Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global freight forwarding market stands as a cornerstone of international trade, facilitating the seamless movement of goods across borders and oceans. As we delve into this dynamic industry, we uncover a world where efficiency meets innovation, shaping the very fabric of global commerce. The global freight forwarding market was valued at USD 208.61 billion in 2023. Projected to grow at a CAGR of 4.1% from 2024 to 2033, this market is expected to reach USD 311.77 billion by 2033.
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The mode of transport segment is divided into air freight forwarding, rail freight forwarding, ocean freight forwarding, and road freight forwarding. The ocean freight forwarding segment dominated the market, with a market share of around 27% in 2021. The increasing prices of air freight increase demand for ocean freight, which drives the segment's growth. The services segment is fragmented into transportation & warehousing, value-added services, and insurance. The transportation and warehousing segment dominated the market, with a market share of 43%. The customer type segment is divided into B2B and B2C. Over the forecast period, the B2B segment is expected to grow at the fastest CAGR of 5.3%. The B2B sector has grown owing to innovation in freight transit for efficient management. The application segment is divided into healthcare, oil & gas, retail, food & beverage, industrial and manufacturing, and others. In 2021, the healthcare segment accounted for the largest share of the market, with 18.6% and a market revenue of 37.4 billion. The significant market expansion in the healthcare sector can be observed due to rising worldwide pharmaceutical sales and increased activities to support cold chain logistics.
Recent Developments and Market Dynamics
Drivers
The freight forwarding industry is experiencing unprecedented growth, propelled by several key factors:
• E-commerce Boom: The explosive growth of online shopping has created a surge in demand for efficient logistics solutions.
• Globalization: As businesses expand their reach across borders, the need for reliable freight forwarding services has skyrocketed.
• Technological Advancements: The integration of AI, IoT, and blockchain is revolutionizing supply chain management.
Restraints
Despite the positive momentum, the industry faces several challenges:
• Geopolitical Tensions: Trade wars and political instability can disrupt established shipping routes.
• Environmental Concerns: Increasing pressure to reduce carbon footprints is forcing the industry to adapt quickly.
• Regulatory Hurdles: Evolving customs regulations and compliance requirements add complexity to cross-border shipments.
Opportunities
Amidst these challenges lie exciting opportunities:
• Green Logistics: The shift towards sustainable practices opens new avenues for eco-friendly shipping solutions.
• Digital Transformation: Embracing digital platforms can streamline operations and enhance customer experience.
• Emerging Markets: Untapped potential in developing economies presents new growth frontiers.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 4.1% |
| 2023 Value Projection | USD 208.61 Billion |
| Market Size in 2033 | USD 311.77 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 236 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Mode of Transport, Services, Customer Type, Application |
| Regions Covered | The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analysed at the country level. |
| Freight Forwarding Market Growth Drivers | Growing cross-border trade activities and a booming e-commerce sector |
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Regional Analysis
North America
North America remains a powerhouse in the freight forwarding market, driven by robust e-commerce growth and technological innovation. The region's advanced infrastructure and strategic location make it a crucial hub for global trade.
Europe
Europe's freight forwarding landscape is characterized by its focus on sustainability and efficiency. The region is at the forefront of implementing green logistics solutions, setting new industry standards.
Asia-Pacific
The Asia-Pacific region is the fastest-growing market for freight forwarding services. China's Belt and Road Initiative and the rapid industrialization of Southeast Asian countries are reshaping trade routes and creating new opportunities.
Emerging Markets
Countries in Africa and South America are emerging as key players in the freight forwarding arena. Investments in infrastructure and digital connectivity are opening up these markets to global trade networks.
Competitive Landscape
The freight forwarding market is a mix of established giants and agile startups:
• Industry Leaders: Companies like DHL, FedEx, and Kuehne + Nagel continue to dominate with their global reach and comprehensive service offerings.
• Tech Disruptors: New entrants leveraging digital platforms are challenging traditional models, offering more transparent and efficient services.
• Niche Players: Specialized freight forwarders focusing on specific industries or routes are carving out unique market positions.
Key Players:
• Bolloré Logistics
• CEVA Logistics
• Sinotrans India Private Limited
• DB Schenker
• DHL Global Forwarding
• Imerco
• Dachser
• DSV Panalpina A/S
• Expeditors International
• Hellmann Worldwide Logistics
• Kuehne + Nagel International AG
• MGF (Manitoulin Global Forwarding)
• Nippon Express Co.
• UPS Supply Chain Solutions
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The expansion of international trade and the rising e-commerce industry has increased the freight forwarding demand. The market is anticipated to expand due to the rising order for a well-organized supply chain and logistics to guarantee a seamless end-to-end movement of goods. However, the congestion in the trade channel of freight forwarding is expected to hamper the market's growth over the forecast period.
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