Freight Forwarding Market Overview
The freight forwarding market is expected to record a CAGR of more than 3.6% during the forecast period (2022 – 2027). The growth in international trade volumes is a major driver for the freight forwarding market. Moreover, the rise in trade agreements between countries is also contributing to the growth of the market. World Trade Organization (WTO) reported the total volume of global merchandise trade increased by 8.0% in 2021 and world exports of intermediate goods (IGs) increased in the third quarter of 2021, with a sharp increase in the trade of medical items and metal products across all regions.
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Advancements in the Freight Forwarding Market
- Technological improvements like The Internet of Things (IoT) in freight forwarding systems have transformed the industry.
- Trade in Pharmaceuticals had increased in 2020, accounting for 2.2% of the market share in total trading goods valued at USD 616 Billion in 2021 and medical instruments hold the market share of 0.78% valued at USD 216 Billion.
- The most-traded goods are cars with Germany holding 19.3% of the market share, valued at around USD 122.3 Billion worth of export of cars has been done by Germany in 2021 followed by Japan at the second position with a market share of 12.8% valued at USD 80.9 Billion in the same time period.
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Freight Forwarding Market – Geographical Overview
In the freight and logistics market, Asia-Pacific is the fastest-growing region globally due to the increasing logistics in ASEAN countries and the presence of major economies, like China and India. Additionally, the high government support for the logistics sector in the region is also a factor boosting the industry growth. The global ocean freights rate index has increased manifold by five times in two years in 2021 reaching to 500.
In India, 80% of freight moves by road, and the trucking industry is adopting industry-leading tracking technology to trace and predict the exact delivery times. Thailand is incorporating IBM and Maersk’s blockchain project to streamline its shipment monitoring processes.
Recent Developments in the Freight Forwarding Market
- June 2022: Time-critical logistics firm Global Transport Solutions (GTS) has acquired forwarder Cargo Holland, it specializes in airfreight solutions and is located at Schiphol Airport. The forwarder will be integrated into GTS’ 3PL logistics time-critical service provider, Best Global Logistics.
- May 2021: Kuehne+Nagel acquired Apex International Corporation, through this acquisition they will be able to provide compelling offers in the competitive Asian logistics industry, primarily in e-commerce fulfillment, hi-tech, and e-mobility.
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List of Key Players in the Freight Forwarding Market
- Kuehne + Nagel International AG
- DB Schenker
- Bollore Logistics
- DHL Global Forwarding
- Nippon Express Co., Ltd.
- DSV Global Transports and Logistics
- The Maersk Group
- C.H. Robinson
- United Parcel Service
- FedEx Corp.
- Walmart Group
- MGF (Manitoulin Global Forwarding)
- Hellmann Worldwide Logistics
- Expeditors International
- Sinotrans India Private Limited
- CEVA Logistics
- Uber Freight LLC*
*List Not Exhaustive
Mordor Intelligence has segmented the Freight Forwarding Market based on the mode of transport, customer type, application, and geography:
- Mode of Transport (Market Size & Forecast based on Value (USD Billion), 2018-2027)
- Air Freight Forwarding
- Ocean Freight Forwarding
- Road Freight Forwarding
- Rail Freight Forwarding
- Customer Type (Market Size & Forecast based on Value (USD Billion), 2018-2027)
- Application (Market Size & Forecast based on Value (USD Billion), 2018-2027)
- Industrial And Manufacturing
- Oil And Gas
- Food And Beverages
- Other Applications
- Geography (Market Size & Forecast based on Value (USD Billion), 2018-2027)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
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