Singapore Freight and Logistics Market Overview
The Singapore freight and logistics market is anticipated to register a growth rate of 8% during 2022-2027. Singapore has strengthened its status as a global logistics hub amid the COVID-19 pandemic, riding on its competitive advantages such as the efficiency, reliability, and resilience of its network.
As Singapore is a major transshipment hub and serves as a gateway to some of the key regions, any changes in the global shipping industry affect Singapore’s logistics market, majorly in sea and air. Singapore is also significantly affected by the changes in the global manufacturing sector. Singapore has moved toward higher value-added logistics services such as contract logistics that provide customized and end-to-end solutions for companies.
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Singapore Freight and Logistics Market – Key Highlights
- The market is fragmented in nature. Most manufacturing companies base their supply chain control towers and distribution centers in Singapore to orchestrate their regional and global supply chains. This scenario has attracted global logistics companies to mark their footprint in the Singaporean logistics industry. Changi Airport is home to four major express players, DHL Express, FedEx Express, TNT Express, and UPS. Airport Logistics Park of Singapore (ALPS) has the leading global third-party logistics companies (3PLs), like Expeditors, DB Schenker, and Nippon Express, with sizeable facilities.
- In February 2021, Singapore’s Minister of Trade and Industry, Chan Chun Sing, introduced the latest strategy to transform the country into a regional and global e-commerce hub. The initiative was announced in 2021. The first initiative will strengthen Singapore’s digital infrastructure, particularly digital connectivity, data analytics, payment systems, and new business innovation.
- The country signed the world’s first digital-only trade agreement through the Digital Economy partnership Agreement (DEPA) with New Zealand and Chile to strengthen this aspect. Through this agreement, Singapore aims to develop international frameworks to support businesses engaging in cross-border digital trade and e-commerce. The DEPA came into force in January 2021.
- Singapore will continue building its digital infrastructure and encouraging more firms to adopt digital solutions such as PayNow Corporate and E-Invoicing Network. Singapore will also continue to develop its supply chain capabilities. In this regard, Enterprise Singapore and other government agencies will work with the logistics sector to value-add to cold-chain management, retail, and pharmaceutical logistics. A data infrastructure foundation will be built up for sharing secure data across supply chains.
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Developments in the Singapore Freight and Logistics Market
- March 2021: Collins Aerospace in Singapore awarded a two-year in-factory logistics support contract to the global logistics and supply chain company CEVA Logistics. The contract will see CEVA Logistics deliver various contract logistics services, including inbound receiving to inventory, pick and kit, and the outbound dispatch of overhaul aerospace parts.
- March 2021: Braskem partnered with the logistics firm A.P. Moller – Maersk and port operator PSA Corp. to open a new logistics hub in Singapore as it seeks to manage its polymers supply for the region better.
Related Research and Links
- Asia Pacific (APAC) Contract Logistics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
- Singapore Customs Brokerage Market – Growth, Trends, Covid-19 Impact and Forecasts (2022 – 2027)
List of Key Players in the Singapore Freight and Logistics Market
- United Parcel Service
- Deutsche Post DHL Group
- Singapore Post Limited
- ACW Logistics Pte Ltd
- Keppel Logistics Pte Ltd
- CWT Pte Ltd
- YCH Group Pte Ltd
- Yamato Transport
- Deutsche Post DHL Group
- Kuehne + Nagel International AG
- Nippon Express Co. Ltd
- Expeditors International
- Yusen Logistics Co. Ltd
- FedEx Corporation
- Deutsche Bahn AG
- Agility Logistics
- CEVA Logistics*
*List Not Exhaustive
Mordor Intelligence has segmented the Singapore Freight and Logistics Market based on function and end-user:
- Function (Market Size & Forecast based on Value (USD Billion), 2018-2027)
- Freight Transport
- Freight Forwarding
- Value-added Services and Others
- Freight Transport
- End User (Market Size & Forecast based on Value (USD Billion), 2018-2027)
- Manufacturing and Automotive
- Oil and Gas, Mining, and Quarrying
- Agriculture, Fishing, and Forestry
- Distributive Trade (Wholesale and Retail)
- Healthcare and Pharmaceutical
- Other End Users
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