3PL Market In Singapore To Grow By USD 1.35 Billion Growth Between 2022 - 2027| Driven By Growing Import-Export Activity On Sea Lanes- Technavio

(MENAFN- PR Newswire) NEW YORK, Jan. 7, 2024 /PRNewswire/ -- The 3PL Market in Singapore report has been added to Technavio's offering.
With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the 3PL Market in Singapore between 2022 and 2027 is USD 1.35 billion. A key driving force behind the expansion of Singapore's 3PL (Third Party Logistics) market is the rise in imports and exports of raw materials essential for food and mass-produced items. As per the International Chamber of Shipping, approximately 11 billion tons of goods are annually transported via ships, showcasing the substantial global trade escalation resulting from globalization. Singapore primarily imports machinery, transport equipment, and petroleum, while its principal exports comprise refined petroleum products. Notably, China, the United States, Indonesia, Malaysia, and Japan hold pivotal positions as significant trading partners. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here

• Market Challenge - The 3PL Market in Singapore faces a significant challenge
  due to high operating expenses. Managing Inventory Management and implementing Value-Added Services require cost-effective solutions. Strategies for Inventory Optimization and Freight Consolidation aim to offset these costs. Furthermore, providing On-Demand Logistics Services and efficient Customs Brokerage by 3PL Providers incurs high operational expenses. Balancing such expenditures while offering Vendor Managed Inventory (VMI) remains crucial for sustained growth in Singapore's 3PL market.
• Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

The 3PL Market in Singapore is segmented by Service (Transportation, Warehousing and distribution, and Value-added services) and End-user (Manufacturing, Automotive, Consumer goods, Food and beverage, and Others).

• Significant market share expansion is anticipated within the transportation segment during the forecast period.
  Within Singapore's 3PL market, the transportation services category encompasses diverse methods for goods carriage, including road, rail, air, and sea. Businesses commonly outsource cargo and freight transportation processes due to their considerable capital requirements, technical expertise, and impact on overhead expenses. Numerous contracted 3PL suppliers offer swift and efficient freight delivery, furnishing businesses with a competitive edge in the industry. Additionally, the 3PL services industry provides a range of services beyond freight delivery, such as freight forwarding, project logistics, network design, cargo insurance, optimization, and customs brokerage.
• View the Sample Report for insights into the contribution of all the segments
  in the report.

Market Dynamics

Key Driver - The rise
in the import and export of raw materials for food and mass products serves as a significant driver for Singapore's 3PL market. This growth catalyst impacts sectors such as Freight Forwarding, Supply Chain Management, and Warehousing Services. Additionally, it fuels advancements in Last-Mile Delivery and Transportation Logistics Solutions, emphasizing Freight Brokerage and Reverse Logistics. This trade growth also amplifies the demand for Contract Logistics, Global Logistics, and specialized services like Cold Chain Logistics, improving
the significance of efficient Freight Management and Packaging and Labeling strategies.

Leading Trend -
The primary trend shaping the 3PL market in Singapore is the advancement in technology, boosting market growth across various segments. This progress impacts Distribution Centers, Cross-Docking Services, and Order Fulfillment, particularly within the realm of E-commerce Logistics. It optimizes the Transportation Network through Route Optimization, enhancing Supply Chain Visibility and enabling Logistics Technology integration. The trend also emphasizes Multi-modal Transportation and elevates the significance of Logistics Outsourcing, highlighting the significant role of technology in boosting efficiencies within the 3PL market in Singapore.

Key Companies in the 3PL Market in Singapore:

Agility Public Warehousing Co. K.S.C.P, Bertschi AG, CEVA Logistics AG, CWT Pte. Ltd., DB Schenker, Deutsche Post AG, GEODIS SA, Kuehne Nagel Management AG, MXHL Pte Ltd., Naigai Nitto Singapore Pte Ltd., Ninja Van Group, Nippon Express Holdings Inc., Rhenus SE and Co. KG, SDR LOGISTICS PTE. LTD., Singapore
Post Ltd., Toll Holdings Ltd., United Parcel Service Inc., Whitebox Pte Ltd., XPO Logistics Inc. and Yang Kee Logistics Pte. Ltd.

Related Reports:

US Third-party logistics (3PL) Market:
The US third-party logistics (3PL) market is estimated to grow at a CAGR of 8.42% between 2022 and 2027, and the size of the market is forecast to increase by USD 117.1 billion.

Automotive 3PL
Market : The Automotive 3PL Market size is estimated to grow by USD 93.48 billion between 2022 and 2027 accelerating at a CAGR of 6.6%.

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