Market Size of Singapore Freight And Logistics Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 67.22 Billion |
| Market Size (2029) | USD 92.18 Billion |
| CAGR (2024 - 2029) | 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Logistics Market Analysis
The Singapore Freight And Logistics Market size is estimated at USD 67.22 billion in 2024, and is expected to reach USD 92.18 billion by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).
During the COVID-19 pandemic, the Maritime and Port Authority of Singapore (MPA) ensured minimum disruption to the shipping industry, as it is critical to supporting Singapore in overcoming the pandemic. The Port of Singapore remains open for cargo operations and marine services, including bunkering, ship supplies, and shipyard repairs, to ensure commerce by sea and global supply chains remain undisrupted.
- 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 transhipment 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.
- Government agencies have worked to ensure that any disruptions in Singapore's supply chain network are quickly overcome by providing options in other parts of the network. Singapore has moved toward higher value-added logistics services such as contract logistics that provide customized and end-to-end solutions for companies.
- Leading international logistics firms, such as DHL, UPS, and DB Schenker, have made Singapore their regional headquarters, while multinational corporations, like GlaxoSmithKline and Unilever, have located their regional supply chain management teams.
