Singapore Freight and Logistics Market (2022-27) | Industry Size, Share, & Trends (2023)

FAQs

How big is the logistics industry in Singapore? ›

Apart from enabling the flow of goods and materials through their respective supply chains, the logistics sector contributed $6.8 billion or 1.4% of Singapore's Gross Domestic Product in 2019.

Singapore has an extensive network of Free Trade Agreements with more than 30 trading partners to enhance its access to major markets. This encourages companies across the logistics chain to operate from Singapore, as they know they can count on frequent and reliable connections to reach global markets quickly.

Logistics as an industry includes the sourcing of goods, manufacturing, inventory, handling/sortation, transportation, storage/warehousing, etc. Further, logistics expense lines can include IT, in terms of the exchange of information and data, as well as the cost of security.

In financial year 2021, the size of the Indian logistics market was around 250 billion U.S. dollar. It was estimated that this market would grow to 380 billion dollars in 2025, at a compound annual growth rate between 10 to 12 percent.

Singapore's largest industry by far is the manufacturing sector, which contributes 20%-25% of the country's annual GDP. Key industry clusters in Singapore's manufacturing include electronics, chemicals, biomedical sciences, logistics and transport engineering.

Trucking is responsible for most of the overland freight movement in the United States, with the market being worth 732.3 billion U.S. dollars in 2020. At that time, there were over 902,000 truck drivers employed in the U.S., which is less than the industry requires.

The main passenger transport in Singapore comprises of the public bus, train system and taxis. A major form of transportation is rail: The Mass Rapid Transit (MRT) which now has more than 130 stations across five lines, and the Light Rail Transit (LRT) with 41 stations across two lines.

PRODUCT, PRICE, PLACE, PROMOTION AND PEOPLE IN THE MARKETING PROCESS.

Tip. The four functions of marketing logistics are product, price, place and promotion.

What are the 5 functional areas of logistics? ›

The global logistics industry size is enormous. The industry contributes up to 10% GDP in the United States and about 12% of the global GDP. Economic industry indicators saw the logistics market closing in at $2 trillion in 2019. Worldwide, the market reached $9.6 trillion in 2018.

Automation, robotization, and AI has high impact on logistics. Automation, robotization, and AI (artificial intelligence) are rapidly emerging technologies that are receiving more traction and use cases. Everything that we can automate and digitalize will become automated and digitalized.

Singapore's manufacturing industry saw the biggest growth in 2020 with a growth rate of 7.3%. This tremendous growth in the industry is attributed to the development of biomedical manufacturing, electronics, and precision engineering clusters.

Singapore Industries With No Slowdown In Sight

Biotechnology, pharmaceutical and clinical research companies recorded a 102.8% increase in hiring from 2019 to 2021. During the pandemic, biomedical sciences have become a critical pillar, particularly in the field of manufacturing.

Banking and finance, international trade, real estate and telecommunications are some of the most important sectors in Singapore, in which operate many of the country's largest companies, which are also often among the giants of Southeast Asia.

There are four major types of freight transportation available for shippers to use in the world of freight shipping. The primary ones are by ground (road), rail, ocean, and air.

The market size, measured by revenue, of the Long-Distance Freight Trucking industry is $262.9bn in 2022.

According to the American Trucking Association's U.S. Freight Transportation Forecast to 2022, freight tonnage will spike 24 percent in 2022, resulting in a 66 percent revenue increase in the industry. A large portion of the rise for 2022, and even for the next decade, is dominated by the trucking segment.

What are the 3 types of logistics? ›

These are inbound logistics, outbound logistics, and reverse logistics.

The accessibility and affordability of Singapore's public transport are top-notch. On other parameters as well, such as the environmental impact, ticketing systems, travel comfort, and electronic services, the country performs well.

The Singapore land transport sector comprises 8,500 companies, and employs more than 120,000 workers. The industry contributed about 1.1% of Singapore's GDP in 2016.

Bus. Public buses are cheap, easy to take and cover virtually every corner of Singapore. They operate from 6am to midnight every day and fares are often the cheapest mode of transportation. There are also several bus routes especially useful to sightseers.

Getting the Right product, in the Right quantity, in the Right condition, at the Right place, at the Right time, to the Right customer, at the Right price.

What are 3 C's of logistics? ›

These are: the customer, the competitors, and the corporation.

The functions of a supply chain include product development, marketing, operations, distribution, finance, and customer service. Today, many supply chains are global in scale. Effective supply chain management results in lower costs and a faster production cycle.

Logistics systems are made up of three main activities: order processing, inventory management and freight transportation.

One of the biggest transport industry trends is cloud-based systems adoption, since the platforms in the cloud force a software-as-a-service (SaaS) model which opens unlimited opportunities for companies scalability and innovative digital resources usage.

The quality of the services is measured with a five dimensions scale: tangibility, reliability, responsiveness, assurance and empathy. Public transport services have the main role to satisfy consumersГ needs. Due to the particular type of services, consumers donГt have other options to choose from.

ADVERTISEMENTS: These most common five modes of transport are: railways, roadways, airways, waterways and pipelines.

The global logistics market is expected to grow at a 6.8%¹ CAGR during 2022-2030, particularly due to surge in e-commerce logistics, containers shortages, closure of major ports causing port congestion, shortage of truck drivers, andrestricted capacity in the air freight market.

What is the freight and logistics industry? ›

The Freight and logistics industry in the United States is a highly integrated supply chain network that links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime, and truck transport.

The Future Freight Flows team at CTL has developed four future scenarios: Millions of Markets, Global Marketplace, Naftastique!, and One World Order. They were developed over the course of a year through a series of focused expert panel sessions, practitioner acid testing, and industry wide surveys.

Size of the truckload market has grown 1.6% year over year from $193.21b in 2020 to $196.34b in 2021. Size of the less-than-truckload market in the U.S. has grown from $76.41b in 2018 to $80.16b in 2021.

Ranked by the World Bank as Asia's top logistics hub for 10 years in a row, Singapore offers world-class connectivity to the region and beyond. The unprecedented boom in regional cross-border trade and consumption strengthens Singapore's relevance as a secure, highly efficient logistics and supply chain management hub.

Whether you're just starting out on your career journey or considering a career change, the logistics and supply chain management industry is a sound choice. Singapore plays an important role in the global supply chain and the logistics industry is a big contributor to our economy.

The global logistics market reached a value of $4.92 Trillion in 2021.

Rising penetration of smart technology and increased awareness of e-commerce are the key factors expected to boost sales. As per Fact.MR, the global third party logistics market is projected to surpass a valuation of US$ 1,031 Billion in 2022.

1. Hong Kong. In first place for ground and port transport is Hong Kong, with high scores in every indicator.

The main passenger transport in Singapore comprises of the public bus, train system and taxis. A major form of transportation is rail: The Mass Rapid Transit (MRT) which now has more than 130 stations across five lines, and the Light Rail Transit (LRT) with 41 stations across two lines.

What is the main transport in Singapore? ›

The rail system, which moves millions of passengers daily, is complemented by a public bus network that covers almost every part of Singapore.

The accessibility and affordability of Singapore's public transport are top-notch. On other parameters as well, such as the environmental impact, ticketing systems, travel comfort, and electronic services, the country performs well.

The future of logistics will be defined by data, analyzed by artificial intelligence and driven by machines. Gartner has predicted that by 2023, AI techniques will be embedded across 50% of supply chain technology solutions.

Year-over-year changes in freight rates in 2022

Shipments, freight moved by companies, increased by 0.4% year over year, according to the report, but declined nearly 2% month over month.

The Future Freight Flows team at CTL has developed four future scenarios: Millions of Markets, Global Marketplace, Naftastique!, and One World Order. They were developed over the course of a year through a series of focused expert panel sessions, practitioner acid testing, and industry wide surveys.

According to the American Trucking Association's U.S. Freight Transportation Forecast to 2022, freight tonnage will spike 24 percent in 2022, resulting in a 66 percent revenue increase in the industry. A large portion of the rise for 2022, and even for the next decade, is dominated by the trucking segment.