Freight Forwarding Market Revenues to Reach USD 207.19 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, July 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Freight Forwarding Market Report (2023-2028)," the market is estimated at USD 168.99 billion in 2023. It is expected to register a CAGR of 4.16% during the forecast period.

Despite challenges like staffing shortages, capacity issues, inflation, and demand peaks, the global freight forwarding industry witnessed remarkable resilience in recent years. The slow economic growth projected in 2023 is expected to impact freight forwarders. Trade disruptions involving China, the United States, Russia, Ukraine, and Europe are taking their toll on the freight forwarding trends. However, the ocean freight market is correcting itself faster than expected.

Report Summary:

Report AttributeDetails
Market Size (2023)USD 168.99 billion
Market Size (2028)USD 207.19 billion
CAGR (2023-2028)4.16%
Study Period2018-2028
Fastest Growing MarketAsia-Pacific
Largest MarketNorth America
Forecast UnitsValue (USD billion)
Report ScopeMarket Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends
Key Market DriversHuge trade volumes between different regions.
Increasing internal air freight.

Who are the Top Companies in the Global Freight Forwarding Market?

The market is fragmented with a mix of global, regional, and local players. Half of the freight forwarding market share is held by the top 20 players. Small and medium-sized local players remain strong with small fleets and storage spaces. With abundant opportunities in sight, the future of the freight forwarding industry depends on digitalization. Companies are thriving to build a global network, using mergers and acquisitions to make the most out of increased commerce and trade activities in the ASEAN logistics market.

The significant players in the global freight forwarding market with a notable market share in 2023 are:

  • 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

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Key Highlights from the Global Freight Forwarding Market Report:

Trends in Cross-border and Sea Trade

  • The global trade scenario is expected to remain gloomy during the rest of the year. WTO forecasts only 1% growth in global merchandise trade volumes in 2023.
  • High energy prices and monetary policy tightening in major countries are expected to decrease demand. Lower Chinese output and the conflict between Russia and Ukraine are creating concerns about availability and prices.

Increasing Air Freight

  • Even after the COVID-19 pandemic, some international air freight companies are reporting decreasing consumer demand.
  • Omnichannel techniques look attractive at the moment, encouraging airlines to expand their operations beyond airport-to-airport routes. Agreements between airlines and shippers are expected to increase. However, the recruitment crisis faced by the air cargo industry is affecting freight and passenger services.

What are the Latest Developments in the Global Freight Forwarding Market?

  • In November 2022, Raft announced the integration of PayCargo, an all-in-one logistics payment platform, to broaden the capabilities of Raft's new AI payment functionality tool.
  • In August 2022, A.P. Moller - Maersk (Maersk) completed its acquisition of LF Logistics, a Hong Kong-based contract logistics company with premium capabilities in Asia-Pacific omnichannel fulfillment services, e-commerce, and inland transport.

Mordor Intelligence has Segmented the Global Freight Forwarding Market Based on Mode of Transport, Customer Type, Application, and Geography

  • By Mode of Transport (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • Air Freight Forwarding
    • Ocean Freight Forwarding
    • Road Freight Forwarding
    • Rail Freight Forwarding

  • By Customer Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • B2B
    • B2C

  • By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • Industrial And Manufacturing
    • Retail
    • Healthcare
    • Oil And Gas
    • Food And Beverages
    • Other Applications

  • By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • United Kingdom
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • LAMEA
      • Brazil
      • South Africa
      • GCC
      • Rest of LAMEA

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Freight Forwarding Market Report (2023-2028).

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Global Freight Forwarding Market - Mordor Intelligence

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