(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 21, 2021, 06:43 /Comserve / -- Bangladesh Freight and Logistics Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The freight and logistics industry came into being during 1991-92 in Bangladesh without any prior experience and suffered due to the lack of skilled workforce and required communication skills. Despite the absence of proper government regulations and policies along with inexperienced exporters and importers, the industry has gained more significance and managed to reach imported goods worth about USD 52.84 billion during the fiscal year 2017-18 and exported products worth about USD 36.67 billion, according to data from the Bangladesh Bank. The country also generated more than 40,000 jobs directly during the past 30 years and become one of the crucial sectors that are contributing to the economic growth of the country. Kuwait based Agility Global Integrated Logistics's "The Agility Emerging Markets Logistics Index (AEMLI)" 2018 considered Bangladesh as one of the 45 major emerging markets in the world. The Index evaluated the country's logistics industry as highly progressive yet it mentioned that the country needs to address major challenges such as the need for improvements in infrastructure, and need for diversification to other manufacturing segments beyond the apparel sector and the need for improvements in its pharmaceutical, steel, shipbuilding, and food processing industries in order to record exponential market share in the future. The country also needs to focus on improving ways to strengthen its transport and logistics systems in order to meet the needs of its growing economy, to boost export growth. By emphasizing the logistics industry more efficiently Bangladesh can significantly boost export growth.
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Key Market Trends
Shipping and Inland Water Freight Transport Occupies the Major Share of the Market
The logistics companies are providing freight transport services through sea, road, and air, and rail freight transport is yet to be introduced in Bangladesh. Owing to the growing congestion on roads which is limiting road freight transport, the shipping and inland water transport is scoring more market share. Chattogram port and Mongla port are the two dominant operational seaports of Bangladesh are playing a significant role in handling the country's cargo movement with the former managing 90% of it. The market holds scope for grabbing more market share when the southwest coastal belt is utilized to its full potential which is capable of handling 70,000 TEUs a year but recorded a mere 26,952 TEUs only in fiscal 2016-17 which is 36% less from the previous year.
Strengthening its Warehousing Can Help the Bangladesh Market to Generate More Revenue
Bangladesh has slipped to the 100th position in World bank's Logistics Performance Index (LPI) 2018 from an earlier 82nd position in 2016. The industry is still struggling to improve the performance compared to its neighboring country India which stood as the regional top and ranked 44th for the same year. the substantial decline in important avenues has made Bangladesh witness a downward trend in four indicators. Dhaka evolved as a central warehousing hub of the country with Chattogram has been the gateway for international trade, and is accounting for 90% of the export-import cargo and became the most important center for EXIM based warehousing. Dhaka and Chattogram jointly occupy 70% of the warehousing space of the country. Khulna, Barisal, Bogra, Rangpur, Cumilla are emerging as a storage destination for catering domestic consumption market.
Competitive Landscape
Bangladesh freight and logistics market is relatively fragmented with around more than 1,000 local and around 20 international logistics and freight forwarding companies that are operating in the country. International companies are mostly relying on open joint ventures with domestic companies to enter the market owing to the factors such as the growing congestion on roads and at seaports which are restricting the market along with the high logistics costs. The infrastructure is also limiting the local players to expand their footprint and the international players to enter the market directly.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Current Market Scenario
4.2 Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunities
4.3 Industry Attractiveness and Porter's Five Forces Analysis
4.4 Value Chain / Supply Chain Analysis
4.5 Government Regulations and Initiatives
4.6 Technological Trends
4.7 Insights on the e-commerce Industry
4.8 Insights on the Proposed Railway Development Strategy
4.9 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
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