The global Freight Forwarding Market is estimated to be valued at Us$ 248.69 Bn in 2023 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Freight forwarding involves the coordination of transportation for shipments between various locations globally. It includes the consolidation of smaller shipments into full truck or container loads through transportation by sea, air, rail or road. Freight forwarders offer services like transportation management, customs brokerage, warehousing and distribution.
Market key trends:
One of the key trend in the freight forwarding market is the adoption of digitization. Freight forwarders are increasingly investing in advanced technologies like blockchain, IoT and big data analytics to improve efficiency. This allows for real-time tracking of shipments, automated documentation, better fleet management and optimization of logistics processes. Digital platforms enable freight forwarders to offer value-added services, improve customer experience and gain competitive advantage. Data-driven decision making helps optimize routes, reduce costs and improve on-time deliveries through predictive analytics.
Segment Analysis
The Freight Forwarding market is segmented into service type and transportation mode. Based on service type, the freight forwarding market is dominated by the transportation & warehousing segment as it provides integrated supply chain solutions. Transportation & warehousing segment deals with export/import cargo and involves all modes of transportation along with warehousing activities.
Key Takeaways
The Global Freight Forwarding Market Size is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing globalization and growth of international trade.
Regional analysis:
Asia Pacific dominates the Freight Forwarding market currently and is expected to continue its dominance over the forecast period. This is attributed to the presence of emerging economies like China and India which are growing exponentially. China has emerged as the manufacturing hub globally and dominates international trade volumes significantly boosting freight forwarding activities in the region.
Key players:
Key players operating in the Freight Forwarding market are Agility, Bollor Logistics, CEVA Logistics, DB Schenker, DHL Global Forwarding, Dimerco, DSV Panalpina A/S, Expeditors International, Hellmann Worldwide Logistics, Kuehne + Nagel International AG, MGF (Manitoulin Global Forwarding), Nippon Express Co., Ltd., and UPS Supply Chain Solutions. The Freight Forwarding market is highly competitive with the top players accounting for majority of market share. These players focus on expanding their global presence and developing an end-to-end supply chain solution.
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