Global Freight Forwarding Market Set to Reach $285.15 Billion by 2031, Expanding at 4.1% CAGR

According to a new report published by Allied Market Research, titled, "Freight forwarding Market Size, Share, Competitive Landscape and Trend Analysis Report, 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 Type (B2B, B2C), by End-use Industry (Retail and E-Commerce, Manufacturing, Healthcare, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031"

Market Size : The freight forwarding market was valued at $192.50 billion in 2021, and is estimated to reach $285.15 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

Asia-Pacific is expected to dominate the global freight forwarding market size in 2021. The growth of the market in Asia-Pacific is majorly attributed to the booming e-commerce industry in emerging economies in the region. High government support for development of logistics infrastructure in the region is boosting the market growth. By 2022, Asia-Pacific is expected to account for 42% of the total retail sales globally along with 70% of digital commerce sales. Furthermore, strong economy of Japan, development of infrastructure, and rise in trade facilitation through agreements such as South Asian Preferential Trade Agreement (SAPTA) are the factors that are expected to foster the growth of the freight forwarding market during the forecast period.

Get Research Report Sample Pages : https://www.alliedmarketresearch.com/request-sample/2875

The transportation and warehousing segment accounted for a major share in 2021. Transportation & warehousing are the two major functions of logistics. Transportation management is the effective planning and management of logistics operations to maximize use of resources. Transportation management aids in identification of vendor and routing solutions for inbound and outbound orders. Warehousing is defined as the storage of goods, raw materials, semi-finished goods, or finished goods. Warehousing includes functions such as inventory management and order fulfillment. Transportation & warehousing are the two major functions of logistics. Transportation management is the effective planning and management of logistics operations to maximize use of resources. Transportation management aids in identification of vendor and routing solutions for inbound and outbound orders. Warehousing is defined as the storage of goods, raw materials, semi-finished goods, or finished goods. Warehousing includes functions such as inventory management and order fulfillment.

The growth of the global freight forwarding market is propelling, owing to growth in international trade, expansion of the e-commerce industry worldwide, and rise in free trade agreements between nations.

However, stringent emission regulations restrain growth of the freight forwarding industry. Furthermore, increase in technological advancements, cost cutting and lead time reduction due to adoption of multi-modal system are the factors expected to offer growth opportunities during the forecast period.

COVID-19 Impact Analysis :

The outbreak of COVID-19 resulted in flight cancellations, travel bans, and implementation of quarantine measures, which made massive disruption of the supply chain and logistics activities across the globe. The impact of the COVID-19 pandemic has resulted in workforce changes, and temporary restriction on the movement of goods. Several countries across the globe shut down their borders and limited transportation & travel to contain the coronavirus outbreak. For instance, in 2020, in European Union, trucks formed a 37-mile-long lines on A4 highway after Poland closed its border with Germany in mid-March to stop coronavirus spread.

Procure Complete Research Report Now : https://www.alliedmarketresearch.com/freight-forwarding-market/purchase-options

The pandemic affected almost every dimension of economic activity and individuals globally. As a consequence of the coronavirus outbreak, important supply chains in the logistics and transportation industry were hampered, though differently across air, land, and sea mode of transportation. The supply chain disturbance created by COVID-19 is expected to impact competitiveness, economic growth, and jobs lost in the logistics industry for a while.

For instance, according to a report by the International Finance Corporation (IFC), total container volumes handled at Chinese ports dropped by 10.1% in the first months of 2020. In addition, air freight volumes fell by 19% in March 2020.

In addition, as business to business (B2B) logistics industry suffered and came to a halt, business to customer (B2C) emerged during the pandemic, owing to the growth of the online retail and e-commerce industry. Attributed to the lockdown and social distancing impact, the demand for online retailing has increased compared to offline retailing. For instance, in 2019, online shopping rose by 20% and then by 30% during lockdown. Rise in online sales compelled companies to restructure their warehouse to manage e-commerce logistics.

Moreover, increase has been witnessed in the demand for healthcare and FMCG supplies such as hospital supplies, gloves, sanitizers, vaccinations, and perishable food items, which propels growth of the logistics market during the pandemic.

Key Findings Of The Study :

By service, the value-added services segment is anticipated to exhibit significant growth in the near future.

By mode of transport, the air freight forwarding segment is anticipated to exhibit significant growth in the near future.

By customer type, the B2C segment is anticipated to exhibit significant growth in the near future.

By end-use industry, the retail and e-commerce segment is anticipated to exhibit significant growth in the near future.

By region, North America is anticipated to register the highest CAGR during the forecast period.

Inquire Before Buying : https://www.alliedmarketresearch.com/purchase-enquiry/2875

Key players operating in the global freight forwarding market include Bollore Logistics, CEVA Logistics, DB Schenker, DHL Global Forwarding, Dimerco, DSV Panalpina A/S, Expeditors International, Fedex, Hellman Worldwide Logistics, Kuehne+Nagel International AG, MGF (Manitoulin Global Forwarding), Nippon Express Co., Ltd., Transporteca, UPS Supply Chain Solutions, and Freight LLC.

Read More Reports :

Self-Balancing Mobility Market
https://www.alliedmarketresearch.com/self-balancing-mobility-market-A15613

Fleet Management Market
https://www.alliedmarketresearch.com/fleet-management-market

Fifth-party Logistics Market
https://www.alliedmarketresearch.com/fifth-party-logistics-solution-market-A14785

Car GPS Navigation System Market
https://www.alliedmarketresearch.com/car-GPS-navigation-system-market

Marine Propeller Market
https://www.alliedmarketresearch.com/marine-propeller-market

Contact :

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

About us :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.