Indian Logistics Sector Likely To Hit $484.43 Billion By 2029 With 8.8% Annual Growth: Report

The report highlighted that the logistics sector in India is undergoing a transformative phase with the integration of cutting-edge technologies

Collectively, these advancements are poised to reshape the logistics sector, paving the way for a new era characterised by enhanced efficiency and innovation ( Image Source :Getty )

The Indian freight and logistics market is projected to experience a steady annual growth rate of 8.8 per cent, reaching $484.43 billion by 2029 from $317.26 billion in 2024, driven by technological advancements, according to a report released on Friday at the logistic fair LogiMAT India 2024, which is a satellite event of Europe intralogistics exhibition, LogiMAT Stuttgart.

The report highlighted that the logistics sector in India is undergoing a transformative phase with the integration of cutting-edge technologies and advancements in intralogistics, automation, warehousing, and transportation management. Projections from LogiMAT India 2024 indicate significant growth prospects for the Indian freight and logistics market.

The market is expected to witness remarkable growth, with projections suggesting a surge in size from $317.26 billion in 2024 to $484.43 billion by 2029, reflecting a projected Compound Annual Growth Rate (CAGR) of 8.83 per cent. This expansion not only signifies robust economic growth but also holds the potential for substantial job creation and improved business scalability, the statement added.

Collectively, these advancements are poised to reshape the logistics sector, paving the way for a new era characterised by enhanced efficiency and innovation.

Sachin Patil, Managing Director and CEO of Messe Stuttgart emphasised the significant transformative potential inherent in the new technologies and innovations highlighted at LogiMAT India. "We envision these advancements to not only attract substantial investments to India's logistics sector but also to create a significant number of jobs, driving economic growth and prosperity," he added.

Moreover, these technologies hold the promise of elevating logistics enterprises to unprecedented heights, empowering them to streamline operations, improve customer service, and achieve higher profitability, according to the statement. 

By harnessing robotics, automation, AI, and other state-of-the-art solutions, logistics firms can optimise processes, trim expenses, and maintain a competitive edge in the ever-evolving business landscape, according to the insights revealed in the report.