The freight forwarding market involves the coordination and facilitation of international shipping and logistics on behalf of businesses. Freight forwarders manage the movement of goods, handling documentation, customs clearance, and transport arrangements. They act as intermediaries between shippers and carriers, optimizing transportation routes and ensuring timely delivery. The market is characterized by a network of services, encompassing air, sea, and land transportation, contributing to the seamless flow of goods across global supply chains.
Data Bridge Market Research analyses that the Global Freight Forwarding Market is expected to reach USD 14,461.05 million by 2030, from USD 8,353.8 million in 2022 and is expected to undergo a CAGR of 7.1% during the forecast period of 2023 to 2030.
" Growth in e-commerce sector drive the market growth"
The growth in the e-commerce sector serves as a potent driver for the freight forwarding market. The surge in online retail activities generates increased demand for efficient shipping and logistics solutions to manage the movement of goods across borders. Freight forwarders play a pivotal role in facilitating seamless e-commerce operations, optimizing supply chain logistics, and ensuring timely deliveries. This growing partnership between e-commerce and freight forwarding reflects the market's response to the evolving dynamics of modern retail and global trade.
What restraints the growth of the global freight forwarding market?
"Rise in incidences of nearshoring manufacturing actions hamper the market growth"
The freight forwarding market faces challenges due to a rise in nearshoring manufacturing activities. As companies increasingly relocate manufacturing closer to end markets, the demand for extensive international shipping diminishes. Nearshoring reduces the complexity of global supply chains, impacting the volume of freight handled by forwarding services.
Segmentation: Global Freight Forwarding Market
The global freight forwarding market is segmented on the basis of service type, mode of transportation, logistics model, customer type and application.
- On the basis service type, the global freight forwarding market is segmented into freight transportation, warehousing, documentation, packaging, insurance, and others
- On the basis mode of transportation, the global freight forwarding market is segmented into road, waterways, rail, and air
- On the basis logistics model, the global freight forwarding market is segmented into first party logistics, second party logistics, and third party logistics
- On the basis customer type, the global freight forwarding market is segmented into B2C and B2B
- On the basis application, the global freight forwarding market is segmented into industrial and manufacturing, retail, healthcare, media and entertainment, military, oil and gas, food and beverages, and others
Regional Insights: North America dominates the Global Freight Forwarding Market
North America dominates the global freight forwarding market due to its robust research ecosystem. Renowned institutions and technology companies in the region conduct cutting-edge research in photonics and integrated circuit technologies, fostering innovation. This strong research and development foundation propels advancements in freight forwarding circuits, positioning North America at the forefront of the global market.
Asia-Pacific is anticipated to be the fastest-growing segment in the global freight forwarding market. The region's large and expanding population, coupled with a surge in internet usage and data consumption, is driving the need for efficient communication networks. Leveraging freight forwarding circuits, particularly photonic integrated circuits (PICs), facilitates high-speed data transmission, aligning with the escalating demand for swift and reliable communication in the Asia-Pacific region.
Recent Developments: Global Freight Forwarding Market
- In February 2021, Kuehne + Nagel finalized the acquisition of Apex International Corporation, enhancing their position in the Asian logistics industry, particularly for e-commerce fulfillment. This strategic move is geared towards providing customers with a compelling and comprehensive logistics solution in the rapidly evolving e-commerce landscape
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-freight-forwarding-market
The Prominent Key Players Operating in the Global Freight Forwarding Market Include:
- Agility (Kuwait)
- DHL International GmbH. (Germany)
- DSV (Denmark)
- Expeditors International of Washington, Inc. (U.S.)
- CEVA Logistics (U.K.)
- DB Schenker (Germany)
- Kuehne + Nagel (Switzerland)
- Bolloré Logistics (France)
- PANALPINA WORLD TRANSPORT (HOLDING) LTD. (Switzerland)
- Sinotrans India Private Limited (India)
- CMA CGM (France)
- C.H. Robinson Worldwide, Inc. (U.S.)
- Nippon Express (Japan)
- Dachser (Germany)
- DIMERCO (India)
- CJ Logistics Corporation (South Korea)
- Hellmann Worldwide Logistics (Germany)
- GEODIS. (France)
Above are the key players covered in the report, to know about more and exhaustive list of global freight forwarding market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Freight Forwarding Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.