A 3PL is a logistic provider to the companies to ship their products domestically or internationally. India 3PL market is witnessing rapid growth owing to factors such as a large number of companies listing them on the online e-commerce platforms further inducing the demand for the transportation of goods.
According to the Univdatos Market Insights Analysis, growing demand for e-commerce and shipping of large volumes of manufacturing goods will drive the growth scenario of 3PLs and as per their “3PL Market” report, the India market was valued at USD 36,500 million in 2023, growing at a CAGR of 7.95% during the forecast period from 2024 - 2032 to reach USD million by 2032.
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Furthermore, the government has also aligned its focus towards the adoption of policies that would be conducive to the development and expansion of third-party logistics services in India. After the COVID-19 pandemic customers in the tier-1 and tier-2 cities have extensively focused on e-commerce and quick commerce services for ease of delivery and choosing among a wide variety of options.
Rising Investments in the Logistics Sector:
With the growing investments in logistics and warehousing in the country, the growth and demand for third-party logistics in the coming years is anticipated to promulgate. Furthermore, as many of the state and central policies are in line to improve domestic consumption as well as export-based manufacturing the investment in warehouse construction as well as improving the transportation sector is further anticipated to be strengthened. Considering the shifts government has also announced its plans to invest extensively into the logistics sector. For instance, in 2021, the government of India announced to launch Gati Shakti plan under which USD 90.2 billion was invested into the infrastructure development in FY 2022-2023.
Furthermore, many of the private sector players have also announced their plans to invest into the logistics sector in India. For instance, in 2023, US-based Panattoni announced to invest USD 15 million for the construction of warehouse park in Delhi NCR as its first project in India.
Some of the states in the country have also modified their policies to attract more investment into the warehousing projects in the country. For instance, in 2022, the state government of Uttar Pradesh announced Warehousing and Logistics Policy 2022, under which stamp duty exemption of storage facilities, Dry port and logistics park, land use conversion, developmental charges, ground coverage were 100%, 100%, 75%, 75%, up to 60%, respectively.
Due to the aforementioned factors the E-commerce industry is further anticipated to promote the demand for India 3PL Market during 2024-2032.
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Technological Adoption:
India 3PL market is witnessing a notable shift due to the adoption of technologies such as artificial intelligence, and machine learning. With the industry growth and the pressing need to cater to a wide number of customers across different regions companies are opting for AI and ML-based technologies. Furthermore, predictive analytics, automated warehouse operations, and customer service enhancements are some of the crucial aspects of the business that have improved due to the adoption of artificial intelligence.
Additionally, with the adoption of the Internet of Things, the facilitation of real-time tracking, cold chain monitoring, asset management such as logistics, and track management are other key areas of improvement that are further anticipated to be observed in the coming years. These technological upgrades would help in increasing operational efficiency, reducing the cost of operation, and significantly improving the customer experience, further turbocharging the market expansion of the logistics industry.
Explore the Comprehensive Research Overview - https://univdatos.com/report/india-3pl-market
Conclusion:
India 3PL market is experiencing a transformative phase driven by technological advancements, sustainable logistics operations, digitalization, market dynamics, and implementation of government policies. Stakeholders across the industry are embracing these trends to enhance operational efficiency, etc.
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