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Freight Forwarding Market 2024 - By Size, Industry Analysis, Segmentation And Outlook 2033
Freight Forwarding Market
Freight Forwarding Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $254 billion In 2028 At A CAGR Of 4.8% :
The freight forwarding market size has grown steadily in recent years. It will grow from $202.17 billion in 2023 to $210.93 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to economic boom and supply chain optimization, customer demand for value-added services, infrastructure development in transport, integration of ERP systems, regulatory changes and trade agreement.
The freight forwarding market size is expected to see steady growth in the next few years. It will grow to $254 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to integration of AI and data analytics, expansion of global trade networks, e-commerce expansion and fulfilment services, emphasis on sustainable logistics, adoption of autonomous vehicles. Major trends in the forecast period include strategic partnerships and alliances, influence of global economic conditions, technological innovations in warehousing, demand for value-added services, intermodal transportation solutions.
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Freight Forwarding Market Major Segments
The freight forwarding market covered in this report is segmented -
1) By Services: Transportation And Warehousing, Packaging And Documentation, Insurance, Value-added Services
2) By Logistics Model: First Party Logistics, Second Party Logistics, Third Party Logistics
3) By Mode of Transport: Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, Rail Freight Forwarding
4) By Customer Type: B2C, B2B
5) By Application: Industrial And Manufacturing, Retail, Healthcare, Media And Entertainment, Military, Oil And Gas, Food And Beverages, Other Applications
Key Driver - Surge In International Trade To Drive Market Growth
Growth in international trade volumes is significantly contributing to the growth of the freight forwarding market. International trade is the exchange of services and products between countries. Trading globally will give the consumers and countries the chance to be exposed to goods and services that are not available in their own countries or costlier domestically. Freight forwarders organize the intermodal transportation of goods on behalf of shippers, and increased trade volume will boost freight forwarding activities. For instance, according to the World Trade Organization, the volume of global merchandise trade increased by 8.0% in 2021. Therefore, the growth in international trade volumes is expected to fuel the growth of the freight forwarding market going forward.
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Prominent Trend - Technological Advancements Driving Innovation In Freight Forwarding Market
The integration of artificial intelligence (AI) has emerged as a key trend gaining popularity in the freight forwarding market. Artificial intelligence plays an important role in lowering costs, saving time, enhancing productivity, and increasing accuracy through automation and real-time data. For instance, in February 2022, Windward, an Israel-based Predictive Intelligence company, launched its Ocean Freight Visibility solution. With automated data collecting and analysis, the new system enables freight forwarders to increase productivity and scalability while providing real-time accurate ETA projections, disruption risk predictions, delay causes, and location-based insights for containerized freight. Users of Windward's Ocean Freight Visibility solution can enter their containers and proactively reduce risks by keeping track of crucial shipment disruptions that have an impact on container ETAs. The solution provides real-time warnings about any developing delays, enabling them to take appropriate action with their clients. The solution, which is accessible via an API integration with current transportation management systems or a web application, offers daily email warnings and insights.
Freight Forwarding Market Players
Major companies operating in the freight forwarding market report are Savino Del Bene S.p.A., A.P. Moller-Maersk Group, CMA CGM Group, Deutsche Bahn AG, DSV Panalpina A/S, DHL Global Forwarding, C.H. Robinson Worldwide Inc., Nippon Express Co. Ltd., Expeditors International of Washington Inc., Expeditors International of Washington Inc., Sinotrans Limited, GEODIS SA, Kuehne + Nagel International AG, Kerry Logistics Network Limited, Kerry Logistics Network Limited, UPS Supply Chain Solutions Inc., CJ Logistics Corporation, DACHSER SE, Bolloré Logistics, Bolloré Logistics, Hellmann Worldwide Logistics GmbH & Co. KG, Agility Public Warehousing Company K.S.C.P., Yusen Logistics Inc., Kintetsu World Express Inc., CTS International Logistics Corporation, LX Holding, Yusen Logistics Co. Ltd., Dimerco Express Group, Ceva Logistics LLC, Logisteed Co. Ltd., Seko Logistics
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Largest And Fastest Growing Region In The Market
North America was the largest region in the freight forwarding market in 2023. The regions covered in the freight forwarding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Freight Forwarding Market Report Structure
3. Freight Forwarding Market Trends And Strategies
4. Freight Forwarding Market - Macro Economic Scenario
5. Freight Forwarding Market Size And Growth
…..
27. Freight Forwarding Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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