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Asia Pacific Continues to Drive Global Logistics Market, E-commerce Emerges as Key Driver
By: Makreo Research and Consulting
According to a report by UNCTAD, the Asia Pacific region enjoyed more than 50% of the global share of retail e-commerce sales in 2020, with China as the global market leader. China, Japan, South Korea, and India dominated the list of top ten revenue-generating countries in the global e-commerce business.
The Bahrain logistics market is also witnessing strong growth, with a CAGR of 4% during 2017-2021, despite negative growth in 2020. The Bahrain International Airport (BIA) handled 300,205 tonnes of cargo in 2020, an increase of 3.2% from the previous year.
Egypt's strategic location in North Africa provides easy access to a growing regional clientele across Europe, the Middle East, and Africa. Its ports have strong trade relations, with 8%-10% of global freight passing through the Suez Canal. Egypt's logistics expenditures are expected to exceed USD 30 billion by 2024.
The third-party logistics market faces high logistics costs due to low penetration rates and fragmentation. The sluggish adoption of updated technologies by Chinese 3PL companies further intensifies the problem. Some retailers and manufacturers aim to reduce 3PL firms' profit margins, exacerbating the problem and driving up logistics costs.
Hong Kong SAR, Singapore, and South Korea are encouraging the adoption of new logistics technologies. Hong Kong SAR provided USD 44.5 million in subsidies to 3PL players, Singapore launched a Logistics Industry Transformation Map for digitalization, and South Korea invested USD 132 million in a blockchain-based transportation system at Busan Port.
In summary, the Asia Pacific region remains the driving force behind the global logistics market, with China and India leading the way in the growth of e-commerce. Governments and businesses across the region are focusing on adopting new technologies to improve supply chains and reduce logistics costs. The Bahrain logistics market and Egypt's strategic location offer growth opportunities for logistics companies.
Find out more:-
India E-commerce Logistics Market Performance and Future Outlook to 2027 (https://www.makreo.com/
Asia Pacific Third Party Logistics Market Revenue and Forecast (2016-2027)-Country Level Assessment (China, Japan, India, South Korea, Australia) (https://www.makreo.com/
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