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It is estimated that 15 logistics markets (a total of the 15 markets that include overlaps) in Japan were valued at a total of ¥2.46 trillion (US$166 billion) in fiscal 2024 based on sales earned by operators, according to Yano Research Institute (YRI). The markets expanded 5.1% from the previous fiscal year, mainly due to rises in freight and other rates at a time when volumes did not increase much in international or domestics logistics.
The Tokyo-based research institute foresees the 15 markets will amount to ¥2.48 trillion this fiscal year, up 0.5%. In breakdown, oceangoing transport, general port transport, special group cargo motor trucking and moving are projected to shrink. In contrast, third-party logistics (3PL), ordinary warehousing, refrigerated warehousing, airfreight transport, rail freight forwarding, rail freight transport and light cargo transport are projected to expand.
Decreases in exports resulting from higher U.S. tariffs are considered in oceangoing transport and general port transport but not in 3PL and ordinary warehousing as there are many uncertainties. In 3PL, multiple logistics services are provided to underpin shippers’ supply chains in Japan and overseas. The market is, as such, expected to grow constantly.
YRL projects the 15 markets were valued at ¥2.34 trillion in fiscal 2023, down 3.8% from the previous fiscal year. As a tight supply-demand balance was eased, freight and other rates that had steeply risen in oceangoing transport, airfreight transport, freight forwarding and so on declined, while cargo volumes did not increase much in Japan or overseas.
