Freight Forwarding Market to Reach USD 260 Billion by 2032, Growing at a 3.4% CAGR

Growth of the Freight Forwarding Market: Technological Innovations, End-user Spending, and Other Dynamics

Market Estimates 2019-2031- Trends. Drivers, U.S. Insights, Segment Analysis, Competitive Landscape, Regional Insights.

Global demand for global freight forwarding is stable but during 2023, growth will be requisitively driven by increased globalization, acquisitions and industry investments in technology. According to recent evaluations, the market which was valued at around USD 198.98 Billion in 2024, as per projections, will open at nearly USD 260 billion by 2032, registering a compound annual growth rate (CAGR) of 3.4% across the time interval.

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Estimation of the Market, Market Drivers and Opportunities for Growth

Growing demand for freight forwarding market is supported by the following drivers:

Booming International Trade Due to Globalization: As economies become interconnected, the phenomenon of international trade grows, promoting industry logistics and transport solutions. The signing of trade deals like the Regional Comprehensive Economic Partnership (RCEP) has also provided a boost to trade with flows of freight forwarding services again on the upswing.

Innovation: The adoption of Artificial Intelligence (AI) technologies for logistics and supply chain management is transforming the industry. The automation, real-time data analysis, and predictive analytics enabled by AI improve operational speed and accuracy. Swiss logistics firm Kuehne+Nagel started an AI-based freight forwarding platform eTrucknow. to make cost comparisons for all overland shipments inside the Asia Pacific region more effective.

Booming E-commerce: The ailing growth of e-commerce industry has increased demand for speedy, door to door, last mile delivery services thus favouring the growth of Freight Forwarding market. The growing dependence of consumers on online shopping has further resulted in the demand for high throughput small parcel delivery logistics solution.

Such drivers create a need for freight forwarders to innovate and adapt their operations - especially through digitised efforts to better cater to changing shifts in consumer demand.

Trends in U.S. Markets and Investments

Here are some key trends and investments in the United States freight forwarding sector that emerged through 2024:

Near-Shoring Efforts: In an effort to reduce delivery time, save on costs, and lessen the impact of global trade woes, near-shoring (manufaturing/sourcing in countries nearby the U.S.) is gaining prominence. Meanwhile, Kuehne+Nagel announced a new road logistics facility near the Mexican border in Laredo, Texas, enhancing availability for customs support and cross-docking services to meet increased demand. Preparation for near-shoring efforts is the goal of this facility - a reflection of the strategic pivot taking place across the industry.

Implementation of Technology: Freight forwarders are innovating and quickly implementing technology solutions and platforms to take the industry to another level. The shift towards digital in freight forwarding is a clear sign that companies need to stay updated with the innovations to remain competitive.

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Logistics Management

Market Segmentation and Leading Segments

On the basis of service type, mode of transport and end-user type, the cargo forwarding market is divided into;

By Service Type:

It includes transportation and warehousing - the movement of goods between locations and storage of goods for a limited duration.

Value-Added Services: Cross-dock, packing, and customs clearance.

Transportation and warehousing collectively represent the largest market with 39% market share; an obvious segment that is largely rooted on the very core nature of the operation which is to transport and store goods efficiently.

By Mode of Transportation:

Ocean Freight Forwarding - transporting cargo through the sea routes.

Air Cargo Forwarding: Shipping items through airways.

Land Freight Forwarding:This is the mode of forwarding goods and commodities through road and rail

Sea freight forwarding is the largest segment of the market, due to the low charge tariff for bulk shipment and the extensive network of sea routes across the globe.

By End-User:

Manufacturing - for businesses that create products needing to be sold.

Retail & E-commerce: Companies that sell goods directly to consumers

Healthcare: Sectors in the medical and pharmaceutical space that require specialized logistics.

The retail and e-commerce vertical witnessed a tremendous growth rate owing to high consumer demand for online shopping and fast deliveries.

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Competitive Analysis

The global freight forwarding market is extremely fragmented as a result of the presence of several market players. Here are the top five leading companies in the industry:

The state-controlled company has also surpassed DSV to become one of the world's largest transport and logistics providers after its purchase this month of Deutsche Bahn's logistics arm, DB Schenker, for more than US$12 billion.

It expands its logistics reach and operational efficiency with its acquisitions and further complements its geographic position in Europe, Asia-Pacific and Americas.

After the acquisition, DSV will have 6-7% of the global freight forwarding market share, putting them ahead of towering competitors DHL and Kuehne+Nagel.

Kuehne+Nagel International AG

Swiss leader in logistics with a focus on AI-enabled digitalization.

Launched eTrucknow. com, a digital freight platform optimized for inland transportation in the Asia-Pacific region, using AI-powered pricing.

Launched a road logistics site in Laredo, Texas focusing on near-shoring with enhanced customs support and cross-border transportation with Mexico.

Deutsche Post DHL Group

Maintains good market presence using its large international network

Invested in Sustainable Logistics: Green freight forwarding solutions to reduce the carbon footprint

Its dominance in the logistics market is bolstered by expansion in Asia and Latin America.

imported from just now Expeditors International of Washington Inc.

A U.S.-based firm specializing in technology-enabled supply chain solutions.

Building much smarter Predictive Analytics tools to have better and live tracking of cargo and the effectiveness in real-time.

Collaborated with cloud computing vendors to offer data-driven solutions for freight forwarding services.

C.H. Robinson Worldwide, Inc.

Adopting AI and automation to improve efficiency

Providing global logistics solutions by investing in multi-modal transportation and connecting road, rail, air, and ocean freight services

Supporting e-commerce boom by expanding last-mile delivery hands.

Conclusion

The freight forwarding market is likely to witness steady growth due to the continuation of global trade expansion coupled with technology developments and increased demand for freight forwarding services from e-commerce players. A lot of this trend of near-shoring (especially in the US and Europe) is changing logistics strategies for regional supply chain efficiency.

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