India’s logistics and warehousing industry is undergoing rpid growth and transformation backed by government efforts and strategic initiatives like NLP, PM Gati Shakti and LEADS aimed at enhancing the sector's contribution to India's economic growth.
Looking ahead to 2024, I foresee a year of transformative advancements, propelled by innovation and new age technologies across the warehousing and logistics industry in India. One can expect increased adoption of AI, Machine Learning, Automation and Digitalization towards enhancing operational efficiency across processes such as inventory storage, packaging and shipping, and reducing overall costs.
There will also be an increased focus on adopting green and sustainable practices, natural sources of energy, to cater to the holistic ESG standards of businesses. India’s emergence as a manufacturing powerhouse, and growing demand for retail e-commerce, rising customer expectations, and the need for multi-client and multi-modal logistics, will continue to drive the demand for future-ready built to suit Grade A warehouses in 2024 across markets such as Chennai, Bangalore, Mumbai, Hyderabad, and NCR, while I also see Hosur in Tamil Nadu emerging as a major hub in the coming year.
The sunrise region for this industry will however be North-East India in 2024. Overall, 2024 promises to be an extremely exciting and transformative year for the logistics and warehousing industry in India, with 3PL and 4PL market players expected to witness significant growth in the near future."
