Freight Forwarding Market- Global Industry Analysis and Forecast (2022-2029)

Freight Forwarding Market was valued at US$ 180 Bn. in 2021. Global Freight Forwarding Market size is expected to grow at a CAGR of 3.4 % through the forecast period.

Freight Forwarding Market Overview:

The coordination and shipment of commodities from one location to another via a single or numerous carriers via air, maritime, rail, or roadway is known as freight forwarding. Freight forwarding principles are based on the efficient and cost-effective transportation of commodities that are kept in good condition during their journey. Freight forwarders become specialists at managing the logistics required to ensure that items arrive on schedule to achieve this. Having the correct tools at your disposal is essential for successful trading and transportation in today's marketplaces. On behalf of shippers, freight forwarding includes strategic logistics strategy and execution for the international transportation of commodities. A freight forwarder's responsibilities include freight rate negotiations, container tracking, customs documentation, and freight consolidation.Freight Forwarding MarketTo know about the Research Methodology :- Request Free Sample Report

Freight Forwarding Market Dynamics:

Drivers of Freight Forwarding Market: 1. Increase in the trade agreements between nations: The trade agreements between countries increases the import and export of goods and services between the countries, which results in driving the Freight Forwarding Market growth. The new free trade deal will erase 90% of tariffs between 15 East Asian and Pacific countries. The partnership called Regional Comprehensive Economic Partnership (RCEP) brings together 15 East Asian and Pacific countries. Trade between 15 members was worth around US$ 2.3 trillion, and the agreement's tariff concessions may raise exports by US$ 42 billion, inside the newly created alliance. Freight Forwarding Market 12. Use of artificial intelligence (AI): When it comes to logistics and supply chain management, artificial intelligence is rapidly evolving. The AI in the logistics and supply chain market is expected to reach US$ 14 Bn by 2029 by growing at a CAGR of 20% through the forecast period. Artificial intelligence (AI) integration has emerged as a crucial topic that is gaining traction in the freight forwarding market. Through automation and real-time data, artificial intelligence helps to save expenses, save time, increase production, and improve accuracy. For overland shipments within the Asia Pacific area, Kuehne Nagel, a Swiss logistics company, launched the AI-enabled freight forwarding platform eTrucknow.com. Shippers can utilize eTrucknow to compare options. After the customer submits the shipment details, and AI-enabled engine optimizes and automates the cost comparison process by evaluating numerous data points and giving the customer the most cost-economic service. 3. Rising international trade by air freight and ocean freight: The international trade by Ocean freight is expected to grow at a CAGR of 4.5% through the forecast period. The new trade agreements between the countries are generating more trade. Air freight forwarding has seen 14.9% YoY growth in 2021 and is expected to grow at a CAGR of 5.4% throughout the forecast period. Pharmaceuticals and cross-border e-commerce sectors are expected to drive market growth through the forecast period. 4. Growing acceptance of e-commerce: E-commerce holds 15% market share in Air freight trade volume. 18% of air cargo revenue is due to e-commerce and this is expected to reach 22% by end of 2022. The air cargo market has received the benefits of particularly high demand from the e-commerce sector, which has proven to be a significant source of cargo volume for airlines. The E-commerce logistics market was valued at €441.47 Bn in 2021 and it is expected to grow at a CAGR of 11.65% through the forecast period. The total value of online retail sales increased by 27.6% to US$ 4.280 trillion in 2021. China led the way with 52.1 % of sales at $2,799 billion, followed by South Korea with 28.9 % and the United Kingdom with 28.3 percent, and the United States with 15.0 %. Challenges in Freight Forwarding Market: The rise of nearshoring manufacturing operations throughout the world, which is expected to result in a lack of acceptance of trade activities, is expected to hinder the freight forwarding market's growth through the forecast period. However, the rise in reshoring and nearshoring manufacturing is expected to limit the freight forwarding market's growth. Despite the difficulties, the growing trend of international freight transportation will help to cushion the boom of the freight forwarding business through the next years.

Freight Forwarding Market Segment Analysis:

Based on Mode of Transport, Ocean freight forwarding mode dominated the segment with 43% share in 2021. It is expected to grow at a CAGR of around 4.5% through the forecast period. The maritime freight forwarding market is booming, due to strong internet penetration, rising cost of living, infrastructural developments (new ports, containers, and ships), and services best suited for the e-commerce market. The demand for ocean freight forwarding has increased since rising in air freight charges. Kuehne + Nagel International the leading company generated around US$ 28 Bn through its operations in 2021.Freight Forwarding Market 1Based on the Application, the Freight Forwarding Market is segmented into Industrial and Manufacturing, Healthcare, Automobiles, Electronics, Military, Oil and Gas, Food and Beverages, and Others. Trade in Pharmaceuticals was increased during the COVID, and it accounts for around 2.2% of the market share in total trading goods. It is valued at around US$ 616 Bn in 2021 and medical instruments hold the market share of 0.78% and are valued at US$ 216 Bn in total traded goods. The most-traded goods are cars, Germany holds around 19.3% of the market share and is the largest exporter of cars in the world. Valued around US$ 122.3 Bn worth export has been done by Germany through cars in 2021. Japan is the second-largest exporter of cars with a market share of 12.8% and a value of s around US$ 80.9 Bn of cars has been exported by Japan in 2021.  

Freight Forwarding Market Regional Insights:

The North America region dominated the market with a 32% share in 2021. The 30 trade partners of the United States represent 88% of US exports and 87% of US imports. North America dominates the market because of the strong economy of the US. With only 4.5% of the world's population, the United States contributes one-fifth of its GDP. Out of 10 brands, the most of brands belong to the US. The US is having the highest trading partners. Asia-Pacific is the fastest-growing area in the freight and logistics market. This is due to the growing logistics in ASEAN countries, as well as the presence of big economies such as China and India. Also, the region's strong government backing for the logistics sector contributes to the market growth. With US$ 112 Bn in trade, the United States was India's most important trading partner in 2021. The United States is followed by China. Trade between India and China was US$ 110 Bn. The fast-growing economies offer growth opportunities, thus top companies are focusing on mergers and acquisitions to increase their presence in these markets. For example, in March 2021, Kuehne Nagel (K+N), a German-based third-party logistics (3PL) services provider, paid US$ 1.5 billion for China-based freight forwarder Apex International Corporation.Freight Forwarding Market The objective of the report is to present a comprehensive analysis of the Freight Forwarding Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Freight Forwarding Market dynamic, structure by analyzing the market segments and projecting the Freight Forwarding Market size. Clear representation of competitive analysis of key players by Product type, price, financial position, product portfolio, growth strategies, and regional presence in the Freight Forwarding Market make the report investor’s guide.

Freight Forwarding Market Scope: Inquiry Before Buying

Freight Forwarding Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US$ 180 Bn.
Forecast Period 2022 to 2029 CAGR: 3.4% Market Size in 2029: US$ 235.19 Bn.
Segments Covered: 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

Freight Forwarding Market by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Freight Forwarding Market Company Includes Major Key Players Are:

Agility • 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 Frequently Asked Questions: 1] What segments are covered in the Global Freight Forwarding Market report? Ans. The segments covered in the Freight Forwarding Market report are based on Mode of Transport, Customer Type, Application, and Service. 2] Which region is expected to hold the highest share in the Global Freight Forwarding Market? Ans. The North America region is expected to hold the highest share in the Freight Forwarding Market. 3] What is the market size of the Global Freight Forwarding Market by 2029? Ans. The market size of the Freight Forwarding Market by 2029 is expected to reach US$ 235.19 Bn. 4] What is the forecast period for the Global Freight Forwarding Market? Ans. The forecast period for the Freight Forwarding Market is 2022-2029. 5] What was the market size of the Global Freight Forwarding Market in 2021? Ans. The market size of the Freight Forwarding Market in 2021 was valued at US$ 180 Bn.
1. Global Freight Forwarding Market Size: Research Methodology 2. Global Freight Forwarding Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Freight Forwarding Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Freight Forwarding Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Freight Forwarding Market Size Segmentation 4.1. Global Freight Forwarding Market Size, by Mode of Transport (2021-2029) • Air • Ocean • Rail • Road 4.2. Global Freight Forwarding Market Size, by Application (2021-2029) • Industrial and Manufacturing • Retail • Healthcare • Media and Entertainment • Military • Oil and Gas • Food and Beverages • Others 4.3. Global Freight Forwarding Market Size, by Customer Type (2021-2029) • B2B • B2C 4.4. Global Freight Forwarding Market Size, by Service (2021-2029) • Transportation and Warehousing • Packaging and Documentation • Insurance • Value-Added Services 5. North America Freight Forwarding Market (2021-2029) 5.1. North America Freight Forwarding Market Size, by Mode of Transport (2021-2029) • Air • Ocean • Rail • Road 5.2. North America Freight Forwarding Market Size, by Application (2021-2029) • Industrial and Manufacturing • Retail • Healthcare • Media and Entertainment • Military • Oil and Gas • Food and Beverages • Others 5.3. North America Freight Forwarding Market Size, by Customer Type (2021-2029) • B2B • B2C 5.4. North America Freight Forwarding Market Size, by Service (2021-2029) • Transportation and Warehousing • Packaging and Documentation • Insurance • Value-Added Services 5.5. North America Freight Forwarding Market, by Country (2021-2029) • United States • Canada • Mexico 6. European Freight Forwarding Market (2021-2029) 6.1. European Freight Forwarding Market, by Mode of Transport (2021-2029) 6.2. European Freight Forwarding Market, by Application (2021-2029) 6.3. European Freight Forwarding Market, by Customer Type (2021-2029) 6.4. European Freight Forwarding Market, by Service (2021-2029) 6.5. European Freight Forwarding Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Freight Forwarding Market (2021-2029) 7.1. Asia Pacific Freight Forwarding Market, by Mode of Transport (2021-2029) 7.2. Asia Pacific Freight Forwarding Market, by Application (2021-2029) 7.3. Asia Pacific Freight Forwarding Market, by Customer Type (2021-2029) 7.4. Asia Pacific Freight Forwarding Market, by Service (2021-2029) 7.5. Asia Pacific Freight Forwarding Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Freight Forwarding Market (2021-2029) 8.1. Middle East and Africa Freight Forwarding Market, by Mode of Transport (2021-2029) 8.2. Middle East and Africa Freight Forwarding Market, by Application (2021-2029) 8.3. Middle East and Africa Freight Forwarding Market, by Customer Type (2021-2029) 8.4. Middle East and Africa Freight Forwarding Market, by Service (2021-2029) 8.5. Middle East and Africa Freight Forwarding Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Freight Forwarding Market (2021-2029) 9.1. South America Freight Forwarding Market, by Mode of Transport (2021-2029) 9.2. South America Freight Forwarding Market, by Application (2021-2029) 9.3. South America Freight Forwarding Market, by Customer Type (2021-2029) 9.4. South America Freight Forwarding Market, by Service (2021-2029) 9.5. South America Freight Forwarding Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Kuehne + Nagel International AG 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Agility 10.3. Bolloré Logistics 10.4. CEVA Logistics 10.5. Sinotrans India Private Limited 10.6. DB Schenker 10.7. DHL Global Forwarding 10.8. Imerco 10.9. Dachser 10.10. DSV Panalpina A/S 10.11. Expeditors International 10.12. Hellmann Worldwide Logistics 10.13. MGF (Manitoulin Global Forwarding) 10.14. Nippon Express Co. 10.15. UPS Supply Chain Solutions

About This Report

Report ID 148362
Category Automotive and Transportation
Published Date DEC 2022
Updated Date
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