New York, Global Freight Forwarding Market was valued at US$ 192.5 billion in 2021 and it is anticipated to grow up to US$ 285.2 billion by 2031, at a CAGR of 4.0% during the forecast period.
The global freight forwarding market report from Global Insight Services is the single authoritative source of intelligence on Freight Forwarding Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Freight forwarding is organizing, coordinating, and shipping goods from one place to another across international borders through a single or multiple carriers. The shipment of the goods occurs through land, air, or sea. The company responsible for organizing the shipment is known as a freight forwarder. Freight forwarders manage the benefits and risks of shipping nationally and internationally by performing the required tasks, including container tracking, freight rate negotiations, freight consolidation, and customs documentation. Moreover, freight forwarding comprises numerous stages such as export customs clearance, export haulage, import customs clearance, origin handling, destination handling, and import haulage.
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Market Drivers and Trends
A surge in international trade volumes is one of the primary drivers of the growth of the freight forwarding market. An increasing number of trade agreements, especially among emerging economies, is a key factor driving the growth of international trade. Additionally, a booming e-commerce market has helped augment trade activities, resulting in increased freight forwarding market growth.
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Global Freight Forwarding Market Segmental Overview
The report analyses the global freight forwarding market based on service, mode of transport, customer type, end-use industry, and region.
Global Freight Forwarding Market by Service
Based on service, it is segmented into transportation and warehousing, packaging and documentation, and value-added services. The transportation and warehousing segment is expected to have the largest freight forwarding market share in 2021. Businesses are a part of society, which cannot function on their own. Two aspects of any economy that affect a company’s functionality are its transportation and warehousing. Transportation systems help firms to move their products from one point to another. Similarly, warehousing facilities allow them to stock their inventory. Due to above factor, the transportation and warehousing segment is expected to receive the main market attraction resulting in market growth.
Global Freight Forwarding Market by Mode of Transport
Based on mode of transport, it is segmented into land freight forwarding, sea freight forwarding, and air freight forwarding. The air freight forwarding segment is expected to dominate the market during the forecast period owing to increasing internet penetration, infrastructure expansions, and rising buying power parity. Due to these factors mentioned above, the air freight forwarding segment is expected to dominate the market during the forecast period.
Global Freight Forwarding Market by Customer Type
Based on customer type, it is bifurcated into B2B and B2C. The B2B years segment is expected to be the largest segment in the freight forwarding market in 2021. B2B marketplaces were rightly positioned to take advantage of the opportunity, offering quality products at reasonable prices and reliable delivery schedules, coupled with necessary standard credit terms. Thus, the B2B segment will likely hold a major market share in 2021.
Global Freight Forwarding Market by End-use Industry
Based on end-use industry, it is segmented into retail and e-commerce, manufacturing, healthcare, automotive, and others. The retail and e-commerce segment is expected to dominate the market during the forecast period owing to the e-commerce sector is rapidly evolving as the internet becomes more accessible in different parts of the world. The improvement of consumer experiences in e-commerce stores is evident. An increase in internet accessibility, plenty of products & personalized offers, ease of transaction, and the absence of the constraints of a physical presence and interaction make online shopping desirable to consumers. Due to these factors mentioned above, the retail and e-commerce segment is expected to dominate the market during the forecast period.
Geographical Analysis of Global Freight Forwarding Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021 due to increasing customer preference for purchasing online. Moreover, the presence of many potential vendors in this region further encourages market growth. This, in turn, boosts the demand for freight forwarding in the North America region.
Major Players in the Global Freight Forwarding Market
The key players studied in the global freight forwarding market are CEVA Logistics (The Netherlands), Deutsche Post DHL Group (Germany), Dimerco Express Corporation (Taiwan), DSV A/S (Denmark), FedEx Corporation (US), Kuehne + Nagel Management AG (Switzerland), MGF (Canada), Nippon Express Co., Ltd. (Japan), Schenker AG (Germany), and United Parcel Service of America, Inc. (US).
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