Dubai, UAE, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Global Freight Forwarding Market Forecast Till 2030:
As per the recent market research report published by Extrapolate, the Global Freight Forwarding Market was valued at USD 180.4 billion in 2021 and is expected to reach USD 251.1 billion by 2030 at a CAGR of 5.1% during the forecast period.
The growth of the freight forwarding market is driven by the increasing demand for integrated transportation services and the growth of international trade. The market is being fueled by the expansion of bilateral trade agreements between countries and the role of freight forwarding as a provider of integrated services to trading customers.
The adoption of digital solutions and technological advancements are driving growth in the freight forwarding market. Freight forwarders are using technology to streamline operations and provide more efficient, cost-effective services, including shipment tracking software, automated customs clearance, and real-time updates to customers.
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The growth of e-commerce and online retail is also boosting the freight forwarding market. As consumers increasingly opt for online shopping, the demand for timely and reliable delivery of goods is growing. Freight forwarders are poised to meet this demand by offering comprehensive logistics solutions to e-commerce companies.
Competitive Landscape of the Freight Forwarding Market
The freight forwarding market has seen significant growth in recent years, driven by prominent players such as DHL Global Forwarding and more. For instance, in June 2022, Global Transport Solutions (GST) acquired Cargo Holland to offer specialized air freight solutions at Schiphol Airport in Amsterdam. As more key players enter the market seeking cost-effective solutions, this trend is expected to continue.
- Kuehne + Nagel
- DB Schenker
- DHL Global Forwarding
- Nippon Express Co., Ltd.
- C.H. Robinson Worldwide
- DACHSER
- Dimero
- Expeditors International
- GEODIS
- Hellmann Worldwide Logistics
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Ocean Trade to Account for Largest Market Share with Infrastructural Upgrades
The freight forwarding market is experiencing significant growth due to increasing demand for integrated transportation services and the growth of international trade. According to the World Trade Organization (WTO), the volume of global merchandise trade is increasing, driven by favorable bilateral trade agreements between countries.
Research analysts at Extrapolate predict that the ocean segment of the global forwarding market is experiencing high growth due to factors such as rising internet penetration, increasing purchasing power of consumers, and upgrades in port infrastructure, containers, and ships. With cost-effective transportation solutions and rising strategic alliances, various end-user industries are turning to sea freight forwarding. The growth of e-commerce businesses, particularly in their support of Less than Container Load (LCL) volume shipment, is also positively impacting the market.
Market Segmentation:
By Medium
- Air
- Ocean
- Road
- Rail
By Service
- Transportation
- Warehousing
- Documentation
- Packaging
- Insurance
- Others
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Documentation & Favorable Trade Agreements Contributing to Growth of Freight Forwarding Market
The customs documentation and favorable trade agreements for the freight forwarding market have aided in providing improved delivery of integrated services to the customers. Increased bilateral trade agreements promote market expansion. Abundant opportunities are being witnessed among trading countries with increasing digitization and rising efficiency of operations in the market.
For instance, the United States and Morocco, the U.S. and Brazil, and the European Union and Japan have accepted trade treaties with one another, resulting in a boom of opportunities. Through successful bilateral trade agreements. Germany has also documented cars as the most-traded goods, capturing nearly 19.3% of the market share valued at USD 122.3 billion worth of exported cars in the year 2021 alone.
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Europe, North America Experiencing Exponential Growth with Global Industrialization & Rising Trading Activities
Europe is expected to lead the global sea freight forwarding market, thanks to the presence of key players and technological advancements in the region. The expansion of industrialization and rising development in various European countries are driving growth in the sector. Additionally, the growing popularity of e-commerce portals is creating positive growth prospects for the region.
North America is also emerging as a rapidly growing market, driven by increasing U.S. exports and imports. The region is experiencing strong growth due to the world's largest economy in, the United States, which contributes nearly one-fifth of the global GDP. Major key players are also located in the region, making the U.S. a hub of trading activities with a large number of trading partners.
Section II:
Global Sea Freight Forwarding Market to Peak $86.97 Billion by 2028
According to the report published by Extrapolate, Global Sea Freight Forwarding Market was valued at USD 73.55 billion in 2021 and is projected to reach USD 86.97 billion by 2028 at a CAGR of 2.42% from 2022 to 2028 driven by the rising cross-border e-commerce among trading countries, the increasing number of heavy-cargo shipments, and favorable government policies.
The sea freight forwarding market is responsible for the transportation of goods by water transport and is a cost-effective solution for trading activities. It mainly handles two types of shipments, full container load (FCL) and less than container load (LCL).
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For instance, Canada has seen a growth of 2.6% during the forecast period, while Germany has experienced close to 2.1% growth. Strategic partnerships and the efficiency of water transport are also promoting the sea freight forwarding market growth. The World Trade Organization considers ocean freight forwarding as the backbone of global supply chains, capturing over 80% of the total volume of world trade activities.
Competitive Landscape
The sea freight forwarding market has seen substantial growth in recent years, with the entry of many key players such as Kuehne + Nagel, Sinotrans, DHL, and DB Schenker. Kuehne + Nagel International AG, a German-based company with headquarters in Switzerland, is currently the leading player in the market, handling approximately 4.8 million twenty-foot equivalent units of containers.
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The growth of the sea freight forwarding industry has attracted many new players looking to capitalize on the industry's expanding opportunities. The increasing volume of trade and the demand for low-cost and efficient transportation solutions have driven the growth of the sea freight forwarding market, making it a highly attractive industry for new entrants.
- Kuehne + Nagel
- DHL
- Sinotrans
- DB Schenker Logistics
- GEODIS
- Panalpina
- DSV
- Bolloré Logistics
- Expeditors
- Dachser
- Nippon Express
- CEVA Logistics
- UPS Supply Chain
- Sankyu
- Kerry Logistics
- Logwin
FCL Segment Type to Witness Highest Growth in Sea Freight Forwarding Market
The sea freight forwarding market mainly has two types of shipping containers, including full container load (FCL) and less than-container load (LCL). The FCL container segment is expected to witness high growth owing to more secure networks and the certainty of shipments. This type of shipment does not come into contact with other cargo from various ships. On the other hand, LCL shipments are significantly more expensive per cubic meter as compared to FCL shipments. FCL shipments are thus gaining traction, as it utilizes a single container exclusively for one shipment.
The growth in the FCL segment is expected to continue as more and more businesses opt for this mode of transportation. One of the key advantages of FCL is the security and reliability of shipments, as they are not combined with cargo from other ships. This means that there is a reduced risk of damage or loss of goods, making FCL a preferred choice for businesses shipping high-value items or fragile goods.
Sea Freight Forwarding Market to Witness Healthy Demand Coming from Agricultural Sector
The agriculture industry relies on reliable and cost-effective transportation to move its products both domestically and internationally. Sea freight is a prime choice for the shipment of large quantities of agricultural goods such as crops, livestock, and food products.
The growth of the sea freight forwarding market in the agriculture sector is being driven by the increasing demand for low-cost cargo transportation and the growth of global trade. Government policies aimed at promoting trade and investment in transportation infrastructure are also contributing to the market's growth. As the demand for heavy-cargo shipments continues to rise, the industry is creating new opportunities for businesses within the agriculture sector.
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Regional Analysis
North America is currently the largest market for sea freight forwarding services. This is due to a number of factors, including the region's strong economic growth, highly developed transportation infrastructure, and increasing demand for low-cost cargo transportation. The region is home to some of the world's largest ports and shipping companies, providing a favorable environment for the growth of the sea freight forwarding market.
In North America, the growth of international trade and the increasing demand for shipping and transportation services has led to the expansion of the sea freight forwarding market. The region has a well-established network of sea and land transportation systems, which supports the efficient movement of goods and helps to reduce the cost of transportation.
In addition to its strong transportation infrastructure, North America also has a highly developed logistics industry. The region has a large number of logistics companies that provide a range of services, including supply chain management, customs brokerage, and distribution services. These companies help to streamline the transportation of goods and increase efficiency, which is a major factor in the growth of the sea freight forwarding market in North America.
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Some Major Points from Table of Content:
1 Research Methodology and Statistical Scope
2 Sea Freight Forwarding Market Overview
3 Sea Freight Forwarding Market Competitive Landscape
4 Sea Freight Forwarding Value Chain Analysis
5 The Development and Dynamics of Sea Freight Forwarding Market
6 Sea Freight Forwarding Market Segmentation by Type
7 Sea Freight Forwarding Market Segmentation by Application
8 Sea Freight Forwarding Market Segmentation by Region
9 Key Companies Profiled
9.1 Kuehne + Nagel
9.1.1 Kuehne + Nagel Sea Freight Forwarding Basic Information
9.1.2 Kuehne + Nagel Sea Freight Forwarding Product Overview
9.1.3 Kuehne + Nagel Sea Freight Forwarding Product Market Performance
9.1.4 Kuehne + Nagel Business Overview
9.1.5 Kuehne + Nagel Sea Freight Forwarding SWOT Analysis
9.1.6 Kuehne + Nagel Recent Developments
9.2 DHL
9.2.1 DHL Sea Freight Forwarding Basic Information
9.2.2 DHL Sea Freight Forwarding Product Overview
9.2.3 DHL Sea Freight Forwarding Product Market Performance
9.2.4 DHL Business Overview
9.2.5 DHL Sea Freight Forwarding SWOT Analysis
9.2.6 DHL Recent Developments
9.3 Sinotrans
9.3.1 Sinotrans Sea Freight Forwarding Basic Information
9.3.2 Sinotrans Sea Freight Forwarding Product Overview
9.3.3 Sinotrans Sea Freight Forwarding Product Market Performance
9.3.4 Sinotrans Business Overview
9.3.5 Sinotrans Sea Freight Forwarding SWOT Analysis
9.3.6 Sinotrans Recent Developments
... TOC Continued
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