The global freight forwarding market size was US$ 192.5 billion in 2021. The global freight forwarding market size is estimated to reach US$ 276.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2030.
Freight forwarding is the process of organizing, coordinating, and shipping goods from one place to another across international borders through single or multiple carriers. The shipment of the goods occurs via air, land, or sea. The company responsible for organizing the shipment is known as a freight forwarder. Freight forwarders manage the risks and benefits of shipping both nationally and internationally by performing the required tasks such as freight rate negotiations, container tracking, customs documentation, and freight consolidation.
Factors Influencing Market Growth
? The increase in global trade, growth of the e-commerce sector globally, and increase in unrestricted trade agreements between countries drive the overall market expansion.
? The strict emission regulations hinder the overall market growth.
? Technological improvements and cost-cutting and lead time decreased by assuming a multimodal system are elements anticipated to drive the overall market expansion.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. The pandemic has resulted in travel bans, flight cancellations, and the execution of quarantine bars, which made a huge disturbance in the supply chain and logistics actions around the world. The influence of the pandemic has resulted in workforce changes and provisional regulations on the movement of goods. Many countries around the world shut down their borders and restricted travel and transportation to prevent the spread of the coronavirus.
Asia-Pacific is anticipated to have the highest overall market expansion in 2021. This is due to the rising e-commerce sector in arising economies and high government support for the growth of logistics infrastructure driving the expansion of the global market in the region.
The prominent players in the global freight forwarding market are:
? Uber Freight LLC
? Expeditors International of Washington
? Hellmann Worldwide Logistics
? CEVA Logistics AG
? Schenker Deutschland
? Nippon Express
? United Parcel Service of America
? Deutsche Post DHL
The global freight forwarding market segmentation focuses on Service, Mode of Transport, Customer Type, End Use Industry, and Region.
Segmentation on the basis of Service
? Transportation and Warehousing
? Packaging and Documentation
? Value-added Services
Segmentation on the basis of Mode of Transport
? Land Freight Forwarding
? Sea Freight Forwarding
? Air Freight Forwarding
Segmentation on the basis of Customer Type
Segmentation on the basis of End-Use Industry
? Retail and E-Commerce
Segmentation on the basis of Region
? North America
? The U.S.
? Western Europe
? The UK
? Rest of Western Europe
? Eastern Europe
? Rest of Eastern Europe
? Asia Pacific
? Australia & New Zealand
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Rest of South America