Singapore Logistics Market is currently valued at 25 Bn SGD in 2022. Will Singapore continue this growth trajectory in future? : Ken Research
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 $6.2 Bn in 2022 this paved path for the growth of logistics market. E-commerce companies invested in new technologies and explored new ways to fulfilling the demand in the market.
Shopee was the most frequently visited e-commerce site in the fourth quarter of 2021, according to the Price group, with 16.15 Mn monthly online visitors. Shopee is followed by the Singapore-based online retailers Lazada and Amazon with 9.2 and 5.2 million visitors, respectively.
Singapore, which has a population of 5.87 million people, is a digitally literate nation with an internet penetration rate of 88.9% and a financial inclusion rate of 97.9%. Additionally, according to the Ministry of Trade and Industry, as of 2021, about 52.3% of all Singaporeans had made an online purchase, indicating an increase in the adoption of e-commerce businesses. The business services sector, which made up about 3.6% of all e-commerce trade in 2019, had the smallest share of the market.
2. Government Assistance to the Logistics Sector
- Singapore’s announced the launch of an S$ 18 Mn Supply Chain 4.0 Initiative in 2021.
- Aims to integrate more technology to assist SMEs.
- Singapore launched the Singapore Trade Data Exchange (SGTraDex) in mid-2021 and facilitates the secure sharing of data between supply chain ecosystem partners through a common data highway.
- The ITM is a government-led initiative aimed at driving the transformation and growth of the logistics and supply chain industry in Singapore.
- The ITM aims to accelerate the adoption of digital technologies, such as automation and artificial intelligence, and to enhance the productivity and competitiveness of the sector.
- The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes.
- PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries.
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
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