Dublin, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The "Freight Forwarding - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
With international commerce continuing to surge, the latest industry analysis forecasts a positive trajectory for the global freight forwarding market. The sector, which stood at USD 168.99 billion in 2023, is projected to ascend to a value of USD 207.19 billion by 2028, growing at a compound annual growth rate (CAGR) of 4.16% during the period from 2023 to 2028.
Robust trade activities across the world serve as the backbone for this remarkable growth. Particularly, business operations are gaining momentum with the resumption of internal air freight movements, underpinning the expansion of the market.
In-depth studies encapsulate the industry's response to unprecedented events that tested supply chain resilience in recent times. These include global disruptions such as the COVID-19 pandemic aftermath, obstruction of the Suez Canal, geopolitical tensions, and the conflict between Russia and Ukraine. The industry is increasingly spotlighting the necessity for agile, adaptable, and transparent supply chain solutions, emphasizing the role of digitalization in enhancing operational effectiveness.
Contemporary Market Dynamics and Projections
- With an economic slowdown on the horizon, as indicated by institutions like the International Monetary Fund and World Trade Organization, freight forwarders are preparing for an atmosphere of heightened caution and strategic adjustments.
- The recalibration of air and sea freight dynamics is leading to shifts in global trade patterns, with the air freight sector currently experiencing a downturn in demand post a pandemic-induced peak.
- Strategic sourcing shifts are being observed as traders seek alternatives to previously dominant markets, a move that is fostering market variety and resilience.
The logistics industry, specifically ocean freight, looks towards self-correction amidst fluctuating global demands. Conversely, air freight continues to chart a course peppered with challenges, from decreased demand to route adjustments.
The Freight Forwarding market landscape remains diverse, with a mixture of leading global entities, regional champions, and specialized local operators. Collaboration and mergers are on the upswing, particularly in progressive regions like ASEAN, propelled by burgeoning trade and commerce activities.
This comprehensive market overview provides invaluable insights for entities engaged in the freight forwarding sector, offering a granular look at the factors driving industry growth and the challenges lying ahead.
A selection of companies mentioned in this report includes:
- Kuehne + Nagel International AG
- DB Schenker
- Bollore Logistics
- DHL Global Forwarding
- Nippon Express Co. Ltd.
- DSV Global Transports and Logistics
- The Maersk Group
- C.H. Robinson
- Panalpina
- United Parcel Service
- FedEx Corp.
- Walmart Group
- MGF (Manitoulin Global Forwarding)
- Hellmann Worldwide Logistics
- Expeditors International
- Dachser
- Imerco
- Sinotrans India Private Limited
- CEVA Logistics
- Uber Freight LLC
For more information about this report visit https://www.researchandmarkets.com/r/z5nfkp
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