Freight Forwarding Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: AT240619 | Research Suite: Report (PDF) & Market Data (Excel)
The global freight forwarding market was valued at USD 190.6 billion in 2022, and a CAGR of 4.2% is expected during the forecast period. The need for effective, reliable, and cost-effective movement of goods is the need of the time. Expensive growth in international trade is the factor that drives the growth in the freight forwarding market significantly. The rise of emerging markets presents a compelling opportunity for the freight forwarding market.
The rapid growth of the e-commerce industry, increasing globalization, and international trade are driving the growth of the market significantly. Rising investment in transportation development is driving growth in the market. Digitization and automation in the freight forwarding market act as catalysts.
Growth Drivers
Increasing growth in international trade, globalization, technological advancements, and evolving customer expectations are the factors driving growth in the market. Factors like infrastructure development, regulatory changes, and shifts in consumer behavior are driving growth in the market. Rising disposable income in emerging economies is propelling growth in the market. With businesses expanding their operations globally, the demand for freight forwarding markets increases to manage the movement of goods across borders efficiently.
The rise in e-commerce platforms has surged in cross-border trade. It requires reliable and efficient freight forwarding services. Innovations in technology, like AI, NLP, and IoT, are transforming the freight forwarding industry, leading to greater efficiency, transparency, and cost-effectiveness. Investment in transportation infrastructure such as ports, airports, and railways improve connectivity, reduces transit time, and drives growth in the market significantly. Changes in trade regulations do create opportunities for freight forwarders to provide value-added services.
Businesses are increasingly focused on optimizing their supply chain to reduce
costs and enhance customer satisfaction. Growing awareness of environmental
issues has led to an increased emphasis on sustainable transportation
practices, creating opportunities for freight forwarders. Increasing growth in
e-commerce is driving the demand in the market significantly. The rise in
disposable income all over the world and the increasing demand for goods all
over the world in an efficient manner are driving growth in the market.
Segmentation
By Customer Type
·
B2B
·
B2C
By Service
·
Transportation and Warehousing
·
Packaging and Documentation
·
Value-Added Services
By End-User Industry
·
Retail and E-Commerce
·
Manufacturing
·
Healthcare
·
Automotive
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Europe
·
Middle East and Africa
·
Latin America
Freight Forwarding Market End-User
Segmentation
On the basis of end-user segmentation, the freight forwarding market is segmented into retail and e-commerce, manufacturing, healthcare, automotive, and others. Automotive industries are the leading segment in the market, and the manufacturing segment is expected to dominate the market during the forecast period due to their large volume of good movements.
Retail and e-commerce are also significant contributors, as online shopping continues to grow significantly all over the world. The healthcare sector is experiencing moderate growth during the forecast period due to a lower requirement for goods transported than any other sector. Technological advancements and infrastructure development are the key factors driving growth in the market.
Freight Forwarding Market by Customer
Type Segmentation
On the basis of customer type, the freight forwarding market
is segmented into B2B and B2C. B2B is the leading segment because businesses
often have a large volume of goods to ship, more complex logistic needs, and
longer-term contracts with freight forwarders. The prominence of each factor
varies depending on factors such as industry trends, economic factors, and
technological advancements. The increasing trend of e-commerce all over the
world for the transportation of goods is driving growth in the market
significantly. Automotive, healthcare, and retail are the sectors that are
experiencing significant growth during the forecast period.
Freight Forwarding Market by Service
Type Segmentation
On the basis of service type, the freight forwarding market
is segmented into transportation and warehousing, packaging and documentation,
and value-added services. Transportation and warehousing are the leading
segments and are expected to dominate during the forecast period due to the large
volume of goods to be transported through e-commerce services. Increasing
demand for warehouses to keep the goods in a safe environment is driving growth
in the market during the forecast period. The packaging of goods is also
important and a significant factor during the forecast period. Value-added
services are also driving significant growth in the market.
Regional Outlook
On the basis of the regions, the freight forwarding market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the freight forwarding market due to its robust infrastructure, extensive trade networks, technological advancements, and strong economy, which are driving growth in the market. It’s strategic location between major global markets contributes to its dominance. Globalization and e-commerce growth in the market are driving demand in the freight forwarding market. Evolving supply chain demand is the key factor behind significant growth in the market.
Asia Pacific, for its rapid economic growth and manufacturing hubs, is experiencing significant growth in emerging economies like India, China, and Japan. A region serves as a key node in the global supply chain. Rising growth in e-commerce is the key factor behind the significant growth in the market. The United States of America, Germany, France, Spain, Italy, and the United Kingdom are witnessing significant growth during the forecast period. Latin America, the Middle East, and Africa are also witnessing moderate growth during the forecast period due to the increasing trend of e-commerce. The globalization of business has played a key role in the growth of the market.
Connecting production centers for goods with distribution networks is the key factor behind the significant growth in the market. The presence of key players in North America and Europe is driving growth in the market. Countries like Israel, Saudi Arabia, the United Arab Emirates, Egypt, South Africa, Argentina, and Brazil have witnessed significant growth during the forecast period. Due to the increasing global population, the demand for essential goods is increasing significantly, and this market has brought about a revolutionary change in the perception of people about freight delivery.
Key Players
·
Bollore Logistics
·
CEVA Logistics
·
DB Schenker
·
DHL Global Forwarding
·
DSV Global Transports and Logistics
·
Expeditors International
·
FedEx Corp
·
Nippon Express Co. Ltd.
·
United Parcel Service
· Other Players