Indian Warehouse Market Expected to Rise at 9.5% CAGR during 2019-2024
by Rahul Rastogi Market Research AnalystThe Indian warehouse market has witnessed robust growth over the
past several years. This can be attributed to advancements made in the
automation industry coupled with various policies and regulations introduced by
the Government to facilitate warehousing activities.
According to the latest
report by IMARC Group, titled “Indian Warehouse Market: Industry Trends, Share,
Size, Growth, Opportunity and Forecast 2019-2024”, the Indian warehouse market reached
a value of INR 561 Billion in 2018. The warehouse industry in India is
currently at a nascent stage, however, the development of the country as a
global manufacturing hub has helped in its expansion. Additionally, the
burgeoning e-commerce, retail, IT, telecommunications, pharmaceuticals and
textiles industries have created a substantial demand for warehouses with
value-added services like reverse logistics, packaging, labeling and barcoding.
In line with this, the formerly concrete or low-grade steel godowns are now
being replaced by pre-engineered warehouses. The increasing private and foreign
investments in infrastructure development have further helped in turning
warehouses into sophisticated stockrooms with advanced, real-time tracking
mechanisms and other state-of-the-art facilities.
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Market
Trends:
The establishment of the
Free Trade and Warehousing Zone by the Indian Government has helped in
increasing warehousing activities, developing the infrastructure and
facilitating import and export services in the country. In addition, the
introduction of logistics-friendly infrastructure and tax regimes, such as the
Goods and Services Tax, have simplified interstate taxation and stimulated
structural changes in operation dynamics for the warehouse market. These
reforms have helped companies in substantially reducing logistics costs and
attracted international players to enter the market via acquisitions, mergers
and joint ventures. Apart from this, recent technological advancements in the
automation industry have led to the adoption of smart warehouses in India.
Goods are now handled with minimum human intervention in these warehouses which
improves speed, productivity and efficiency. On account of these factors, the Indian
warehousing market is projected to reach a value of INR 968 Billion by 2024,
registering a CAGR of 9.5% during 2019-2024.
Market
Summary:
·
Based on sectors, the market has been segmented into the
industrial and agriculture sectors. Currently, the industrial sector represents
the leading segment, holding the largest warehouse
market share in India.
·
On the basis of ownership, private warehouses dominate the
market, accounting for the majority of the overall market share. Private
warehouses are followed by public warehouses and bonded warehouses.
·
The market has also been segregated on the basis of the type of
commodity stored into general, specialty and refrigerated warehouses.
Currently, general warehouses account for the biggest share in the Indian
warehouse market.
·
The competitive landscape of the Indian warehouse industry has
also been examined with the profiles of the key players operating in the
market.
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