ASEAN E-Commerce Logistics Market (2021 to 2026) – Growth, Trends, COVID-19 Impact and Forecasts – ResearchAndMarkets.com – Yahoo Finance
Summary
DUBLIN, November 22, 2021–(BUSINESS WIRE)–The “ASEAN E-Commerce Logistics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
ASEAN e-commerce logistics is expected to experience a growth rate of more than 6% during the forecast period. Asia is benefiting more than any other region in the world when cross-border e-commerce has introduced new dynamics to international trade.
Companies Mentioned
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DUBLIN, November 22, 2021–(BUSINESS WIRE)–The “ASEAN E-Commerce Logistics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
ASEAN e-commerce logistics is expected to experience a growth rate of more than 6% during the forecast period. Asia is benefiting more than any other region in the world when cross-border e-commerce has introduced new dynamics to international trade.
Companies Mentioned
Singapore and Malaysia are among the countries with the highest quality of overall infrastructure while others are either at or below the world average level. There are big gaps in logistics infrastructure across countries. As for the region, the development still faces obstacles from poor quality of roads, incomplete road and railway networks, inadequate ports, and low service capability. However, The explosive growth of e-commerce and expansion of intra-regional markets favour the logistics industry.
International businesses are expected to benefit from ASEAN’s FTA network with reduced importer costs, improved custom clearances, and increased access to products eligible for preferential treatment. FTAs like ASEAN-Australia-New Zealand Free Trade Area, ASEAN-China Free Trade Area, ASEAN-India Free Trade Area, ASEAN-Republic of Korea Free Trade Area, ASEAN-Japan Comprehensive Economic Partnership add to the reduced logistics costs and improved efficiencies in the region.
Key Market Trends
Growth in E-commerce in the Region
The Association of Southeast Asian Nations (ASEAN) member states Singapore, Malaysia, and Indonesia have been amongst the world’s top markets with the highest online shopping penetration rate. E-commerce in ASEAN member states is projected to achieve a double-digit average rate of growth. Indonesia has the largest and fastest-growing market contributing to nearly 45% of regional e-commerce revenue.
For ASEAN, the benefits of e-commerce go beyond creating trade and business opportunities. It also contributes to social cohesion and the overall economic development of the region, which are important elements for regional integration.
The coronavirus pandemic has resulted in a new normal for communities with social isolation, work from home (WFH), and online shopping. As more people stay indoors over virus fears, consumers have turned to e-commerce for their everyday essential purchases, such as groceries and computer equipment.
Top players in this industry such as Lazada, Shopee, and Tokopedia spearheaded this growth before the COVID-19 outbreak by providing scalable, readily-accessible platforms where smaller retail players could transact online and reach new consumers within and beyond Southeast Asia.
Swift development of infrastructure
The US and China are promoting competing economic programs in Southeast Asia. China’s Belt and Road Initiative (BRI) lends money to developing countries to construct infrastructure, mostly in transport and power. The Master Plan on ASEAN Connectivity (MPAC) 2025, adopted by ASEAN Leaders in September 2016 in Vientiane, Lao PDR, aims to achieve a seamlessly and comprehensively connected and integrated ASEAN that …….
Source: https://finance.yahoo.com/news/asean-e-commerce-logistics-market-110200705.html