Freight Forwarding Market to Reach US$ 245.2 Billion by 2031, Driven by E-Commerce and Air Freight Growth

According to DataM Intelligence, the Global Freight Forwarding Market reached US$ 175.1 billion in 2023 and is projected to grow to US$ 245.2 billion by 2031, expanding at a CAGR of 4.3% during the forecast period (2024-2031). The market's growth is primarily attributed to the surge in global trade, the rapid expansion of e-commerce, and increasing demand for efficient logistics solutions. Freight forwarding companies play a pivotal role in managing cross-border cargo, optimizing transportation routes, and ensuring timely deliveries across industries.

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North America continues to dominate the global freight forwarding market, supported by advanced transportation infrastructure, thriving e-commerce activity, and rapid adoption of digital freight management systems. Meanwhile, the Asia-Pacific region is the fastest-growing market, capturing roughly one-fourth of the global share, driven by international trade agreements and the Belt and Road Initiative that enhance cross-border connectivity.

Key Highlights from the Report

➤ Market to reach US$ 245.2 billion by 2031 with a CAGR of 4.3% from 2024-2031.
➤ Air freight remains a key growth driver as airlines expand beyond traditional cargo routes.
➤ Asia-Pacific holds approximately one-fourth of the global market share, led by China and India.
➤ E-commerce expansion is fueling demand for agile and tech-enabled freight forwarding services.
➤ Industrial and manufacturing segments comprise over 30% of the market due to complex supply chain needs.
➤ North America dominates with about 30% of global revenue, supported by robust digital logistics networks.

Market Segmentation

The global freight forwarding market is segmented by service, mode of transport, customer, end-user, and region.

End-User: Industrial and Manufacturing Lead Segment Growth

The industrial and manufacturing sector represents the dominant end-user segment, holding over 30% of the global share. These enterprises rely on freight forwarders for sourcing raw materials, managing production logistics, and distributing finished goods globally. The widespread adoption of Just-in-Time (JIT) manufacturing practices has also emphasized the role of freight forwarders in delivering materials within tight schedules.

Mode of Transport: Air Freight and Sea Freight Drive Demand
While sea freight remains crucial for bulk commodities, air freight is witnessing rapid growth due to its speed and efficiency for time-sensitive shipments. Innovations in air logistics and long-term agreements between shippers and airlines are transforming the backbone of global trade logistics.

Regional Insights

North America: Strongest Market with Digital Freight Adoption
Covering about 30% of the global market, North America leads due to its advanced infrastructure and expanding economic activity across the U.S., Canada, and Mexico. E-commerce contributed significantly to the region's logistics growth, accounting for 22% of all U.S. retail sales in 2023, according to the Department of Commerce. North American freight forwarders are leveraging AI-powered digital platforms to streamline customs processes, improve transparency, and optimize multimodal shipping.

Asia-Pacific: Fastest-Growing Region

Asia-Pacific, holding one-fourth of the global market, is expanding rapidly due to cross-border trade agreements and digital integrations under China's Belt and Road Initiative. Countries such as China, India, Japan, and South Korea are leading in adopting smart logistics solutions to manage the fast-growing e-commerce sector. Notably, Shenzhen's Bao'an International Airport reported a 101% year-over-year increase in cross-border e-commerce freight tonnage in 2023.

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Market Dynamics

Market Drivers

The rapid rise of e-commerce and global trade has transformed traditional supply chains, increasing the dependency on freight forwarders for efficient logistics. Their ability to manage customs, warehousing, multimodal transport, and last-mile delivery has become vital for global commerce.

Market Restraints

Stringent regulatory compliance, complex customs procedures, and infrastructure limitations-especially at ports and airports-pose significant challenges. Inadequate transportation infrastructure and trade policy uncertainty can slow delivery times and increase operational costs.

Market Opportunities

Increased digitization, sustainable transport initiatives, and adoption of artificial intelligence (AI) in logistics are reshaping the freight forwarding landscape. Digital freight platforms enable real-time tracking, automate documentation, and improve route optimization-enhancing customer satisfaction and reducing delays.

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Reasons to Buy the Report

✔ Learn about global freight forwarding trends and future growth opportunities through 2031.
✔ Assess detailed regional dynamics and key investment prospects.
✔ Understand how technology, AI, and e-commerce are reshaping global logistics.
✔ Gain insights into competitive strategies, M&A activity, and digital transformation.
✔ Analyze the evolving role of air and sea freight in international supply chains.

Frequently Asked Questions (FAQs)

◆ How large is the global freight forwarding market in 2023?
◆ Which region dominates the global freight forwarding market?
◆ What is the projected growth rate for the global freight forwarding market by 2031?
◆ Which industry segments are driving the demand for freight forwarding?
◆ Who are the major players in the global freight forwarding industry?

Company Insights

Kuehne+Nagel

Deutsche Post AG (DHL Group)

DB Schenker

Expeditors International of Washington, Inc.

CEVA Logistics

DSV

FedEx Corporation

Uber Technologies, Inc.

United Parcel Service (UPS)

Nippon Express Holdings

Recent Developments

June 2023: Kuehne+Nagel acquired Morgan Cargo, a leading freight forwarder in South Africa, the UK, and Kenya, to expand perishables logistics and strengthen cold-chain services.

April 2023: DHL Global Forwarding signed an MoU with Turkish Cargo to extend operations across Istanbul Airport's SMARTIST facility, enhancing global logistics connectivity.

Conclusion
The global freight forwarding market is on a steady growth trajectory as globalization, e-commerce, and technology integration redefine logistics strategies. While North America continues to lead with advanced digital logistics systems, Asia-Pacific is emerging as a key growth frontier, fueled by international trade expansion and cross-border connectivity improvements. As the industry embraces AI, sustainability, and end-to-end digital solutions, freight forwarding will remain the backbone of efficient global supply chains through 2031.

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This release was published on openPR.