Hong Kong government is continuously increasing its budgetary allocation for the infrastructure sector, which will reduce the cost of transportation and freight. The freight and logistics sector in the country is highly fragmented. With the presence of a large customer base from industries such as food & beverage, pharmaceuticals, telecom, heavy industries, and other end-user verticals, the freight industry is attracting huge investments.
This global Market research also identifies the updates of the COVID 19 pandemic on the market insights.
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The global freight market annual growth is expected to be 3.4% over the forecast period. Advancements in freight technology along with increasing awareness among freight operators about possible benefits of technology are expected to boost freight market growth. Further, the demand for goods and services is growing significantly due to the rise in earning population and globalization.
There is an emergence of new technologies, companies, customers, and new business models in the global industry. Freight companies are increasingly focusing on digitization to improve efficiency which is reshaping the marketplace. Increasing preference for third party logistics by various industries will promote the growth of the industry in the near to medium-term future.
The demand in international trade has led to overcapacity in certain maritime transport sectors and locations. Since capital investments in the shipping industry require time to recover, manufacturers are focusing on improving efficiency and reducing operating costs to maintain profitability. An increase in foreign trade is likely to influence the sea freight forwarding market positively.
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The limited presence of an integrated IT system, fragmented warehousing, infrastructure handling capacity, and multiple regulations are challenging the growth of the freight sector in Hong Kong. Improving digitization and increasing adoption of the Internet of Things by various industries is growing the freight transportation market. The freight transportation sector contributes a significant portion of the overall employment in the country and with growing government support to the sector, employment in the sector is forecast to rise exponentially.
“The Freight Market, Size, Share, Outlook and Growth Opportunities 2020-2026” report identifies that the competition continues to intensify year-on-year with the growth of new entrants and investments from leading companies. This OG Analysis report covers the 2019 scenario and growth prospects of the Freight market for 2016-2026.
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It presents a comprehensive analysis of the country’s Freight market. Key trends and critical insights into Freight markets along with key drivers, restraints, and growth opportunities are presented in the report.
Hong Kong Road, Hong Kong Rail, and Hong Kong Air markets are analyzed and forecast to 2026.
Hong Kong Freight market is compared against five of its competitive markets in the region to analyze the role of Hong Kong on the regional front and benchmark its operations.
Global Freight, Asia Pacific, Europe, Middle East Africa, North America, and Latin America market outlook is also presented in the report to provide a global perspective of the industry.
Hong Kong population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Hong Kong Freight Market Size.
Further, business and SWOT profiles of three of the leading freight companies in Hong Kong are detailed in the report along with recent developments and their impact on overall market growth.
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