Market Size of Singapore Customs Brokerage Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 6.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Singapore Customs Brokerage Market Analysis
The Singaporean customs brokerage market is expected to witness a CAGR of over 6% during the forecast period 2022-2027.
The impact of COVID-19 was so bad that the port had to be on the verge of closure due to lockdowns, and it badly impacted the customs brokerage market, but on the parallel side, the air cargo grew due to a spurge in urgent demand for PPE, medical supplies and vaccines which were in need of the hour for the vaccination drive program, this helped the customs brokerage to thrive. As the lockdowns were lifted, there was a growth in the exports and imports from Singapore, while sea cargo took the major chunk of the cargo logistics, creating a demand for customs brokerage in the later stage.
The Singaporean Customs Brokerage Market is seeing exceptional growth, and the future of the market is likely to be significant. Singapore is the world's busiest transshipment hub that is well-connected to 600 ports in over 120 countries. It has also consistently topped the Leading Maritime Capitals of the World report. It serves as an entry point for worldwide leaders in ship finance, ship broking, risk management, and marine insurance. Singapore, using its strategic position, sophisticated port infrastructure, and shipyards, has grown into a prominent International Maritime Centre (IMC) where ships dock and vital ancillary services in shipping, trade, and logistics thrive.
Changi International Airport is one of the world's busiest airports for international air cargo, processing nearly 1.97 million metric tonnes per year, with transshipment volume accounting for about half of total throughput and is therefore considered a worldwide air cargo hub. Designed to move cargo like clockwork round the clock, the cold chain facilities, warehouses, and offices at Changi Airfreight Centre (CAC), coupled with the Airport Logistics Park of Singapore (ALPS), are well equipped to cater to all operational needs.
Singapore Customs Brokerage Industry Segmentation
Customs brokerage firms make international trade possible by facilitating the shipment and delivery of goods across international borders. The agency has to take care of shipments that occur in a sheer volume across international borders every single day. The Singaporean Customs Brokerage Market is segmented by Mode of Transport (Sea, Air, and Cross-border Land Transport). The report offers market size and forecasts for the Singaporean customs brokerage market in value (USD Billion) for all the above segments. A complete background analysis of the Hong Kong customs brokerage market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, key company profiles, and the impact of COVID-19 are covered in the report.
By Mode of Transport | |
Sea | |
Air | |
Cross-border Land Transport |
Singapore Customs Brokerage Market Size Summary
The Singaporean customs brokerage market is poised for substantial growth, driven by its strategic position as a global transshipment hub and its sophisticated port infrastructure. Despite the challenges posed by the COVID-19 pandemic, which temporarily disrupted operations, the market has shown resilience and adaptability. The surge in air cargo demand for essential supplies during the pandemic, coupled with the recovery in sea cargo as lockdowns eased, has bolstered the demand for customs brokerage services. Singapore's status as a leading International Maritime Centre, with its well-connected ports and advanced logistics facilities, continues to attract global trade, further fueling market expansion. The country's robust trade performance, supported by strong semiconductor demand and rising oil prices, underscores its pivotal role in global supply chains.
The customs brokerage market in Singapore is characterized by intense competition, with both global and regional players vying for market share. Companies like UPS, FedEx, and Rhenus Logistics dominate the landscape, while regional firms such as Chiang Huat Transport PTE Ltd and Mercury Freight maintain a strong local presence. The introduction of innovative technologies, such as blockchain and supply chain integration, has become a key strategy for players seeking to gain a competitive edge. Additionally, the establishment of new logistics hubs and the expansion of existing operations reflect the market's dynamic nature. Singapore's connectivity by road, air, and sea enhances its appeal as a transshipment hub, providing a fertile ground for logistics companies to expand their operations and capitalize on emerging opportunities in the Southeast Asian region.
Singapore Customs Brokerage Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Current Market Scenario
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1.2 Technological Trends
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1.3 Government Regulations
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1.4 Industry Value Chain/Supply Chain Analysis
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1.5 Brief on Customs Brokerage as a Freight Forwarding Function
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1.6 Review of Customs Brokerage Costs as Percentage of Total Logistics Spend
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1.7 Shipper Insourcing vs. Outsourcing Trends in Customs Brokerage Related Tasks
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1.8 Overview of Customs Pricing
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1.9 Insights on Customs Brokerage Services by End-user Industry
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1.10 Impact of COVID-19 on the Customs Brokerage Market
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2. MARKET SEGMENTATION
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2.1 By Mode of Transport
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2.1.1 Sea
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2.1.2 Air
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2.1.3 Cross-border Land Transport
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Singapore Customs Brokerage Market Size FAQs
What is the current Singapore Customs Brokerage Market size?
The Singapore Customs Brokerage Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Singapore Customs Brokerage Market?
UPS, DHL, FedEx, Rhenus Logistics and SeaLand Maersk are the major companies operating in the Singapore Customs Brokerage Market.