Market Overview and Market Insights: The term "Freight" refers to any type of commodity, item, or thing that is transported in bulk by air, land, or sea. It is the total amount of money paid for the transportation of goods using any one or a combination of techniques. Logistics is the planning and execution of the efficient transportation and storage of goods from the point of origin to the point of consumption. The goal of logistics is to promptly and cost-effectively meet customer needs. Many companies provide logistics services to manufacturers, merchants, and other industries that need to move large quantities of goods. Certain logistics companies manage the entire infrastructure themselves, while others focus on one or two specific areas of expertise.
SPER Market Research reports in ‘GCC Freight and Logistics Market Size - By End User Industry, By Logistics Function - Regional Outlook, Competitive Strategies, and Segment Forecast to 2033’ that the GCC freight and logistics market is projected to reach a value of USD 132.98 billion by 2033, with an expected compound annual growth rate (CAGR) of 6.56%.
Drivers: The rapid growth of e-commerce has resulted in a significant increase in demand for entire logistics services, such as inventory management, warehousing, and last-mile delivery. Since customers want faster, more reliable delivery, e-commerce businesses today rely on incredibly efficient and flexible logistics networks to stay competitive. Innovations like automation, block chain, artificial intelligence (AI), and the Internet of Things (IoT) are revolutionising logistics by increasing the efficiency and transparency of supply chain operations. These state-of-the-art systems enable real-time tracking, boost production, save costs, and improve visibility from the warehouse to the customer's door. Additionally, shifting consumer preferences—such as the need for eco-friendly practices, quicker delivery, and simple returns—are compelling logistics companies to make significant technological investments and adopt sustainable strategies.
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Restraints: In contrast to other nations, the GCC has more complicated customs regulations. Several conditions must be met in order to import goods into GCC countries, according to the International Trade Administration. A bill of lading, business invoice, and certificate of origin must be submitted by importers, per the Zakat, Tax, and Customs Authority. It is also possible to examine as well as if necessary, restrict books, movies, and other private products. Furthermore, importers must complete the clearance procedure using the "Fasah" platform by filling out a customs declaration form and submitting the required documentation at least Forty-Eight hours before the consignment reaches the port of entry. These strict regulations would restrict imports, which would impact the demand for Saudi Arabia's logistics and commodities sectors.
COVID-19 Impact: The COVID-19 epidemic negatively affected supply chains. Freight and logistics operations were under extreme strain during the pandemic. The governments of the GCC countries enforced lockdown restrictions throughout the second and third quarters of the COVID-19 pandemic. The manufacturers were also compelled to stop making non-essential goods. Businesses were only allowed to produce and sell essentials including food, water, medications, and personal hygiene products throughout the pandemic. During the epidemic, freight and logistics industries also faced challenges including as closed facilities, limited transportation, and a lack of workers. However, once the pandemic situation settled, logistical activities returned to normal. The necessity for logistics in the e-commerce industry increased during the pandemic.
Dubai (UAE) dominated the is GCC Freight and Logistics Market due to have advanced infrastructure. Major players in the market are Al Madina Logistics, Al-Futtaim Logistics, Almajdouie, Aramex, Asyad.
GCC Freight and Logistics Market Segmentation:
By End User Industry: Based on the End User Industry, GCC Freight and Logistics Market is segmented as; Agriculture, Fishing and Forestry, Construction, Manufacturing, Oil and Gas, Mining and Quarrying, Wholesale and Retail Trade, Others.
By Logistics Function: Based on the Logistics Function, GCC Freight and Logistics Market is segmented as; Courier, Express and Parcel, Freight Forwarding, Freight Transport, Warehousing and Storage, Other Services.
By Region: This research also includes data for Qatar, Saudi Arabia, UAE and Rest of GCC.
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