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Freight Forwarding Market to Surpass $265.35 Billion by 2029 | Key Trends & Insights
Freight Forwarding
How Will the Freight Forwarding Market Grow by 2025 in Terms of Size and Growth?
The scale of the freight forwarding market has seen consistent expansion in the recent past. It is projected to escalate from a marking of $207.1 billion in 2024, reaching $213.94 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 3.3%. The growth experienced in the historic period can be credited to several factors, including an economic surge, optimization of supply chains, increased customer demand for value-added services, advancements in transport infrastructure, incorporation of ERP systems, and shifts in regulations and trade pacts.
What Are the Estimated Growth Rates for the Freight Forwarding Industry Through 2029?
The market size of freight forwarding is projected to significantly expand in the coming years, rising to $265.35 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 5.5%. This robust growth during the forecast period is likely due to the incorporation of AI and data analytics, the development of global trade networks, the expansion of e-commerce and fulfillment services, a focus on green logistics, and the implementation of autonomous vehicles. Key trends expected during this timeframe consist of strategic partnerships and alliances, the impacts of global economic situations, advances in warehouse technology, the rising demand for value-added services, and solutions for intermodal transportation.
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What Are the Strategic Drivers Boosting Freight Forwarding Market Performance?
The rise in international trade volumes is substantially influencing the evolution of the freight forwarding market. Global trade encompasses the transaction of services and products across country borders, providing consumers and nations the opportunity to gain access to goods and services unavailable or more expensive domestically. The job of freight forwarders is to coordinate the intermodal transportation of goods on behalf of shippers, and an upsurge in trade volume will enhance freight forwarding tasks. The World Trade Organization (WTO), a global body that governs and fosters international trade, forecasts that the volume of world merchandise trade will increase by 3.2% in 2024. Consequently, this increase in international trade volumes is anticipated to notably propel the progress of the freight forwarding market in the future.
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What Are the Segments in 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, Healthcare, 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
What Are the Key Adoption Trends in the Freight Forwarding Market?
The utilization of Artificial Intelligence (AI) is a prominent trend in the freight forwarding market, quickly rising to popularity due to its impact on cost reduction, time-saving, productivity enhancement, and greater accuracy achieved via automation and real-time data. A case in point being the Predictive Intelligence firm Windward, based out of Israel, that launched its Ocean Freight Visibility solution in February 2022. This new system leverages automated data collection and analysis to provide real-time, accurate projections for ETA, risks of disruption, reasons for delays, and location insights for containerized freight. Windward users can input their container details into the Ocean Freight Visibility solution to actively minimize risks by constantly monitoring noteworthy shipment disruptions influencing container ETAs. Any imminent delays are flagged by the solution in real-time, allowing quick action to be taken in coordination with clients. Available through an API integration with existing transport management systems or a web application, the solution also includes daily email alerts and insights.
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Which Companies Lead the Competitive Landscape of the Freight Forwarding Industry?
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
Where Are the Key Freight Forwarding Market Opportunities by Region?
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.
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