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Rapid e-commerce growth to drive Singapore’s logistics services sector

The rapid growth in e-commerce demand for retail purchases represents an opportunity for the logistics services market to grow further in Singapore, said Colliers International in a report.

The Glimpsing the Road Ahead: Reshaping the Logistics Market report, citing a study by the payments technology company WorldPay, said the e-commerce market in Singapore is tipped to expand 48 per cent to US$7.4bn by 2022 at a compound annual growth rate of seven per cent.

Singapore is ranked seventh globally, and second in Asia – behind Japan – in the World Bank’s 2018 Logistics Performance Index, and 12th in 2018 in the world’s busiest airports by cargo traffic, ahead of well-known international cities such as Los Angeles, Beijing, London and Chicago.

 

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