Saudi Arabia has been putting efforts towards spreading its economy away from oil, therefore boarding on a striving path to become the go-to logistics hub for the province. The market demonstrated a volatile growth trajectory with complete logistics market growth with a great percentage of CAGR throughout the review period. KSA has invested a massive amount in its transportation & logistics infrastructure as a part of Vision 2020, resulting in an all-inclusive nationwide network over a decade.
According to SPER market research, ‘KSA Transportation and Warehousing Market Size- By Road Freight Market, By Warehousing Market- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the KSA transportation and warehousing market is foreseen to reach USD 3.4 billion by 2032 with a great CAGR of 12.08%.
Amplification of logistics organizations such as logistics parks, intermodal connectivity, and parts are a diffusion of business opportunities for the road freight industry around KSA. Augmented investment in the advancement of roads, outstanding cross-border connectivity with other GCC regions along with inexpensive modes in terms of freight transport are the foremost growth drivers around the industry. The functional effectiveness of the road freight market is, however, impacted by issues like restricted infrastructure, last-mile connection, periodic changes, and inefficient loading and unloading. The KSA Road Freight Market is predicted to enlarge as a result of the nation’s economic diversification, technological innovations, and infrastructure enlargement.
Saudi Arabia is emerging as a transshipment hub and the warehousing market is speedily rising due to the surge in manufacturing activities, burgeoning international trade, growing domestic consumption, and affluence in government regulation. The majority of complete warehousing space is controlled by organized segments owing to strict government regulations concerning licensing and certifications. Augmented automation owing to growing investment in newer technologies is propelling the requirement for modern warehouses in KSA.
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Competition was witnessed to be extremely fragmented in both the freight forwarding and warehousing sector along with the existence of both international and domestic players. In addition, the local or domestic players have a greater existence in the market and were witnessed to compete on the basis of foremost clientele, logistics networking, revenue matrix, technological innovation, average pricing, and value-added services.
Also, in Saudi Arabia, e-commerce is enlarging speedily owing to the COVID-19 pandemic. Since e-commerce functions are enlarging as a result of the pandemic, the supply chain will require to adapt to higher competition in the final mile. As businesses strive to deliver the greatest possible client experience through their supply chains, last mile logistics will be fiercely competitive market. To speedily scale up home delivery systems once normalcy returns, businesses will require technical advancement.
Furthermore, the adoption and introduction of technologies likewise V2V communications, telematics, and tracking have a robust influence on delivery & service offering. The KSA government is extremely encouraging the integration of multi-modal hubs around the country. FDI within the logistics infrastructure advancement, building regional and international logistics service centers, and advancing the proficiency of trade routes can collectively assist the country in becoming a hub over the long term.
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