LONDON--(BUSINESS WIRE)--Technavio analysts forecast the third-party logistics market in India to grow at a CAGR of over 8% during the forecast period, according to their latest market research report.
The emergence of digitalization in 3PL is one of the major trends being witnessed in the third-party logistics market in India 2018-2022. Most of the 3PL providers have started investing in smart information technology (IT) and software systems, which can give a better return on investment. Specialized software assists in reducing the costs, save time, and increase efficiency.
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According to Technavio analysts, one of the key factors contributing to the growth of the third-party logistics market in India is the introduction of tax reforms and initiatives for 3PL in India:
Third-party logistics market in India: Introduction of tax reforms and initiatives for 3PL in India
The 3PL sector in India has been experiencing a transformative phase with the introduction of several reforms and initiatives. The GST is one of the major tax reforms, which was introduced by the Government of India. Before the implementation of GST, companies built and managed several warehouses in every state of business operation to avoid cross-border tax.
According to a senior analyst at Technavio for research on logistics, “The implementation of GST has assisted in reducing the price differences between states and make tax liabilities uniform across India. The new tax regime helps in decreasing the logistics costs and increases the operating efficiencies by reducing cross-border checks.”
Third-party logistics market in India: Segmentation analysis
The third-party logistics market in India research report provides market segmentation by end-user that includes manufacturing, food and beverages, consumer goods, and automotive. It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major end-users, the manufacturing segment held the largest market share in 2017, contributing to over 24% of the market. This end-user segment will dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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