While essential items are but a narrow blanket for man in terms of basic sustenance, the 21st century would essentially term it otherwise. Today, the millennial life has widened the essentials blanket by covering much more than what contributes to basic survival. For us, necessities today include electronics, internet, and a wide array of other industries that sum up to define the life of the common millennials who make up the most vital consumer group for all players of the market today. While globalization has made the world seem smaller where we feel closely wound together, the thread that truly winds us, is the logistics industry.
On 11th March 2020, COVID19 was declared as a pandemic by the World Health Organisation. As a response to this crisis, after the initial chaos of emigration where necessary, the world saw the largest lockdown to ever occur in the history of the human race. As countries shut down their borders, globalisation was limited over network connectivity solely, bringing the logistics industry to an almost sudden halt.
However, with support from leaders across the continents, the industry has been able to prove to be a rightful saviour even during the pandemic.
1) FMCG has been predicted to have the largest sizing in the global logistics market
This pandemic has made us realise the true necessities for sustenance. Essential goods (groceries, medicines, etc) have now become the most vital commodities for our homes. While generally, one leaves home to buy these, the logistics industry has now started delivering these essentials at the doorstep of those in need. Even on the wider scale, the industry has redefined its role by delivering supplies from country to country.
2) Railways are estimated to have the second-largest logistics market share, by mode of transport
While borders are sealed, inter-state travel is allowed in most countries. The railways have been the most running modes of travel throughout the crisis to ensure safe movement especially of migrants, sanitation workers, and labourers. Along with this, the railways also have become a mode of transporting essential commodities across state borders to meet the heightened demand. Around 20,000 wagons of coal, 1,700 wagons of petroleum products, and 25,000 wagons of essentials are being transported by the Indian Railway on a daily basis.
3) The Asia Pacific will have the largest logistics market size very soon
With countries like China and Taiwan recovering from COVID19 by bettering efforts on containing the virus, and also India’s effort to control the spread being appreciated by the World Health Organisation, the industry of logistics has gradually resumed operation and is currently meeting consumer demands. Singapore, South Korea, and Japan have regained normalcy in receiving the supply of vital products too. Hence, it can be forecasted that the logistics industry in the Asia Pacific is expected to show positive signs as the supply chain industry recovers gradually.
Despite these times of crisis, the logistics sector has truly proven to be a saviour to me, you, and the world as well. It has kept us connected and made our lives safer despite the pandemic.
With a promising future ahead, lies the hope of betterment for the industry and for the world.