Freight Forwarding Market Outlook 2031
The global freight forwarding market was valued at USD 200.20 billion in 2022 and is projected to reach USD 284.95 billion by 2031, expanding at a CAGR of 4% during the forecast period, between 2023 to 2031. The driver of the freight forwarding market include growing international trade between different countries worldwide. Developing relations among the emerging economies with an aim to improve trade is expected to propel the freight forwarding market.
Freight forwarding is the transportation and shipment of goods from one location to another through one or more than one modes of transport such as air, marine, or land. It involves business among individuals or companies or between an individual and a company for the delivery of products between two destinations.
Freight forwarding is adopted due to the low-cost facility and simplicity in transportation of logistics. Freight forwarding works on the principle of maintaining the condition of the goods, as it had before loading and travel.
Freight Forwarding Market Trends, Drivers, Restraints, and Opportunities:
- Rising trade volumes through e-commerce augments the trading facilities between growing economies, which in turn, is fueling the market.
- Freight forwarding entities are offering integrated services such as packaging, insurance, and documentation to the end-users, which is driving the market.
- Development in technologies greatly helps in tracking the shipment of goods across locations thus propelling the market.
- Strict regulations on emission during the transportation process is anticipated to hinder the market.
- In international trading, the daily fluctuations of exchange of currency rates in the world is projected to restrain the freight forwarding market.
- Technological advancements, effective costing, and punctuality in delivering goods with the use of multiple mode of transport creates opportunities for players. Rising value, in terms of volume for the shipment of goods provides opportunities for key players.
Scope of the Freight Forwarding Market Report:
The report on the global freight forwarding market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Freight Forwarding Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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Service Types (Freight Transportation, Warehousing, Documentation, Packaging, Insurance, and Others), Modes of Transportation (Road, Water, Rail, and Air), Customer Types (B2B and B2C), and Applications (Retail & E-Commerce, Manufacturing, Healthcare, Automotive, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Kuehne+Nagel International AG, MGF, Nippon Express, Transporteca, United Parcel Services of America, Inc., Bollore Logistics, CEVA Logistics AG, DB Schenker, Deutsche Post DHL, Dimerco, DSV A/S, Expeditors Inc., FedEx, Hellmann Worldwide Logistics, and Uber Freight LLC
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Freight Forwarding Market Segment Insights:
Warehousing segment to grow at a significant rate
Based on service types, the freight forwarding market is segmented into freight transportation, warehousing, documentation, packaging, insurance, and others. The warehousing segment accounted for the largest share of the market in 2021 and is expected to grow at a significant pace in the coming years.
Products are stored in warehouses, which are sold afterwards when the demand rises from end-users, which in turn, is anticipated to drive the segment. The transportation segment is also on the track of development and is projected to boost the market growth.
Road transportation to expand at a rapid pace
On the basis of modes of transportation, the market is classified as road, water, rail, and air. In 2021, the road segment held a key share of the market and is anticipated to expand at a rapid pace during the forecast period. Increasing construction of roads within the countries and some inter-countries roads is providing ease in transporting goods through roads and it boosts the segment.
Rising shipment of cargo through waterways owing to developing infrastructure and new ports is fueling the segment.
B2C segment to witness a substantial rise
In terms of customer types, the freight forwarding market is bifurcated into B2B and B2C. The B2C segment is estimated to grow after the pandemic as consumers were directly receiving products from the businesses due the rise in online retail services. The B2B segment experienced some downfall, which provided an opportunity for the B2C segment to grow in the market and provides services, which boosts the segment. These factors are expected to fuel the B2C segment during the forecast period.
Retail & e-commerce held the largest share in the market
Based on applications, the market is segmented into retail & e-commerce, manufacturing, healthcare, automotive, and others. In 2021, the retail & e-commerce segment is estimated to expand at a rapid pace, thus the segment is projected to dominate the market. Inclination of end-users toward online platforms for buying goods and gathering data about the product is propelling the retail & e-commerce segment.
E-commerce is providing an ease in instant information about the availability of goods and in the processing of purchases, which is expected to drive the segment.
Asia Pacific to dominate the global market
In terms of regions, the global freight forwarding market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific accounted for a major share of the market, in terms of revenue, and is anticipated to dominate the global market.
The market in the region is growing at a rapid pace owing to growing logistic services and presence of emerging economies such as India, China, Japan, and Australia. Additionally, implementation of laws by governments that support the logistic industry in Asia Pacific is propelling the market. Surging technological developments is driving the freight forwarding market in the region.
Segments
The global freight forwarding market has been segmented on the basis of
Service Types
- Freight Transportation
- Warehousing
- Documentation
- Packaging
- Insurance
- Others
Modes of Transportation
Customer Types
Applications
- Retail & E-Commerce
- Manufacturing
- Healthcare
- Automotive
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Kuehne+Nagel International AG
- MGF
- Nippon Express
- Transporteca
- United Parcel Services of America, Inc.
- Bollore Logistics
- CEVA Logistics AG
- DB Schenker
- Deutsche Post DHL
- Dimerco
- DSV A/S
- Expeditors Inc.
- FedEx
- Hellmann Worldwide Logistics
- Uber Freight LLC
Competitive Landscape
Key players in the global freight forwarding market are Kuehne+Nagel International AG, MGF, Nippon Express, Transporteca, United Parcel Services of America, Inc., Bollore Logistics, CEVA Logistics AG, DB Schenker, Deutsche Post DHL, Dimerco, DSV A/S, Expeditors Inc., FedEx, Hellmann Worldwide Logistics, and Uber Freight LLC.
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