Freight Forwarding Market is expected to Grow with a CAGR of 5.1% through 2029
Increasing globalization of trade, rising e-commerce activities, and the complexity of supply chains are key drivers fueling growth in the Freight Forwarding Market throughout the forecast period.
According
to TechSci Research report, “Freight Forwarding Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029”,
the Global Freight Forwarding Market was valued at USD 210.6 billion in 2023 and is expected to reach USD 286.40 billion by 2029 with a CAGR of 5.1% during the forecast period. The rapid growth of e-commerce has had a profound impact on the Freight Forwarding Market. With the surge in online shopping, there is an increasing demand for efficient and cost-effective logistics solutions, particularly in last-mile delivery. Freight forwarders are adapting their services to cater to the unique requirements of e-commerce businesses, including smaller shipment sizes, faster delivery times, and enhanced tracking capabilities. They are leveraging technology to optimize warehouse management, inventory control, and final-mile delivery logistics. Additionally, the e-commerce boom has spurred collaborations between freight forwarders and online marketplaces to streamline supply chain operations and meet consumer expectations for seamless, reliable delivery services.
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Based on the mode
of transport, the Road Freight Forwarding segment held the largest Market share
in 2023. The Freight Forwarding Market, specifically within the Road Freight
Forwarding segment, is experiencing robust growth driven by several key
factors. One of the primary drivers is the increasing globalization of trade,
which has significantly amplified the demand for efficient and reliable road
transportation services. As businesses expand their supply chains across
borders, the need for seamless logistics solutions to manage the movement of
goods has never been greater. This trend is further accelerated by the rise in
e-commerce, which necessitates rapid and flexible delivery options to meet
consumer expectations for quick turnaround times and high service levels.
Additionally, advancements in technology, such as GPS tracking, real-time data
analytics, and automation, have enhanced the efficiency and visibility of road
freight operations, making them more attractive to businesses looking to
optimize their supply chains. These technologies facilitate better route
planning, real-time monitoring of shipments, and improved inventory management,
thereby reducing costs and enhancing service quality.
Furthermore, regulatory
developments, including stricter safety and environmental regulations, are
pushing freight forwarders to adopt greener and more sustainable practices.
Compliance with these regulations not only helps in avoiding fines and
penalties but also enhances the reputation of logistics providers as
responsible and environmentally conscious businesses. The growing emphasis on
sustainability is driving innovations in the development of fuel-efficient
vehicles, the use of alternative energy sources, and the implementation of
eco-friendly logistics solutions. Moreover, the expansion of trade agreements
and the reduction of trade barriers in various regions are fostering a more
integrated global market, further boosting the demand for road freight
forwarding services. The increasing complexity of supply chains, coupled with
the need for end-to-end visibility and control, is also driving businesses to
seek out comprehensive logistics solutions that encompass warehousing,
distribution, and value-added services alongside traditional transportation.
This shift towards integrated logistics solutions is encouraging freight
forwarders to invest in technology and infrastructure to offer seamless,
end-to-end services that can cater to the diverse needs of their clients.
Additionally, the growth of industries such as automotive, consumer goods,
pharmaceuticals, and technology is contributing to the demand for specialized road
freight forwarding services tailored to the specific requirements of these
sectors. The need for speed, reliability, and safety in transporting goods in
these industries is propelling advancements in logistics solutions, thereby
driving the expansion of the road freight forwarding market. In summary, the
Freight Forwarding Market in the Road Freight Forwarding segment is
experiencing significant growth, fueled by globalization, e-commerce expansion,
technological advancements, regulatory pressures, and the need for sustainable
and integrated logistics solutions. These drivers collectively enhance the
efficiency, reliability, and competitiveness of road freight forwarding
services, positioning them as a critical component of global supply chains.
In region, North America is poised to emerge as the fastest-growing segment in the automotive cloud market, driven by rapid advancements in connected vehicle technologies and increasing adoption of cloud-based solutions by automakers in the region. The growing demand for advanced driver-assistance systems (ADAS), in-car infotainment, and vehicle telematics is fueling the integration of cloud platforms to enhance real-time data analytics and improve the overall driving experience. Additionally, a strong presence of leading technology providers and automakers in the region, combined with significant investments in cloud infrastructure and 5G connectivity, is accelerating innovation in the automotive sector. Government initiatives supporting smart transportation systems and data privacy regulations further propel the adoption of automotive cloud solutions in North America, making it a key growth hub in the global market.
Major
companies operating in the Global Freight Forwarding Market are:
- Kuehne + Nagel International AG
- Schenker AG
- CMA CGM Group
- DHL Group
- Nippon Express Co., Ltd.
- Allcargo Logistics Ltd.
- C.H. Robinson Worldwide, Inc.,
- Hellmann Worldwide Logistics SE & Co. KG
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“The
Global Freight Forwarding Market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The Freight Forwarding
Market is capitalizing on globalization, expanding e-commerce, and
optimizations in supply chains. As businesses scale globally, the demand for
efficient logistics services has surged, particularly in managing international
shipments and meeting delivery expectations driven by e-commerce growth.
Innovations in technologies like IoT and blockchain are enhancing operational
efficiency, visibility, and tracking capabilities within logistics.
Furthermore, shifting trade policies and agreements globally are opening up new
markets and opportunities for freight forwarders to navigate and expand their
service offerings. These factors collectively underscore a robust growth
trajectory for the freight forwarding industry, poised to meet evolving
customer demands and capitalize on emerging global markets. Therefore, the
Market of Freight Forwarding is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Freight Forwarding Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Mode of Transport (Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, and Rail Freight Forwarding), By Customer Type (B2C and B2B), By Application (Industrial & Manufacturing, Retail, Healthcare, Oil & Gas, Food & Beverages, and Others), By Region, By Competition, 2019-2029F”, has evaluated the future growth
potential of Global Freight Forwarding Market and provides statistics &
information on the Market size, structure, and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Freight Forwarding Market.
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