Cargo Breaking News
As per the recent ‘India Warehousing Market Report – 2023’ by Knight Frank, top 8 markets in India registered a historic high in warehousing demand space, reaching 51.3 million square feet (msf), in the financial year 2022-23 (April 2022 – March 2023). The report also states that this growth is driven by a surge in activities from the third-party logistics (3PL), manufacturing, and retail sectors. The 3PL sector has seen the highest rise in demand at 34% compared to the previous year, and have emerged as the linchpin of the logistics and warehousing industry in India. The Knight Frank report attributes their success to their ability to adapt to industry best practices and processes, thereby enhancing efficiency and reducing operational costs. The 3PL service providers have also played a pivotal role in addressing the challenges faced by the warehousing sector, such as the lack of modern facilities, infrastructure bottlenecks, and the need for advanced technology adoption. Their expertise and investments have elevated industry standards, ensuring that warehousing facilities in India are increasingly aligned with global benchmarks.
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