Freight Forwarding Market Overview (2024-2030)
The global Freight Forwarding Market, valued at US$ 192.44 billion in 2023, is projected to grow steadily with a CAGR of 3.4% during the forecast period, reaching an estimated market size of US$ 243.19 billion by 2030. This growth is driven by the increasing global trade, advancements in logistics technology, and the expanding e-commerce sector.
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Market Scope
Freight forwarding involves the coordination and shipment of goods across various transportation modes, including air, ocean, rail, and road. It is a critical component of global trade, ensuring that goods are transported efficiently and cost-effectively. The market is supported by strategic logistics planning and execution, with services such as freight rate negotiations, container tracking, customs documentation, and freight consolidation playing key roles.
Segmentation
By Mode of Transport :
– Air
– Ocean
– Rail
– Road
By Application :
Industrial and Manufacturing
– Retail
– Healthcare
Media and Entertainment
– Military
Oil and Gas
Food and Beverages
– Others
By Customer Type :
– B2B
– B2C
By Service :
Transportation and Warehousing
Packaging and Documentation
– Insurance
value-added services
Key Players
The Freight Forwarding Market features a mix of global and regional players. Key players include:
1. Agility
2. Bolloré Logistics
3. CEVA Logistics
4. Sinotrans India Private Limited
5. DB Schenker
6. DHL Global Forwarding
7. Dachser
8. DSV Panalpina A/S
9. Expeditors International
10. Hellmann Worldwide Logistics
11. Kuehne + Nagel International AG
12. Nippon Express Co.
13. UPS Supply Chain Solutions
Regional Analysis
North America will dominate the global market with a 32% share in 2023, driven by robust economic activity and strong trade relationships. The United States, in particular, plays a pivotal role due to its significant global trade partnerships.
Asia-Pacific: The fastest-growing region in the market, with substantial growth expected due to increasing logistics activities in ASEAN countries and strong economies like China and India. Government support for the logistics sector in these regions is also boosting market growth.
Europe: a mature market with steady growth, driven by technological advancements and a well-established logistics infrastructure.
Middle East, Africa, and South America: These regions are emerging markets with potential for growth, particularly in sectors like oil and gas and food and beverages.
Market Dynamics
Drivers :
1. Increase in Global Trade: New trade agreements between nations are boosting the import and export of goods, thereby driving market growth.
2. Adoption of Artificial Intelligence (AI): AI is revolutionizing logistics and supply chain management, making operations more efficient and cost-effective.
3. E-commerce Boom : The rise of e-commerce is significantly increasing the demand for freight forwarding services, particularly in air and ocean freight.
Challenges :
1. Nearshoring and Reshoring : The shift towards nearshoring manufacturing operations may limit market growth.
2. Rising Costs : Increasing costs, particularly in air freight, pose challenges for freight forwarders.
Key Questions Answered in the Market Report
1. What are the major segments in the Freight Forwarding Market?
The market is segmented by mode of transport, application, customer type, and service.
2. Which region holds the highest market share?
North America holds the highest share, driven by strong economic activity and trade.
3. What is the forecasted market size by 2030?
The market size is expected to reach US$243.19 billion by 2030.
4. What are the major drivers of market growth?
Increased global trade, AI adoption, and e-commerce growth are key drivers.
5. What was the market size in 2023?
The market was valued at US$192.44 billion in 2023.
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