e-commerce and cross-border trade has increased the demand for effective last-mile delivery and fulfillment services. The COVID-19 pandemic has hastened the transition to e-commerce and fueled innovation in contactless delivery and logistics solutions. These patterns point to a dynamic and changing freight and logistics landscape in Singapore.

Singapore Freight and Logistics Market – Overview

The administration and transfer of commodities from one location to another is referred to as freight and logistics. It includes warehousing, inventory management, packaging, shipping, and distribution, among other things. The industry is critical to global trade because it ensures the efficient transportation of goods across supply chains. Advanced technology and tactics are used by freight and logistics businesses to optimize routes, cut costs, and improve delivery timelines. Shipping lines, air cargo carriers, trucking businesses, and third-party logistics providers are key stakeholders in this sector. The freight and logistics industry is evolving and adapting to meet the increasing expectations of businesses and customers as e-commerce and international trade develop.

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Impact of COVID-19 on Singapore Freight and Logistics Market

The COVID-19 pandemic significantly affected the Singapore freight and logistics market. The industry faced challenges due to disruptions in global trade and restrictions on travel and movement. With reduced demand and manufacturing activities, cargo volumes decreased, leading to revenue losses for logistics providers. Also, logistical operations were affected by supply chain disruptions, including labor shortages and delays in transportation. The market players had to adapt quickly to stringent health and safety protocols, implement digital solutions, and prioritize the transportation of essential goods. While the market gradually recovered as restrictions eased, the pandemic highlighted the need for resilience, agility, and technological advancements within the Singapore freight and logistics industry.

Singapore Freight and Logistics Market – By End-Use Industry

On the basis of end-use industry, Singapore freight and logistics market is divided into Agriculture, Fishing & Forestry, Construction, Manufacturing, Oil & Gas, Mining & Quarrying, and Wholesale & Retail Trade segments. The wholesale and retail trade, encompassing a wide range of activities related to the distribution and sale of goods, including both wholesale trade to businesses and retail trade to end consumers, is the largest end-use industry segment in the Singapore freight and logistics market. Singapore's strategic location and status as a global trading hub have contributed to the growth and significance of this sector. The wholesale and retail Trade segment plays a crucial role in facilitating the movement of goods, ensuring their availability to businesses and consumers alike, and driving the overall economy of Singapore.

Competitive Landscape

Singapore freight and logistics market is fiercely competitive. Major companies in the market include A.P. Moller – Maersk, C.H Robinson, CMA CGM, DB Schenker, Deutsche Post DHL Group, DP World, DSV, FedEx, GEODIS, and Kerry Logistics. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Singapore freight and logistics market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Singapore Freight and Logistics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Singapore Freight and Logistics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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