The global freight forwarding market was valued at US$ 204.6 Bn in 2019 and is expected to reach US$ 277.5 Bn by 2028 at a CAGR of 5.0% between 2021 and 2028.
Global Freight Forwarding Market, By Mode of Transport (Rail Freight Forwarding, Road Freight Forwarding, Air Freight Forwarding, and Ocean Freight Forwarding), By Services (Insurance, Packaging & Documentation, Transportation & Warehousing, and Value-added Services (Transportation Tracking, Customs Clearance, and Others)), and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is projected to meet a market valuation of US$ 204.6 million in 2021 and is anticipated to grow at a CAGR of 5.0% during the forecast period (2021-2028), as mentioned in a new report published by Coherent Market Insights.
Market Overview
Freight forwarding is a service that coordinates the shipment from the point of manufacture to the point of distribution or final destination. A freight forwarder, also known as a forwarding agent, is a non-vessel operating common carrier. It coordinates transportation from the producer to the market and from the customer to the final point of distribution. A freight forwarding service will coordinate the transport of goods, which will take place through a single carrier or multiple carriers. It can be done via air, sea, rail, or highway. While the service has evolved over the years, the basic premise of freight forwarding is the same everywhere: coordinate the movement of goods from one point to another.
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Competitive Landscape
Major companies contributing to the global freight forwarding market include – Kuehne + Nagel International AG, DSV Panalpina A/S, Dimerco, CEVA Logistics, Bolloré Logistics, Agility, UPS Supply Chain Solutions, Nippon Express Co., Ltd., DB Schenker, DHL Global Forwarding, Hellmann Worldwide Logistics, Expeditors International, and MGF (Manitoulin Global Forwarding).
Market Drivers
Growing maritime trade amidst increasing trade deals among developed economies is expected to foster growth of the freight forwarding market throughout the forecast period.
In addition to this, increasing penetration of ports and air cargo for freight transportation is expected to boost growth of the freight forwarding market over the forecast period.
Geographically, the report examines production, consumption, revenue, market share, growth rate, and forecasts for the following regions:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
The Middle East and Africa (Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, Nigeria)
Summary of the COVID-19 Debacle
The emergence of the COVID-19 virus has created a serious dent in the progress of the global freight forwarding market. The pandemic-led delay/suspension of shipments, waterway and airway freight transportation, has significantly affected the prospects of the market. On the plus side, the market is looking more like the somewhat front-loaded forecasted period, which is showing some solid trends such as the adoption of IoT (Internet of Things) technology to clear the logistic backlogs.
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Some of the important questions answered in this report include:
What are the top five Freight Forwarding Market players?
What will the Freight Forwarding Market look like in the following years?
Which product and application will dominate the Freight Forwarding Market?
What are the Freight Forwarding Market’s drivers and restraints?
Which regional market will represent the highest growth?
What will be the CAGR and market size of the Freight Forwarding Market over the forecast period?
What is the present market size, what will it be in 2029, and what will be the growth rate?
What are the constraints to market growth?
What market opportunities and risks do the key companies face?
Who are the main competitors, and what is their strategic approach?
What are the market’s entry challenges for new players?
Global Freight Forwarding Market, By Mode of Transport:
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Air Freight Forwarding
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Ocean Freight Forwarding
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Road Freight Forwarding
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Rail Freight Forwarding
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Global Freight Forwarding Market, By Services:
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Transportation & Warehousing
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Packaging & Documentation
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Insurance
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Value-added Services (Customs Clearance, Transportation Tracking, and Others)
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Key Takeaways
- The global freight forwarding market is anticipated to grow at a CAGR of XX % during the forecast period owing to the increasing investments in the freight shipping sector amidst growing cross-border trade. For instance, in December 2021, a logistic service provider, Nuvocargo, raised around US$ 20 million in a series of funding rounds conducted by Tiger Global Management to boost trade between the U.S. and Mexico.
- In the cluster of regions, the European region is well-positioned to reign supreme in the global freight forwarding market at the helm of high demand from OEMs (Original Equipment Manufacturers) in Germany, the U.K., and others to export automotive parts.
- Also standing out in the global freight forwarding market is the Asia Pacific region, which is driven by a robust rail transportation network, a booming e-commerce industry, and growing import/export activities.
What’s Included in the Report –
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Global Freight Forwarding Market size and growth projections, 2020- 2029
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Freight Forwarding Market size, share, and growth projections across regions and countries, 2022- 2029
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Freight Forwarding Market size and CAGR of key products, applications, and end-user verticals, 2022- 2029
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Short and long term Freight Forwarding Market trends, drivers, restraints, and opportunities
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Porter’s Five forces analysis
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