(MENAFN - IMARC Group)
The Indian warehouse market has witnessed robust growth over the past several years. This can be attributed to advancements made in the automation industry coupled with various policies and regulations introduced by the Government to facilitate warehousing activities.
According to the latest report by IMARC Group, titled “Indian Warehouse Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian warehouse market reached a value of INR 561 Billion in 2018. The warehouse industry in India is currently at a nascent stage, however, the development of the country as a global manufacturing hub has helped in its expansion. Additionally, the burgeoning e-commerce, retail, IT, telecommunications, pharmaceuticals and textiles industries have created a substantial demand for warehouses with value-added services like reverse logistics, packaging, labeling and barcoding. In line with this, the formerly concrete or low-grade steel godowns are now being replaced by pre-engineered warehouses. The increasing private and foreign investments in infrastructure development have further helped in turning warehouses into sophisticated stockrooms with advanced, real-time tracking mechanisms and other state-of-the-art facilities.
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The establishment of the Free Trade and Warehousing Zone by the Indian Government has helped in increasing warehousing activities, developing the infrastructure and facilitating import and export services in the country. In addition, the introduction of logistics-friendly infrastructure and tax regimes, such as the Goods and Services Tax, have simplified interstate taxation and stimulated structural changes in operation dynamics for the warehouse market. These reforms have helped companies in substantially reducing logistics costs and attracted international players to enter the market via acquisitions, mergers and joint ventures. Apart from this, recent technological advancements in the automation industry have led to the adoption of smart warehouses in India. Goods are now handled with minimum human intervention in these warehouses which improves speed, productivity and efficiency. On account of these factors, Future of Indian warehouse market is projected to reach a value of INR 968 Billion by 2024, registering a CAGR of 9.5% during 2019-2024.
• Based on sectors, the market has been segmented into the industrial and agriculture sectors. Currently, the industrial sector represents the leading segment, holding the largest warehouse market share in India.
• On the basis of ownership, private warehouses dominate the market, accounting for the majority of the overall market share. Private warehouses are followed by public warehouses and bonded warehouses.
• The market has also been segregated on the basis of the type of commodity stored into general, specialty and refrigerated warehouses. Currently, general warehouses account for the biggest share in the Indian warehouse market.
• The competitive landscape of the Indian warehouse industry has also been examined with the profiles of the key players operating in the market.
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