3PL Market in Singapore Size to grow by USD 1359.79 million between 2023-2027
According to a research report “ 3PL Market in Singapore” by Service (Transportation, Warehousing and distribution, Value-added services) End-user (Manufacturing, Automotive, Consumer goods, Food and beverage, Others) Geography (APAC)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 1359.79 million, at a CAGR of 6.1% during the forecast period. In today's intricate global economy, manufacturers are prioritizing supply chain simplification. The 3PL (Third-Party Logistics) market in Singapore is thriving due to the surge in import and export activities, particularly for raw materials related to food and mass production. According to the International Chamber of Shipping, approximately 11 billion tons of goods are transported via ships annually. With the escalating trend of globalization, international trade has witnessed substantial growth. Major imports to Singapore include machinery and transport equipment, as well as crude petroleum. Conversely, refined petroleum products are the primary exports. China, the United States, Indonesia, Malaysia, and Japan are Singapore's leading trading partners.
Browse market data tables, figures, and in-depth TOC on “3PL Market in Singapore” by Service (Transportation, Warehousing and distribution, Value-added services) End-user (Manufacturing, Automotive, Consumer goods, Food and beverage, Others) Geography (APAC) Global Forecast to 2027. Download Free Sample
By Service, the Transportation segment is projected to dominate the market size in 2024
The manufacturing sector in Singapore's 3PL market experienced significant revenue generation in 2022, driven by the intricate supply chain processes inherent in this industry. With numerous local and international suppliers and distributors involved, logistics activities associated with manufacturing become intricate and time-consuming. To mitigate these complexities, manufacturing entities are increasingly outsourcing their logistics operations to 3PL providers. This trend is attributed to the numerous advantages, including reduced transportation costs, heightened supply chain transparency, enhanced inventory and supplier management, streamlined business processes, and improved customer services. As a result, the manufacturing sector's outsourcing of logistics activities is projected to fuel the market's growth throughout the forecast period.
By End-user, Manufacturing segment is expected to hold the largest market size for the year 2024
In the dynamic 3PL market of Singapore, transportation services represent a significant category, encompassing various modes such as road, rail, air, and sea. Businesses often outsource this process due to the substantial capital investment and technical expertise required, thereby reducing overheads. Efficient freight delivery offered by contracted 3PL suppliers provides a competitive edge. Additional services include freight forwarding, project logistics, network design, cargo insurance, optimization, and customs brokerage. The transportation segment in the 3PL industry is continually evolving, driven by technological advancements.
APAC is forecasted to hold the largest market size by region in 2024
ai_geographic_landscape
The 3PL Market in Singapore growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The 3PL (Third-Party Logistics) market in Singapore is a vibrant and dynamic sector that caters to the diverse logistics needs of businesses, particularly those involved in trading activities with European nations and the manufacturing industry. The service type offered includes warehousing, inventory management, cross-docking, and last-mile connectivity. Mode of transport in the 3PL market includes air, sea, and road freight, with the latter being the most common due to Singapore's strategic location as a global trading hub. Warehousing space is a crucial aspect, with companies offering various sizes and types to cater to different inventory prices and business requirements. Technological advancement, infrastructure development, and IT solutions are essential in the 3PL market, enabling trade facilitation, supply chain optimization, and risk mitigation. Globalization and economic strength have led to numerous acquisitions, mergers, partnerships, and asset sharing alliances, enhancing asset utilization, scalability, and business growth. The automotive industry is a significant contributor to the 3PL market, with companies providing packaging, inventory management, and logistics and distribution services. National Logistics is a key player, offering innovative IT solutions to improve customer experience and streamline core business operations. The market continues to evolve, with a focus on technological advancements, last-mile connectivity, and inventory management systems to meet the growing demands of businesses.
Market Research Overview
The 3PL market in Singapore is characterized by innovation, market concentration, and the adoption of advanced technologies such as Visibility through real-time tracking, Predictive analytics using Artificial Intelligence, and Blockchain for secure and transparent transactions. DB Schenker Logistics, BDP International, Accenture plc, Deloitte, and National Logistics are key players in this market, providing a range of services including Fourth-Party Logistics (4PL), Last-mile delivery, and Omni-channel operation. The Digital phenomenon and the Amazon Effect have driven the need for Customer-centric, Dynamic logistics solutions in the E-commerce sector. The market is witnessing significant investments in Technology, Resources, and IT solutions for digitization, trade facilitation, and Infrastructure development. The medical equipment, food and beverage, and consumer goods industries are major end-users, leveraging 3PL services for Business expansion and risk mitigation. New technologies like Autonomous vehicles, Asset sharing alliances, and Cross-docking are transforming the industry. The market is also witnessing acquisitions, mergers, and partnerships among European nations with strong Economic strength and the Manufacturing industry for market expansion and scalability. The focus is on improving Customer service, Inventory management, and Last-mile connectivity through technological advancement and asset utilization for core business operations. Inventory prices, Mode of transport, Warehousing space, and Packaging are critical factors influencing the market. The market is expected to grow significantly due to the increasing globalization of trading activities.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
