The 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.
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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.
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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Further, integrated services offered by freight forwarders are another key factor responsible for the growth of the freight forwarding market. Besides transporting cargo, freight forwarders also provide other integrated services such as packaging, insurance, and documentation. Thus, the availability of a wide range of services has also resulted in propelling the growth of the freight forwarding market.
Market Restraints and Challenges
In the past, the story of manufacturing was globalization. But, in recent years, manufacturers have begun to move production closer to home. This means new or expanded local facilities, which makes the opportunity to upgrade to smart factory infrastructure at these facilities irresistible. People have witnessed many global supply chain disruptions in the past, such as an earthquake & tsunami in Japan, floods in Thailand, a US-China trade war, and the COVID-19 pandemic. The push for reshoring to minimize supply chain disruption started long before COVID-19, but it accelerated majorly during the pandemic as the importance of supply chain resilience came to the forefront. Thus, the rise in reshoring and nearshoring manufacturing is projected to create challenges for the global freight forwarding market.
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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COVID-19 Impact
The COVID-19 pandemic resulted in flight cancellations, travel bans, and the implementation of quarantine measures, which caused massive disruption of the supply chain and logistics activities across the globe. The impact of the COVID-19 pandemic had resulted in workforce changes and temporary restrictions on the movement of goods. Several countries shut down their borders and limited transportation & travel to contain the COVID-19 pandemic. Due to the COVID-19 pandemic, important supply chains in the logistics and transportation industry were hampered, though differently across air, land, and sea modes of transportation. The supply chain disturbance created by the COVID-19 pandemic had negatively impacted competitiveness and jobs lost in the logistics industry for a while. Moreover, an increase in demand for healthcare and FMCG supplies such as hospital supplies, gloves, sanitizers, vaccinations, and perishable food items, propelled the growth of the freight forwarding market during the COVID-19 pandemic.
Global Freight Forwarding Market Segmentation
By Service
- Transportation and Warehousing
- Packaging and Documentation
- Value-added Services
By Mode of Transport
- Land Freight Forwarding
- Sea Freight Forwarding
- Air Freight Forwarding
By Customer Type
- B2B
- B2C
By End-use Industry
- Retail and E-Commerce
- Manufacturing
- Healthcare
- Automotive
- Others
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