The Indian freight and logistics market is expected to experience an annual growth rate of 8.8 percent, reaching $ 484.43 billion by 2029, up from $ 317.26 billion in 2024. This information was disclosed in a report presented at the LogiMAT India logistics fair. LogiMAT India 2024, held from February 28 to March 1 at India Expo Mart, is a satellite show associated with Europe's largest intralogistics exhibition, LogiMAT Stuttgart, organised by Messe Stuttgart India.

According to a statement, the incorporation of cutting-edge technologies and advancements in intralogistics, automation, warehousing, and transportation management marks a transformative phase for the logistics sector in India.

It was mentioned that the Indian freight and logistics market is on the brink of significant growth. Projections for LogiMAT India 2024 indicate an increase in market size to $ 317.26 billion by 2024, with a projected Compound Annual Growth Rate (CAGR) of 8.83 percent, propelling it to $ 484.43 billion by 2029.

This surge not only represents robust economic expansion but also holds the potential for considerable job creation and improved business scalability, as per the statement.

Collectively, these advancements are poised to redefine the logistics landscape, introducing a new era of efficiency and innovation.

Sachin Patil, Managing Director, and CEO of Messe Stuttgart, expressed the immense transformative potential of new technologies and innovations showcased at LogiMAT India. He stated, "We anticipate that these advancements will not only attract substantial investments to India's logistics sector but also generate a significant number of jobs, fostering economic growth and prosperity."

Additionally, the statement highlighted that these technologies have the capability to elevate logistics businesses to unprecedented levels, enabling them to optimise operations, enhance customer service, and achieve greater profitability.

By employing robotics, automation, artificial intelligence, and other cutting-edge solutions, logistics companies can streamline processes, cut costs, and stay competitive in today's dynamic business environment, it was emphasised.