GURUGRAM, India, October 17, 2018
GURUGRAM, India, October 17, 2018 /PRNewswire/ --
Thailand has signed multiple free trade agreements (FTAs) with large economies like China, US , India and others and as a WTO member since 1995 has been open to foreign firms operating and manufacturing from the Thailand thus helping it to have a trade surplus over the years. Growing investments by the government in logistics infrastructure and enhancing economy presents highly favorable environment presents highly favorable freight forwarding and warehousing market in the country. For instance- Thailand's agreements with the ASEAN community have led to an increase in cross-border freight transportation via roadways and ports without any major limitations. Roadways has gained attraction in Thailand due to its superior road network, thus becoming the first preference for moving freight within the country with a vast presence of local freight forwarders coupled with trucking fleet operators. Further, it has become a manufacturing hub for various industries including automotive, retail, pharmaceutical and agriculture.
In addition to this, express services are likely to become more significant in near future as Thailand's economy becomes increasingly integrated owing to rapid growth in international trade services. Growth in E-commerce industry will drive the express delivery market owing to the rising demand of this service for B2C business segment. In addition, given the benefits of reduced delivery time, the growing preference of just-in-time approach for inventory to reduce inventory costs, the need to minimize loss of sale opportunities, and the rising end-consumer demand for quality logistics services, express delivery services are increasingly becoming the preferred mode of logistics for a large number of users in the country.
Ken Research in their latest publication "Thailand Logistics and Warehousing Market Outlook to 2022 - By Freight Forwarding, Express Logistics, E- commerce Logistics and Warehousing Services (Industrial/ Retail Freight, Container Freight, Cold Storage, Agricultural and Others), Third Party Logistics," believe that increasing the number of channel points, strengthening infrastructure connections, improving service quality in terms of training the personnel and promoting railways for freight transportation will have a positive impact on market.
Thailand logistics market is expected to register a positive CAGR of 3.9% during the forecast period 2017-2022.
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing