 "Indian logistics market to grow at 8.8% annually to $484 bn by 2029: Report")
Indian freight and logistics market is estimated to grow at 8.8 per cent annually to USD 484.43 billion by 2029 from USD 317.26 billion in 2024 due to technological advancement, as per a report released at logistic fair LogiMAT India.
LogiMAT India 2024, the satellite show of Europe's biggest intralogistics exhibition LogiMAT Stuttgart, is organised by Messe Stuttgart India Pvt Ltd on February 28-March 1 at India Expo Mart.
According to a statement, the integration of cutting-edge technologies and advancements in intralogistics, automation, warehousing, and transportation management heralds a transformative era for the logistics sector in India.
Indian freight and logistics market is poised for remarkable growth.
LogiMAT India 2024 projections indicate a surge in market size to USD 317.26 billion by 2024, with a projected CAGR of 8.83 per cent, catapulting it to USD 484.43 billion by 2029.
This surge not only signifies robust economic expansion but also holds the promise of substantial job creation and enhanced business scalability, it stated.
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Together, these developments are set to redefine the logistics landscape, ushering in a new era of efficiency and innovation.
Sachin Patil, MD and CEO of Messe Stuttgart said the transformative potential of new technologies and innovations showcased at LogiMAT India is immense.
"We envision these advancements to not only attract substantial investments to India's logistics sector, but also to create a significant number of jobs, driving economic growth and prosperity," he added.
Furthermore, these technologies have the potential to scale logistics businesses to unprecedented levels, enabling them to optimise operations, enhance customer service, and achieve greater profitability, the statement said.
By leveraging robotics, automation, AI, and other cutting-edge solutions, logistics companies can streamline processes, reduce costs, and stay ahead of the competition in today's dynamic business environment, it pointed out.
Messe Stuttgart India Pvt Ltd is the wholly-owned subsidiary of Landesmesse Stuttgart GmbH.
With a focus on innovation and technology, the event provides a comprehensive platform for industry professionals to explore the latest trends and advancements in the intralogistics, transportation, warehousing and automation sectors.