The freight forwarding market has been growing due to growing urbanization and the increasing penetration of smartphones in emerging region. Economic development and increased online shopping also contribute to the freight forwarding market growth. North America emerged as the largest market for the global freight forwarding market, with a 37% share of the market revenue in 2021.
Newark, March 07, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global freight forwarding market is expected to grow from USD 201.6 billion in 2021 to USD 284.4 billion by 2030, at a CAGR of 3.9% during the forecast period 2022-2030.
Transporting goods from one location to another by a single or several carriers such as rail, road, air, or sea is known as freight forwarding. The other applications of a freight forwarder are to plan the warehouse, provide cargo insurance, and perform other duties. The development of the freight forwarding market has a strong base owing to the ongoing strengthening of the aviation infrastructure. The AI-enabled freight forwarding platform eTrucknow.com was introduced by Kuehne Nagel, a Swiss logistics company, for overland shipments within the Asia Pacific region. eTrucknow can be used by shippers to compare choices. After the user inputs the shipment information, an AI-enabled engine automates the cost comparison process by analyzing a large amount of data and providing the customer with the most cost-effective solution.
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To enhance their market position in the global freight forwarding market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In June 2022, Global Transport Solutions (GTS), a time-sensitive logistics company, purchased forwarder Cargo Holland. It is situated at Schiphol Airport and specializes in airfreight solutions. The forwarder will be integrated into Best Global Logistics, a 3PL logistics company that offers time-sensitive services to GTS.
The demand for freight forwarding has been growing owing to the growing cross-border trade activities and a booming e-commerce sector. Moreover, the increasing demand for a well-organized supply chain and logistics to ensure a seamless end-to-end movement of goods, is expected to drive the market's growth. However, the congestion in the trade channel of the freight forwarding is expected to hamper the market's growth over the forecast period. For example, as the number of trains per mile on the track increases, the average speed decreases, and the quantity of cargo in the freight yards rises, the travel time will be further shortened while the likelihood of routing mistakes and damage to shipments increases. The growth of the freight forwarding market is challenged by the expansion of nearshoring manufacturing operations globally, which is anticipated to lead to a lack of acceptability of trade activities.
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● In 2021, the ocean freight forwarding segment dominated the market with the largest market share of 27% and revenue of 54.4 billion.
The mode of transport segment is divided into air freight forwarding, rail freight forwarding, ocean freight forwarding, and road freight forwarding. In 2021, the ocean freight forwarding segment dominated the market with the largest market share of 27% and revenue of 54.4 billion. Since air freight rates have increased, there is a greater demand for ocean freight forwarding. The industry leader, Kuehne + Nagel International, generated over US$ 28 billion through its operations in 2021.
● In 2021, the transportation & warehousing segment accounted for the largest share of the market, with 43% and a market revenue of 86.6 billion.
The services segment is fragmented into transportation & warehousing, value-added services, and insurance. In 2021, the transportation & warehousing segment accounted for the largest share of the market, with 43% and a market revenue of 86.6 billion. In order to store physical merchandise for sale or distribution, there is an increasing need for additional transportation and warehousing.
● In 2021, the B2B segment accounted for the largest share of the market, with 53% and a market revenue of 106.8 billion.
The customer type segment is divided into B2B and B2C. In 2021, the B2B segment accounted for the largest share of the market, with 53% and a market revenue of 1060.8 billion.
● In 2021, the healthcare segment accounted for the largest share of the market, with 18.6% and market revenue of 37.4 billion.
The application segment is divided into healthcare, oil & gas, retail, food & beverage, industrial and manufacturing, and others. In 2021, the healthcare segment accounted for the largest share of the market, with 18.6% and market revenue of 37.4 billion. During the COVID, trade-in pharmaceuticals rose, making up around 2.2% of all trade-in goods. It is estimated to be worth roughly US$ 616 billion in 2021, with medical instruments accounting for 0.78% of the total traded goods and having a US$ 216 billion market share.
Regional Segment Analysis of the Freight Forwarding Market:
● North America (U.S., Canada, Mexico) ● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) ● Asia-Pacific (China, Japan, India, Rest of APAC) ● South America (Brazil and the Rest of South America) ● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global freight forwarding market, with a market share of around 37% and 74.5 billion of the market revenue in 2021. The increasing penetration of the internet and rising demand for smartphones propelled the growth of the freight forwarding market. When the governments imposed lockdown restrictions to stop the spread of Covid-19, consumers switched to buying more goods and services online. As consumers become more reliant on online purchasing, online merchants like Amazon and Target Corp., expanded its e-commerce operations, providing growth opportunities for freight forwarding in the North American region.
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Key players operating in the global freight forwarding market are:
● Bolloré Logistics ● CEVA Logistics ● Sinotrans India Private Limited ● DB Schenker ● DHL Global Forwarding ● Imerco ● Dachser ● DSV Panalpina A/S ● Expeditors International ● Hellmann Worldwide Logistics ● Kuehne + Nagel International AG ● MGF (Manitoulin Global Forwarding) ● Nippon Express Co. ● UPS Supply Chain Solutions
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global freight forwarding market based on the below-mentioned segments:
Global Freight Forwarding Market by Transport:
● Air Freight Forwarding ● Rail Freight Forwarding ● Ocean Freight Forwarding ● Road Freight Forwarding
Global Freight Forwarding Market by Services:
● Transportation & Warehousing ● Value-added Services ● Insurance
Global Freight Forwarding Market by Customer Type:
Global Freight Forwarding Market by Application:
● Healthcare ● Oil & Gas ● Retail ● Food & Beverage ● Industrial and Manufacturing ● others
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The global freight forwarding market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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