Global Market Research Reports : Ken Research: Singapore Logistics Sector

Showing posts with label Singapore Logistics Sector. Show all posts

Monday, August 7, 2023

Singapore Logistics Market: Navigating Challenges, Unleashing Potential - Will Technology Disruption Fuel the Next Era of Growth? : Ken Research

Singapore's logistics market has witnessed remarkable growth in recent years, driven by increased export and import activities and the expanding E-commerce industry. This growth has been further propelled by technological advancements and government initiatives that have significantly improved operational processes. However, despite these positive developments, certain roadblocks have hindered the market's full potential.
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1. Logistics Companies in Singapore face various challenges in terms of shortage of automation in warehousing facilities, space utilization, and resource allocation, and un-availability of skilled manpower

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2. But, the Singapore government has provided support by launching supply chain 4.0 initiatives aims to integrate more technology to assist SMEs and Logistics and Supply Chain Industry Transformation Map

2.1. Further, the Regional Comprehensive Economic Partnership (RCEP) trade agreement will drive more companies to consider a Singapore logistics hub

3. Presently, the logistics market in Singapore is majorly driven by growing demand for e-commerce and increasing cross border trade

4. High Pre-commitment rates to upcoming supply, Growing Demand in E-commerce Sector and Automated Guided Vehicles are some of the growth drivers and recent trends in the market

5. Technologies such as Dynamic Route Optimization, Connected Trade Platforms, Autonomous last-yard delivery, and autonomous last mile delivery are expected to drive Industry growth in future

Some of the Intelligence Curated by Ken Research in Automotive Aftermarket Market Space:

South Africa Logistics Industry Outlook to 2026 Driven by Foreign Infrastructural Investments and Government Support but held back by Covid and unstable political conditions in South Africa
New Zealand Logistics Market Outlook to 2026 Driven by Massive Logistics Infrastructure Investment, Flourishing ECommerce Industry, and Increasing Competition among domestic players
Philippines Logistics Industry Outlook to 2027F Driven by Infrastructural Developments, Technological Advancement and Government Support
Malaysia Logistics Market Outlook to 2027F Driven by the Rising Demand from Manufacturing, F&B, Retail, and other industries along with increasing Government Initiatives to Strengthen the Logistics Infrastructure
Saudi Arabia Warehouse Automation Market Outlook to 2026 Bolstering Ecommerce Industry & Ambitious Government Plans for Digitalization to Pave Strong Grounds for Automation

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Singapore Logistics Industry

Thursday, August 3, 2023

How Singapore Logistics Market is aiming to keep itself globally at No.1? : Ken Research

Singapore logistics market, is projected to achieve ~7%, by 2028, owing to its enlarged networks of Free Trade Agreement (FTA), having more than 25 major trading partners to enhance the access to major markets, and also an increase in the transport and e-commerce section, shifts the weightage towards Singapore.

STORY OUTLINE

- Singapore Freight and Logistics market are paving the way towards an allover growth of the market.
- Singapore has an enlarged network of Free Trade Agreement, having more than 26 trading partners, increasing its access to large market sectors.
- The rise in E-commerce sectors with the increase in internet and smartphone penetration.

Click to know more about the Singapore’s logistic sectors

According to Ken Research, the size of the Singapore logistics market is increasing its market growth every year, with increasing trucks, vans etc. for the transport sector.

- An increase in the number of shipments going on in the E-commerce sector and due to the Free Trade Agreement, association of more than 26 trading partners sum up to avail the access of Singapore to the major market sectors globally.
- Singapore Logistics market is one of the largest sectors in the country, effectively shipping and transporting products and shipping them to a large number of countries.
- Increasing effectiveness and amount of workers and moving towards automation and digitization is among the main targets that Singapore aims to achieve in the coming time. In order to effectively handle large industry works through machines and automation techniques to achieve greater speed and efficiency in the future.
- E-commerce line is another stronghold that the country is aiming to flourish as with the online shipment and delivery, tracking and proper delivery of the products are ensured and guarantees safety as the records are stored in data and allows people to track their shipment online.

1. Singapore Logistics market shows its versatility in through its ports.

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- Singapore is currently the home to the world’s largest shipment container port, which is linked to more than 600 ports With Singapore Changi Airport, voted to be the best port globally, serving over 6,800 flights to 330 major global cities, summing up the nation’s trade value to be ~3.5 times more than its GDP.
- The PSA terminal of Singapore, has four 4 container terminals, 1 multi-purpose terminal and 1 vehicle transshipment terminal, carrying out a huge network of shipping workflow of 200 shipping lines, connecting 123 countries with vessels, with a frequency 60 vessels per day.
- Built in a way to move cargo effectively around the globe, the cold chain facilities, warehouses and offices in Changi Airfreight Centre (CAC), coupled to the Airport Logistics Park of Singapore (ALPS), are well equipped to handle all types of shipment and storage of the data, handling over 97 million metric ton annually.

2. Singapore has an enlarged network of Free Trade Agreement, having more than 26 trading partners, increasing its access to large market sectors.

Singapore Logistics Market

- Other Free Trade agreements like Singapore-United States Free Trade Agreement (USSFTA), Singapore-Japan Economic Partnership Agreement (SJEPA), and many more to reduce the tariffs on trade, investments and other governing techniques, allowing the country to successively grow with other countries such as Japan, United Kingdom, United States of America etc.
- SAFTA or Singapore-Australia Free Trade Agreement is free trade agreement, aims for the elimination of tariffs on goods traded between Singapore and Australia, also covering trade in services, government procurement,
- Singapore is a currently in a contract agreement with the Association of South-East Asian Nations (ASEANS). This established a regional FTA called ASEAN Free Trade Area (AFTA) which includes countries like Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar expanding the shipment reach to all these countries.

3. The rise in E-commerce sectors with the increase in internet and smartphone penetration.

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- Singapore’s Minister of Trade and Industry, Chan Chun Sing, introduced an innovative strategy of changing Singapore’s digital infrastructure, mainly the digital connectivity, data analytics, payments system The key goal will be to transform the industry into a 5G infrastructure, to receive larger and better bandwidths, enabling a 5% increase in the capacity to handle large e-commerce orders and keep a proper track of them.
- The country signed the World’s first digital- only trade agreement via the Digital Economy Partnership Agreement (DEPA), with New Zealand and Chile, aiming to form an international frameworks to support the businesses which are engaging in nationwide digital trade and e-commerce.
- With the increase in the number of users buying goods from online stores, shipment and delivery increases hand to hand. Since almost 92% of the population in Singapore are having smartphones, smartphones and internet penetration has risen by 94%.

Conclusion

According to this research, a strong increase in the number of warehouses to the number of ships and ports, are a result of the extensive network of Free Trade Agreements with many countries, increasing number of infrastructure with high speed bandwidth and 5G connectivity, enabling online purchase with proper delivery tracking and data storage, via the internet, resulting in an overall market expansion and people’s engagement towards the market.

For more insights on market intelligence, refer to the link below: –

Singapore Logistics Market

Tuesday, June 20, 2023

Singapore Logistics Market will be valued over 40 Bn SGD in 2028. Will Singapore Logistics Market stand on this expected figure? Ken Research

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There are about 2,500 freight companies in Singapore with majority of them offering sea and road freight services in the country. Logistics Market in Singapore highly fragmented with highly competitive rivalry among the competitors. . Singapore logistics industry is catered by the domestic and international players and Singapore Post, CWT, YCH group are the top players offering Freight, Warehousing, Cold Chain and CEP services and many more compete on the basis of type of fleet, warehousing space, freight volume, clients, and more.

Checkout: Trends and Developments in Singapore Logistics Market

1. Technological Advancements Fostering Logistic Support

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Singapore Logistics Association (SLA) has begun piloting the use of Automated Guided Vehicles (AGVs) with local robotics firm Hope Technik in a third-party logistics (3PL) warehouse. It will help not only to reduce cost but also to minimize human errors and reduce time lags.

Exxon Forklift, Sectors:

This automated guided vehicle (AGV) forklift is a fully automated vehicle that is operated with a drive by wire system. In addition to being autonomous, the AGV forklift is also equipped with GPS, to navigate reliably to its intended destination and back.

The Last Mile Delivery (LLMD) is an autonomous mobile robot (AMR) equipped with a complex sensor suite. This technology focuses on efficiency and safety. For instance, in a hospital environment, the LLMD creates a ‘safety bubble’ while delivering medical and daily necessities to a patients as it does not require any human to human contact.

Line Picking Assembly (LPA) - With the aid of a robotic arm, the Line Picking Assembly (LPA) is a system designed to automate the handling of Horizontal Wafer Shipper (HWS) at both the pre and post auto packer stations in a wafer fabrication plant.

Click and Collect System- The Click and Collect System is a dedicated automated robot arm receiving area which places merchandise into designated ‘pigeon hole’ shelves for temporary storage to be retrieved at the patron’s convenience at a shopping mall.

2. Infrastructure Development is on rise in Singapore.

The development of logistics infrastructure, such as intermodal connectivity, logistics parks, and ports, is creating business opportunities. The government is also accelerating the development of Singapore’s public charging infrastructure for electric vehicles.

Singapore has always been a strong performer in the global logistics scene and is considered one of the world’s leading logistics clusters, thanks to its:

- world-class logistics infrastructure

- global connectivity

- efficient customs handling

- liberal taxation policies

- especially the rise of the ASEAN region as a new economic powerhouse, considering

its location in the heart of Southeast Asia and at the center of major shipping lanes.

The World Bank has ranked Singapore as the No.5 Logistics Hub amongst 160 economies

globally in the 2014 Logistics Performance Index.

In terms of its Air Logistics Sector, both of its “Quality of Air Transportation” and “Quality of Air Transport Infrastructure” have been ranked as No.1 in IMD1 «World Competitiveness

Yearbook 2013» and in World Economic Forum «Global Competitiveness Report 2013-2014»

respectively. On the other hand, its “Quality of Port Infrastructure” has been ranked No.2 by World Economic Forum in «Global Competitiveness Report 2013-2014.

Major Players Mentioned in the Report:

Poh Tiong Choon Logistics Limited
CWT Pte Ltd.
CEVA Logistics Singapore Pte Ltd
Geodis Singapore Pte Ltd1
DHL Express (Singapore) Pte Ltd
DSV
Yusen Logistics (Singapore) Pte Ltd.
YCH Group Pte Ltd
Yamato Transport (S) Pte Ltd
Federal Express (Singapore) Pte Ltd
ACW Logistics Pte Ltd
Singapore Post Limited
Richland Logistics Services Pte Ltd
Storbest SSHK Cold Logistics
Global Cold Chain Solutions1
ST Logistics

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

E-commerce Companies
Third-Party Logistic Providers
Potential Market Entrants
Freight Forwarding Companies
Warehousing Companies
Cold Storage Companies
Industry Associations
Consulting Agencies
Government Bodies & Regulating Authorities

Time Period Captured in the Report:

Historical Period: 2019-2022
Base Year: 2022
Forecast Period: 2022-2028

For more insights on market intelligence, refer to the link below: –

Singapore Logistics Industry

Related Reports by Ken Research: –

USA Logistics Industry Outlook to 2026

Australia Logistics Market Outlook to 2025

Tuesday, June 13, 2023

Singapore Logistics Market is currently valued at 25 Bn SGD in 2022. Will Singapore continue this growth trajectory in future? : Ken Research

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1. Growing Demand in Singapore's E-Commerce Sector

Click to know: Major Players in Singapore Logistics Market

The demand in e-commerce sector in Singapore was exponential and the e commerce GMV grew from $2.5 Bn in 2019 to $6.2 Bn in 2022 this paved path for the growth of logistics market. E-commerce companies invested in new technologies and explored new ways to fulfilling the demand in the market.

Shopee was the most frequently visited e-commerce site in the fourth quarter of 2021, according to the Price group, with 16.15 Mn monthly online visitors. Shopee is followed by the Singapore-based online retailers Lazada and Amazon with 9.2 and 5.2 million visitors, respectively.

Singapore, which has a population of 5.87 million people, is a digitally literate nation with an internet penetration rate of 88.9% and a financial inclusion rate of 97.9%. Additionally, according to the Ministry of Trade and Industry, as of 2021, about 52.3% of all Singaporeans had made an online purchase, indicating an increase in the adoption of e-commerce businesses. The business services sector, which made up about 3.6% of all e-commerce trade in 2019, had the smallest share of the market.

2. Government Assistance to the Logistics Sector