Press release
Freight Forwarding Market Size Forecasted To Achieve $267.87 Billion By 2029 With Steady Growth
Freight Forwarding
How Big Is the Freight Forwarding Market Size Expected to Be by 2034?
The size of the freight forwarding market has consistently expanded over the recent years. The market is projected to escalate from a valuation of $207.1 billion in 2024 to approximately $215.08 billion in 2025, growing at a compound annual growth rate (CAGR) of 3.9%. Factors contributing to the growth during the historical period include a prosperous economy and advancements in supply chain optimization, increased demand from customers for value-added services, developments in transport infrastructure, the implementation of ERP systems, regulatory amendments, and trade agreements.
The market size of freight forwarding is poised for significant expansion in the upcoming years, with predictions showing a growth to $267.87 billion by 2029, boasting a compound annual growth rate (CAGR) of 5.6%. This anticipated growth over the forecast period can be linked to the incorporation of AI and data analytics, the broadening of global trade networks, the boom in e-commerce and related fulfilment services, the focus on green logistics, and the use of self-driving vehicles. The forecast period is also likely to experience major trends including the formation of strategic partnerships and alliances, the impact of worldwide economic conditions, technological developments in storage facilities, the increasing demand for extra services, and the use of combined transportation solutions.
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What Are the Emerging Segments Within the Freight Forwarding Market?
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, HealTH*Care, Media And Entertainment, Military, Oil And Gas, Food And Beverages, Other Applications
Subsegments:
1) By Transportation And Warehousing: Land Freight Services, Ocean Freight Services, Air Freight Services
2) By Packaging And Documentation: Custom Packaging Solutions, Documentation And Customs Clearance
3) By Insurance: Cargo Insurance, Liability Insurance
4) By Value-added Services: Inventory Management, Order Fulfillment, Supply Chain Consulting
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What Long-Term Drivers Are Shaping Freight Forwarding Market Trends?
The expansion of international trade volumes is playing a significant role in driving the growth of the freight forwarding market. Global trade involves the reciprocal exchange of goods and services among nations. By engaging in international trade, both consumers and countries obtain access to commodities and services that may be unavailable or more expensive domestically. Freight forwarders are responsible for orchestrating the intermodal transportation of goods for shippers. An increase in trade volume will likely enhance freight forwarding operations. As per predictions by the World Trade Organization (WTO), which is an intergovernmental entity promoting and governing international trade, the global merchandise trade volume is set to increase by 3.2% in 2024. As such, the amplified volumes of international trade are anticipated to stimulate the growth of the freight forwarding market in the future.
Who Are the Top Competitors in Key Freight Forwarding Market Segments?
Major companies operating in the freight forwarding market include 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
What Are the Latest Developing Trends in the Freight Forwarding Market?
The adoption of artificial intelligence (AI) is becoming a prominent trend in the freight forwarding market. AI contributes significantly to reducing expenses, saving time, raising efficiency, and improving precision through automation and live data. For example, Windward, an Israeli firm specializing in Predictive Intelligence, launched its Ocean Freight Visibility solution in February 2022. This system utilizes automated data collection and analysis to boost productivity and scalability for freight forwarders, offering real-time, accurate estimates of arrival times, predictions of disruption risks, causes of delays, and location-specific insights for containerized freight. Windward's Ocean Freight Visibility solution users can input their containers and proactively mitigate risks by monitoring vital shipment disruptions affecting container ETAs. The system gives live alerts about potential delays, allowing them to coordinate necessary actions with their clients. Available through API integration with existing transportation management systems or a web application, the solution also sends daily email alerts and insights.
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Which Regions Are Becoming Hubs for Freight Forwarding Market Innovation?
North America was the largest region in the freight forwarding market in 2024. The regions covered in the freight forwarding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Freight Forwarding Market?
2. What is the CAGR expected in the Freight Forwarding Market?
3. What Are the Key Innovations Transforming the Freight Forwarding Industry?
4. Which Region Is Leading the Freight Forwarding Market?
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