London, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the “Sea Freight Forwarding Market”. The total global market size for the “Sea Freight Forwarding Market” was valued at USD 86.976 Bn in 2022 and is expected to grow at a CAGR of 2.42 percent over the forecast period to reach USD 92.159 Bn by 2029.
| Market Size in 2022 | USD 86.976 Bn |
| Market Size in 2029 | USD 92.159 Bn |
| CAGR | 2.42 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 268 |
| No. of Tables | 126 |
| No. of Charts and Figures | 124 |
| Segment Covered | By Sea Freight Forwarding Product, Type and Region |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2023−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Sea Freight Forwarding Market Report Scope and Research Methodology
The report gives an in-depth analysis of the Sea Freight Forwarding Market size, share, trends, market growth dynamics such as drivers, opportunities and restraint factors, and forecast (2023-2029). The market overview report includes the product definition, scope, revenue status, application, and production units. Also, the report provides a regional analysis of the market based on the Asia Pacific, North America, Europe, South America, Asia Pacific and the MEA. The Porter five forces analysis is used to check the industry’s potential growth as well as buyers’ and suppliers’ strength in the Sea Freight Forwarding Market. The bottom-up approach was used to estimate the Sea Freight Forwarding Market size. The qualitative and quantitative data were collected from both primary and secondary research methods.
Sea Freight Forwarding Market Overview
Sea freight forwarding includes a comprehensive suite of services essential for the storage, transportation, and delivery of spare parts and components, vital across various industries. This multifaceted offering spans warehousing, meticulous inventory management, secure packaging, adept customs clearance, precise documentation, and efficient distribution. By offering end-to-end solutions, sea freight forwarding companies play a pivotal role in ensuring the unhindered movement of spare parts through global supply chains via maritime routes.
Evaluation and Expansion of Global Trade to Drive the Market Growth
With businesses increasingly sourcing components and products from different corners of the world, sea freight forwarding has become pivotal in managing the complex supply chain dynamics. Companies seek cost-effective ways to transport goods across oceans, making sea freight a preferred choice due to its cost-efficiency for bulky or large quantities of automotive parts. The automotive sector's continuous expansion and the surge in international trade of vehicles and components have significantly contributed to the growth of the sea freight forwarding market. As automakers source parts globally and seek efficient distribution channels, sea freight has become a critical link in their supply chain. Advances in logistics technology have streamlined operations within the sea freight forwarding industry. This includes real-time tracking systems, digital documentation, and improved inventory management, all of which enhance the efficiency and reliability of part transportation. All factors are expected to drive the market growth during the forecast period.
International trade agreements and changes in tariffs are expected to impact the sea freight forwarding market. Companies often need to adapt their supply chain strategies to navigate shifting trade dynamics and optimize costs, further emphasizing the importance of expert sea freight services.
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In North America, Leveraging cutting-edge technologies to boost the Sea Freight Forwarding Market growth.
The Sea Freight Forwarding market in North America derives its robust momentum from the significant presence of key industries, notably the automotive, manufacturing, and healthcare sectors. This region boasts a well-established infrastructure and advanced logistical networks that synergize to facilitate the flow of goods. Leveraging cutting-edge technologies and prioritizing supply chain optimization act as powerful catalysts propelling the market's expansion. Furthermore, the burgeoning e-commerce landscape and the escalating volumes of cross-border trade between the United States and Canada open up promising avenues for sea freight forwarding services in the North American territory. The automotive industry, with its sprawling production facilities and intricate supply chains, relies extensively on sea freight forwarding to ensure the timely and cost-effective transportation of vehicle components. Concurrently, the manufacturing sector, encompassing diverse products, also taps into sea freight solutions to enhance its distribution efficiency. Moreover, the healthcare sector, with its demand for timely and secure transportation of medical equipment and pharmaceuticals, further bolsters the market's growth trajectory.
Sea Freight Forwarding Market Segmentation
By Product:
- Full container load (FCL)
- Less-than container load (LCL)
Based on the product, the full container load (FCL) segment to dominate the market over the forecast period
FCL services involve the transportation of parts in dedicated containers, typically belonging to a single shipper. This method is preferred when a shipper has enough cargo to fill an entire container. FCL offers greater control over the shipment, reduces the risk of damage, and allows for more efficient inventory management. Also, FCL is often favored for high-volume shipments of parts, where preserving the integrity of goods and minimizing handling are critical. It's suitable for businesses with regular and substantial shipping needs.
By Type:
- Manufacturing
- Retail
- Health care
- Consumer Goods
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Sea Freight Forwarding Key Players include:
- DHL Global Forwarding
- Kuehne + Nagel
- DB Schenker
- Expeditors
- C.H. Robinson
- Panalpina
- UPS Supply Chain Solutions
- Agility Logistics
- Nippon Express
- DSV
- Hellmann Worldwide Logistics
- CEVA Logistics
- Bolloré Logistics
- Sinotrans
- Geodis
- Dachser
- Damco
- Yusen Logistics
- Kerry Logistics
- CJ Logistics
- Hitachi Transport System
- Ceva Logistics
- Toll Group
- NNR Global Logistics
- XPO Logistics
Key questions answered in the Sea Freight Forwarding Market are:
- What is Sea Freight Forwarding?
- What was the Sea Freight Forwarding Market size in 2022?
- What is the expected Sea Freight Forwarding Market size by 2029?
- What is the growth rate of the Sea Freight Forwarding Market?
- What are the key benefits of the Sea Freight Forwarding Market?
- What are the new trends in the Sea Freight Forwarding Market?
- Which segment held the Sea Freight Forwarding Market growth?
- What is the demand pattern for the Sea Freight Forwarding Market?
- What are the driving, opportunity and restraining factors in the global Sea Freight Forwarding Market?
- Which are the factors expected to drive the Sea Freight Forwarding Market growth?
- Which factors are expected to restrain the Sea Freight Forwarding Market growth?
- Which region held the largest share of the Sea Freight Forwarding Market?
- Who are the key players in the Sea Freight Forwarding Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Product, Type and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
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