South Korea warehousing market expected to reach USD 86.3 billion by 2033
From GlobeNewswire: 2024-12-10 11:21:00
The South Korea Warehousing Market is on track to reach USD 47.9 billion by 2024, with a projected growth to USD 86.3 billion by 2033. Major players like CJ Logistics and Lotte Global Logistics are utilizing automation and AI technologies to enhance efficiency in e-commerce fulfillment. Cold chain logistics are gaining importance in the region, particularly in the pharmaceutical and food industries.
Semi-automated warehouses are expected to dominate the South Korean warehousing market, holding 49.9% market share in 2024. Companies like CJ Logistics and Lotte Global Logistics are implementing technologies like AGVs and conveyor belts to improve productivity. These systems offer flexibility and adaptability, making them suitable for various industries, including electronics and automotive.
The competitive landscape of the South Korean warehousing market includes major players such as CJ Logistics, Lotte Global Logistics, and Hyundai Glovis. These companies specialize in providing value-added services in warehousing and distribution, catering to industries like e-commerce, pharmaceuticals, and food. Hyundai Glovis, for example, capitalizes on South Korea’s strategic location as a logistics hub in Southeast Asia to offer large warehousing facilities.
E-commerce platforms like 11Street and Gmarket are driving growth in the South Korean warehousing market, pushing for faster deliveries and enhanced fulfillment services. South Korea’s strategic location as a logistics hub in Asia, connecting key markets in China and Japan, is also fueling demand for large warehousing facilities. However, logistics costs and limited land availability in urban centers pose challenges to the market’s expansion.
The South Korea Warehousing Market offers growth opportunities in temperature-controlled storage and outsourcing to third-party logistics providers. Companies like CJ Logistics are investing in cold chain infrastructure to support the rising demand for perishable goods. Manufacturers in sectors like electronics and automotive are increasingly turning to 3PL services to streamline operations, presenting significant growth potential for players in the market.
Read more at GlobeNewswire: South Korea Warehousing Market Is Expected To Reach Revenue