Wilmington, Delaware, United States, July 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global freight forwarding market was valued at US$ 167.7 Bn in 2022 and is projected to expand at a CAGR of 3.9% from 2023 to 2031.
Rapid expansion of the e-commerce industry and robust pace of globalization are bolstering customer demand for freight forwarding services for logistics and transportation. Pressing need for innovative e-commerce supply chain strategies is broadening the freight forwarding market outlook. For instance, the customer’s need for same-day shipping services is likely to boost demand.
Rapid rate of adoption of advanced technologies, such as IoT, AI, and machine learning, in warehousing, transportation, and procurement operations has paved the way for more accountability from forwarders. Additionally, usage of these technologies helps freight forwarders optimize fuel costs and streamline warehouse management for e-commerce businesses.
Freight forwarders act as an intermediary between the manufacturer and the final customer by offering services pertaining to warehousing, transportation, and procurement across all modes of transportation, comprising sea/ocean freight, road transport, rail freight, and air freight shipment.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 167.7 Bn | |
| Estimated Value | US$ 236.4 Bn | |
| Growth Rate - CAGR | 3.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Service Type, Mode of Transportation, Logistics Model, Customer Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | DHL Supply Chain, Kuehne + Nagel Inc., DB Schenker, Sinotrans India Private Limited, DSV A/S, Expeditors International of Washington, Inc., Nippon Express Co., Ltd., United Parcel Service of America, Inc., Bolloré Logistics, CEVA Logistics, Dimerco, Transporteca, MGF, Uber Freight LLC, Others | |
Key Findings of Study
Increase in Usage of Machine Learning and IoT Technologies in Freight Transportation and Logistics Applications
Increase in usage of IoT-enabled freight forwarding solutions is expected to augment market growth. Sensors for climate-controlled vehicles, Big Data analytics, machine learning, and artificial neural networks are some of the key technologies implemented in international freight transportation.
Significant demand for cloud-based software-as-a service (SaaS) solutions for freight forwarding presents abundant opportunities for market players. Increase in utilization of machine learning and IoT technologies in multi-channel supply chains helps in accurate demand forecasting and prediction of real-time e-order arrivals. Significant usage of cloud-based freight forwarding software is expected to augment market value.
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Customers Benefit from Integrated Services by Freight Forwarders
Rapid rate of adoption of integrated services among end-use industries is anticipated to propel the market. Service providers are offering value-added services to accelerate their business growth. Value-added services might include advice on supply chain optimization and customs clearance.
A range of end-use industries, such as automotive, FMCG, and retail, are seeking integrated freight forwarding services. Increase in utilization of freight forwarding services to facilitate the standard procedures for export and import of cargo at international borders is accelerating market development.
Key Drivers of Freight Forwarding Market
- Considerable growth in global merchandise trade volumes is a key driver of the global freight forwarding market.
- Increase in availability of integrated solutions for freight forwarding for manufacturers and traders in several industries is anticipated to bolster the market. Service providers are striving to offer comprehensive services to their clients, vendors, and partners to help them meet multiple challenges in multichannel delivery of cargo/shipment.
Regional Landscape
The market in North America is projected to account for a major market share during the forecast period. Rapid expansion of international trade in the region is anticipated to propel the market. Rise in demand for freight forwarding to optimize transportation, manufacturing, and warehousing operations in a range of industries is expected to create significant business opportunities for companies in the market. Significant usage of IoT and machine learning technologies in supply chain and logistics in the U.S. is bolstering the market in North America.
Asia Pacific is a lucrative market for freight forwarding. Rapid expansion of the e-commerce sector and focus of e-commerce companies on strengthening their supply chain networks in developing countries are fueling market growth in the region.
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Competition Landscape
Leading companies are engaging in strategic alliances and adopting the strategy of partnerships and collaborations in order to stay ahead of competitors.
Key players operating in the global freight forwarding market are
- DHL Supply Chain
- DB Schenker
- DSV A/S
- Sinotrans India Private Limited
- Nippon Express Co., Ltd.
- CEVA Logistics
- Dimerco
- MGF
- Uber Freight LLC
- United Parcel Service of America, Inc.
- Kuehne + Nagel Inc.
Segmentation
The global freight forwarding market is segmented based on
Service Type
- Freight Transportation
- Warehousing
- Documentation
- Packaging
- Insurance
- Others (Value-added Services: Custom Clearance, Inventory Management, etc.)
Mode of Transportation
- Road
- Waterway
- Rail
- Air
Logistics Model
- First-party Logistics
- Second-party Logistics
- Third-part Logistics
Customer Type
- B2C
- B2B
Application
- Industrial and Manufacturing
- Retail
- Healthcare
- Media & Entertainment
- Military
- Oil & Gas
- Food & Beverage
- Others (Agro Commodities & Fertilizers, Government & Public Utilities, Jewelry, etc.)
Region
- Asia Pacific
- North America
- Europe
- South America
- Middle East & Africa
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