Freight Forwarding Market
Freight forwarding can be defined as the integrated services provided by different logistics and transport companies in which these organizations arrange for the safe transport of freight from one location to another. The main function of freight management is to provide cost effective and efficient transfer of goods.
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Some of the factors responsible for the growth of Freight Forwarding Market are:
- Rapid growth and increased adoption of e-commerce: E- commerce is selling and buying goods and services online with the help of the internet. These transactions take place either as Business-to-Business (B2B), Business-to-Consumer (B2C), Consumer or Consumer-to-Business. There is increase in the adoption of e-commerce as it is beneficial for both businesses and customers. The main factor due to which it is getting popular because it fasten the buying and selling procedure, increase reach to customers, requires less operational cost and provide better quality of services. They also offer wide number of products to the customers
- Increasing prevalence of inter-country trade and increasing demand for low-cost trade services from various consumers: International trading helps the country to enhance their market for both goods and services. International trading is the process of exchanging products and services among the countries. This provides opportunities to the countries to get exposed to the products which are not available in their regions. Global trade allows rich countries to make more productive use of their resources whether labor, technology, or money
The global freight forwarding market is segmented into type as air freight forwarding, sea freight forwarding, rail freight forwarding, & road freight forwarding and service as packaging, documentation, transportation & warehousing, and VAS.
Some of the launches and acquisitions in the Freight Forwarding Market are as follow:
- In May 2019, FreightBro Logistics Pvt. Ltd announced the launch of their freight forwarding application which has the ability to discover global rates and schedule instantly, accept booking online, manage shipment life, and track cargo at the touch of the screen. The software will be responsible for backend operations, enabling freight forwarders to concentrate on their core competency and improve their customer base and revenues
- In April 2017, Damco announced the launch of their online freight forwarding portal- The Twill Online Portal. Twill remains an independent product of Maersk Group's independent arm, offering freight forwarding services without prejudice or preference. The online portal provides instant quotations, streamlined report handling, individual container achievement visibility, and constructive exception management
“According to Data Bridge Market Research, global freight forwarding market is set to witness a substantial CAGR in the forecast period of 2019- 2026”
Few of the major competitors currently working in freight forwarding market are Agility; DHL International GmbH.; DSV; Expeditors International of Washington, Inc.; CEVA Logistics; DB Schenker; KUEHNE + NAGEL; Bolloré Logistics; PANALPINA WORLD TRANSPORT (HOLDING) LTD.; Sinotrans India Private Limited; CMA CGM; C.H. Robinson Worldwide, Inc.; Nippon Express; Dachser; DIMERCO; CJ Logistics Corporation; Hellmann Worldwide Logistics, GEODIS among others.
Increasing trade agreements among countries and rising international trade are factors affecting the market positively. Growing demand for low- cost shipment and their ability to identify customer needs is another factor which is also responsible for the growth of this market. All the aforementioned factors will contribute equally towards the growth and demand of this market in the forecast period.
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