Freight Forwarding Market is About 186 Billion USD In 2021, It Will Mark A CAGR of 3.3% in the Forecast Years Till 2028 - Valuates Reports

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Jun 20, 2022, 09:00 ET

BANGALORE, India, June 20, 2022 /PRNewswire/ -- Freight Forwarding Market is Segmented By Types - Packaging, Documentation, Transportation and warehousing, VAS (Value-added services), By Application - Airfreight Forwarding, Rail Freight Transportation, Sea Freight Forwarding. Global Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Transportation & Logistics Category.

Global Freight Forwarding market size is about 186 billion USD in 2021, it will mark a CAGR of 3.3% in the forecast years till 2028.

Major Factors Driving The Growth Of The Freight Forwarding Market are

One of the key growth drivers in the freight forwarding market is the increase in international trade volumes. The growing number of trade agreements, particularly among rising nations, is influencing international trade. Furthermore, the rising e-commerce sector has aided in the expansion of trade activities, resulting in increased freight forwarding market growth.

Another important factor fueling the growth of the freight forwarding market is the integrated services provided by freight forwarders. Freight forwarders offer more than just cargo transportation; they often offer packing, paperwork, and other integrated services. As a result, the availability of a wide range of services has aided the expansion of the freight forwarding sector.

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TRENDS INFLUENCING THE GROWTH OF THE FREIGHT FORWARDING MARKET

The ease of doing business in today's world has been greatly influenced by an emerging array of multilateral preferential trading agreements such as the North American Free Trade Agreement (NAFTA), the Latin American Free Trade Association (LAFTA), the Association of Southeast Asian Nations Free Trade Area (AFTA), and many others. This factor is projected to propel the Freight Forwarding Market forward. Countries employ various methods of freight forwarding, such as air, rail, or sea, to export and import commodities as a result of trade liberalization. According to the World Trade Organization (WTO), world exports of intermediate goods (IGs) increased in the third quarter of 2021, with a sharp increase in the trade of medical items and metal products across all regions.

The increasing cross-border e-commerce is expected to drive the growth of the freight forwarding market. For some time, consumer preferences have been migrating away from physical shopping and toward e-commerce, but the COVID-19 epidemic has expedited this trend. Consumers are becoming more aware of the ease and convenience of shopping online. Consumers seeking brands or products not available in their native country, as well as more competitive pricing, fuel cross-border e-commerce. This rapid growth in e-commerce is projected to stimulate the freight forwarding business even more. Third-party logistic providers take over the full supply chain, including services like packaging, documentation, transportation, warehousing, and VAS, whereas freight forwarding acts as an intermediary, letting enterprises acquire the best shipping costs from a combination of carriers (Value-added services).

Transportation, warehousing, cargo handling, packaging, insurance, loading, unloading, and other value-added services are all provided by freight forwarders. When compared to operating each mode independently, taking integrated services offered by freight forwarders improves reliability, flexibility, capacity, and safety. These services are customer-centric and aim to meet the demands of clients (both shippers and receivers) as quickly as possible. This in turn is expected to drive the growth of the freight forwarding market.

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FREIGHT FORWARDING MARKET SHARE ANALYSIS

The Asia-Pacific freight forwarding market is the fastest expanding, with China accounting for the majority of the market. This is due to the growing logistics in ASEAN countries, as well as the presence of big economies such as China and India. Furthermore, the region's strong government backing for the logistics sector contributes to the industry's growth.

Based on application, Sea Freight Forwarding is expected to be the most lucrative segment. This is because various end-user industries choose sea freight forwarding, and several strategic alliances are expected to boost sea freight forwarding growth during the projected period.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

DSV
Deutsche Post DHL Group
Kuehne + Nagel
DB Schenker
Sinotrans
Expeditors International
NIPPON EXPRESS
UPS Supply Chain Solutions
Hellmann Worldwide Logistics
Panalpina
C.H. Robinson Worldwide
CJ Korea Express
DACHSER
Dimerco
GEODIS
Bollore Logistics

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