Freight forwarding involves the use of transportation such as ships, airplanes, railroads, and trucks to move goods internationally to the required destination. It ensures the safe and timely delivery of goods while simplifying the import and export process for businesses. Freight forwarders play a vital role in trade by organizing shipments, dealing with paperwork, and ensuring compliance with regulations. They provide value-added services like cargo insurance, packaging, and warehousing.

The global Freight Forwarding Market is estimated to be valued at US$ 248.69 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Freight forwarders are increasingly adopting digital solutions like online platforms, shipment tracking, electronic data interchange, and blockchain to enhance efficiency, reduce costs and improve the customer experience. Advanced analytics is being used to optimize operations, manage risks and forecast demand. The use of automation, Internet of Things, artificial intelligence and predictive analytics is further streamlining the supply chain process. Digital transformation initiatives are helping freight forwarders offer innovative services, gain competitive edge, and capture more market share. This rising dependency on technology is one of the major trends driving the freight forwarding market.

Segment Analysis
The global freight forwarding market is dominated by the air freight segment which accounted for over 30% share of the total market in 2023. This is because air freight provides the benefit of fast transportation of goods globally. It is preferred for time-sensitive and high value shipments. However, the sea freight segment is expected to witness higher growth during the forecast period owing to growing preference of companies for cheaper transportation options for non-urgent shipments.

Key Takeaways

The Global Freight Forwarding Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 386.78 Bn by 2030, expanding at a CAGR of 5.0% during the forecast timeline.

Regional analysis: Asia Pacific currently dominates the global market with over 35% share and is expected to continue its dominance during the forecast period. This can be attributed to the growth of export-oriented industries in countries such as China and freight requirements arising from intra-regional trade.

Key players: Key players operating in the freight forwarding market include Agility, Bolloré Logistics, CEVA Logistics, DB Schenker, DHL Global Forwarding, Dimerco, DSV Panalpina A/S, Expeditors International, Hellmann Worldwide Logistics, Kuehne + Nagel International AG, MGF (Manitoulin Global Forwarding), Nippon Express Co., Ltd., and UPS Supply Chain Solutions. The market is moderately consolidated in nature with the top players accounting for over 45% share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it