The Freight Forwarding Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Freight Forwarding Global Market Report 2024, The freight forwarding market size has grown steadily in recent years. It will grow from $202.17 billion in 2023 to $210.93 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to economic boom and supply chain optimization, customer demand for value-added services, infrastructure development in transport, integration of ERP systems, regulatory changes and trade agreement.
The freight forwarding market size is expected to see steady growth in the next few years. It will grow to $254 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to integration of AI and data analytics, expansion of global trade networks, e-commerce expansion and fulfilment services, emphasis on sustainable logistics, adoption of autonomous vehicles. Major trends in the forecast period include strategic partnerships and alliances, influence of global economic conditions, technological innovations in warehousing, demand for value-added services, intermodal transportation solutions.
Growth in international trade volumes is significantly contributing to the growth of the freight forwarding market. International trade is the exchange of services and products between countries. Trading globally will give the consumers and countries the chance to be exposed to goods and services that are not available in their own countries or costlier domestically. Freight forwarders organize the intermodal transportation of goods on behalf of shippers, and increased trade volume will boost freight forwarding activities. For instance, according to the World Trade Organization, the volume of global merchandise trade increased by 8.0% in 2021. Therefore, the growth in international trade volumes is expected to fuel the growth of the freight forwarding market going forward.
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The freight forwarding market covered in this report is segmented –
1) By Services: Transportation And Warehousing, Packaging And Documentation, Insurance, Value-added Services
2) By Logistics Model: First Party Logistics, Second Party Logistics, Third Party Logistics
3) By Mode of Transport: Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, Rail Freight Forwarding
4) By Customer Type: B2C, B2B
5) By Application: Industrial And Manufacturing, Retail, Healthcare, Media And Entertainment, Military, Oil And Gas, Food And Beverages, Other Applications
Major companies operating in the freight forwarding market are developing new solutions such as digital logistics platform to gain a competitive edge in the market. Digital logistics refers to the use of digital technologies and information systems to optimize and streamline various processes within the logistics and supply chain management domain. For instance, in October 2021, DP World, a UAE-based logistics company, launched CARGOES Logistics, a digital logistics platform offering a seamless and transparent supply chain experience. The platform enables customers to book cargo online, choose from multimodal logistics options, and enjoy efficient movement with advanced tracking, initially connecting the UAE to India and later expanding to multiple destinations across the Middle East, Subcontinent, Southeast Asia, the Far East, and North Africa. CARGOES Logistics addresses supply chain complexities, providing end-to-end visibility, predictive insights, and a comprehensive digital experience supported by DP World’s integrated logistics assets and services.
The freight forwarding market report table of contents includes:
1. Executive Summary
2.Freight Forwarding Market Characteristics
3.Freight Forwarding Market Trends And Strategies
4.Freight Forwarding Market analysis
5.Freight Forwarding Market Size And Growth
6.Freight Forwarding Segmentation
7.Freight Forwarding Regional And Country Analysis
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27.Freight Forwarding Competitive Landscape And Company Profiles
28. Freight Forwarding Key Mergers And Acquisitions
29.Freight Forwarding Future Outlook and Potential Analysis
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