Bharat Book Bureau Provides the Trending Market Research Report on “Logistics Service Market in India 2022 – 2027” under Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The Logistics Service Market was valued at INR 14.08 Trn in 2021. It is expected to expand at a CAGR of ~14.14% during the 2022 – 2027 period. Logistics is defined as a business planning framework for the procurement, maintenance, distribution, and replacement of personnel and material. The purpose of the logistics industry is to enable effective transportation and timely movement of goods from one place to another. The industry is highly fragmented with several unorganized players. Organized players account for 10% – 15% of the market. The remainder is controlled by unorganized players who manage small-sized warehouses with little to no mechanization.
The Government of Singapore Investment Corporation (GIC), Singapore's sovereign wealth fund, and ESR Group Limited have announced a strategic alliance to form a joint venture to acquire income-producing core industrial and logistics assets for INR 45 Bn in India.
In a study conducted by NITI Aayog in collaboration with Rocky Mountain Institute (RMI) and RMI India, it was estimated that the movement of goods will increase to 15.6 trillion tons/km by 2050. To support this, the government is making efforts to improve India’s logistics system by introducing policies and programs such as Atmanirbhar Bharat. These will enhance technological and digital operations in the logistics supply chain.
The market can be segmented into transportation, warehousing, and supply chain management. The freight and logistics market segment in India is growing. This is because of technological advancements, infrastructure development, and the introduction of policies that deal with e-way bills, fast tags, e-invoicing, and GPS-based toll collection. The warehousing market is expected to expand at a CAGR of ~15.64% during the 2022 – 2027 period. 3PL and e-commerce players were the major adopters of organized warehousing spaces in 2021. This led to a reduced market share of fast-moving consumer goods (FMCG), fast-moving consumer durable (FMCD), and retail sectors in 2021. Supply chain management service has control over most of the functions of logistics facilities such as stocking of inventory, order fulfillment, warehouse infrastructure management, inventory forecasting, and freight forwarding.
COVID-19 impact analysis:
Several companies shrunk their product mix to allocate the warehouse spaces to the essential products available in their portfolio as the production of these essentials increased significantly during the pandemic. Various large manufacturing companies felt that the construction of small warehouses at multiple locations is a more viable option than keeping in large regional warehouses. Since the onslaught of COVID-19, consumers have been shopping online in large numbers, particularly for groceries. In 2021, the demand for online grocery shopping portals surged by up to 80%, but their operational capacity was reduced by half.
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