Freight Forwarding Market is Expected to Reach $245.2 Billion by 2031 - Kuehne+Nagel, Deutsche Post AG (DHL Group), DB SCHENKER, Expeditors International of Washington Inc

The global Freight Forwarding Market was valued at US$ 175.1 billion in 2023 and is projected to reach US$ 245.2 billion by 2031, growing at a CAGR of 4.3% during the forecast period from 2024 to 2031.

The freight forwarding market is anticipated to be driven by the rising demand for air freight. Growing customer demand is fueling a shift towards omnichannel approaches, prompting airlines to expand beyond traditional airport-to-airport operations. Airlines and other stakeholders are already recognizing the advantages of offering end-to-end services, and as this trend progresses, partnerships between airlines and shippers are expected to increase.

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Key Developments:

• In June 2023, Kuehne+Nagel, a global logistics leader, agreed to acquire Morgan Cargo, a prominent freight forwarder in South Africa, the UK, and Kenya. This acquisition enhances Kuehne+Nagel's perishables logistics services and improves connectivity for customers between South Africa, the UK, and Kenya, including advanced cold chain capabilities.

• In April 2023, DHL Global Forwarding signed a memorandum of understanding (MoU) with Turkish Cargo to extend its operations to SMARTIST, Turkish Cargo's cargo facility at Istanbul Airport. This agreement enhances operational efficiencies for both companies and further solidifies Istanbul's role as a key global logistics hub.

Market Dynamics:

The rise of e-commerce has transformed consumer buying habits and supply chain dynamics, leading to a growing demand for freight forwarding services. E-commerce platforms enable businesses to reach customers worldwide, increasing the need for efficient and reliable logistics solutions to manage inventory, process orders, and deliver goods to end-users. Freight forwarders play a crucial role in providing end-to-end logistics services tailored to the needs of e-commerce companies. According to the Indian Brand Equity Foundation (IBEF), India's e-commerce market is projected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026. The increasing popularity of online shopping and package delivery has significantly boosted the demand for efficient freight forwarding services to transport products from manufacturers to consumers across the globe.

Market Segment Analysis

By Service: Transportation and Warehousing, Packaging and Documentation, Value-added Services

By Mode of Transport: Land Freight Forwarding, Sea Freight Forwarding, Air Freight Forwarding

By Customer: B2B, B2C

By End-User: Retail and E-Commerce, Industrial & Manufacturing, Healthcare, Automotive, Others

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Major Key players

• Kuehne+Nagel
• Deutsche Post AG (DHL Group)
• DB SCHENKER
• Expeditors International of Washington, Inc.
• CEVA Logistics DSV
• FedEx
• Uber Technologies, Inc.
• United Parcel Service of America, Inc.
• NIPPON EXPRESS HOLDINGS

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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