Global Freight Forwarding Market Insights and Forecast to 2028

Freight Forwarding Market Statistics 2028
The global Freight Forwarding market size is about 186 billion USD in 2021 and is expected to grow at a CAGR of 3.3% in the forecast years till 2028. Key drivers of the freight forwarding market include the booming eCommerce industry.

The advent of technological innovations will drive the market trends during the forecast period.

The rise in the number of activities handled by key vendors for smooth logistic operations will boost the growth of the freight forwarding market in the upcoming period.

The growing trade agreements and increase in cross-border trade activities will boost the growth of the market in the subsequent years.

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Trends Influencing the Growth of Freight Forwarding Market
Increasing penetration of eCommerce

Online shopping has been around for a while but gained significant prominence during the outbreak of the pandemic. Consumers are demanding everything with the tap of a button. Retailers have to optimize their shipping speeds and at the same time provide low-cost delivery solutions. Big-ticket retailers are adopting automated freight forwarding solutions such as self-tracking methods and notifications for last-mile transporters and final consumers to easily monitor the shipment activity. Continuous interaction with customers is essential via chatbots, emails, and personalized messages. AI-powered helpdesk systems provide contextual information through machine learning algorithms to consumers. This aids in optimizing transportation costs and providing a hassle-free response regarding returned goods. In addition to it using TMS software, IoT sensors and electronic data logging systems help freight forwarders keep track of the best route, decrease idling time and provide the multitiered pricing for goods based on their total size and volume. Key performance metrics can be analyzed and measured quickly. All these factors will boost the growth of the freight forwarding market during the forecast period.

Technological developments

A series of innovations have been taking place in the freight forwarding industry which is directly contributing to its expansion. Artificial intelligence and robotic process automation compile data, enter it into a TMS and trigger a set of activities that keep everyone updated about the container or shipment status. The advanced software instantly accesses the demand based on total transport activity and analyzes it efficiently to provide an immediate booking quote. Bots initiate relevant digital communication amongst several stakeholders involved in the entire process of supply chain operations. Confusion is decreased as appointments and arrival times are scheduled beforehand through predictive forecasts. Vital information can be shared via images, PDFs, and docs. It can be linked to payment processing systems to shorten the payment lock and decrease delayed shipment. These advancements will bolster the growth of the freight forwarding market in the upcoming years.

Integrated activities

As logistics operations get complex retailers are relying on third-party vendors to oversee their entire supply chain activities. Freight forwarders are capable of providing a variety of services like warehousing, transportation, packing, documentation, labeling, insurance, etc. Different warehouses have different functions. Distribution centers allow products to accumulate at a centrally located place to make the final shipment process easier. Fulfillment centers receive, pick up, and transport orders for individual shoppers. Partially completed manufactured products are kept in warehouse centers for further use in assembly lines. Moreover, different products require specific packaging labels as they are shipped to different countries in containers under varying temperatures. They are labeled correctly with intrinsic details regarding their place of origin, total information of the product, and other hazardous items. Different documents are maintained such as the Bill of Lading, inspection certificate, commercial invoices and certificate of origin, etc. Such factors will drive the growth of the freight forwarding market during the forecast period.

Rising trade volume

Due to globalization, cross-border delivery of goods, and increasing trade agreements the need for freight forwarders is increasing. Connectivity is of utmost priority in this complex chain of people, firm, and organization interactions. The inefficient trade-related infrastructure can seriously impede a country's growth and its performance on the global stage. In order to eradicate global poverty and bring in, sustainable development world leaders are stressing the importance of easy trade facilitation. Significant investments are being made in the areas of logistics, transport services, regional trade corridors, and multimodal transport system networks. Third-party freight forwarding companies are expected to gain huge significance in the coming years. Such factors will boost the growth of the freight forwarding market in the subsequent years.

Freight Forwarding Market Share Analysis
Based on type, the packaging segment will grow the highest in the freight forwarding market share owing to the growing demand for safe and secure delivery of goods. On the other hand, VAS services will grow the fastest due to rising acceptance among shippers.

Based on application, sea freight forwarding is expected to dominate the freight forwarding market share due to growing cross-border trade and the gradual development of port infrastructure. The demand from end-user industries is huge.

Based on region, North America is expected to maintain dominance in the freight forwarding market share owing to the booming eCommerce industry. However, the Asia-Pacific region will grow the fastest due to rising logistics operations and the presence of emerging economies like China or India.

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Freight Forwarding Market Segmentation

Freight Forwarding Market By Companies
DSV
Deutsche Post DHL Group
Kuehne + Nagel
DB Schenker
Sinotrans
Expeditors International
NIPPON EXPRESS
UPS Supply Chain Solutions
Hellmann Worldwide Logistics
Panalpina
C.H. Robinson Worldwide
CJ Korea Express
DACHSER
Dimerco
GEODIS
Bollore Logistics

Freight Forwarding Market By Types
Packaging
Documentation
Transportation and warehousing
VAS (Value-added services)

Freight Forwarding Market By Application
Airfreight Forwarding
Rail Freight Transportation
Sea Freight Forwarding

SIMILAR REPORT

https://reports.valuates.com/market-reports/QYRE-Auto-33H5823/global-reverse-logistics

https://reports.valuates.com/market-reports/ALLI-Auto-1C124/e-commerce-logistics

https://reports.valuates.com/market-reports/QYRE-Othe-0O280/land-freight-forwarding

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This release was published on openPR.