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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Freight forwarding is the shipment and coordination of goods from one destination to another destination via multiple or a single carrier via marine, air, rail or road. The other task of freight forwarder includes warehouse planning, supplying cargo insurance, and others. The global freight forwarding market is segmented on the basis of mode of transport, and services.

Increase in international trade volume transported by air freight and ocean freight is expected to drive the market growth during the forecast period. Freight forwarding industry is highly dependent on the volume of the cargo transported. Therefore, air and ocean freight forwarding companies have to increase their cargo volume in order to fulfil the demand of consumers. For instance, in December 2019, Kuehne + Nagel International AG, a transport and logistics company based in Germany, increased its air cargo volume from 1.5 million air freight metric ton in 2018 to 1.7 million air freight metric ton in 2019 with a growth of 11.02%.

In December 2019, Sinotrans Limited, a logistics company based in Germany, increased its ocean container capacity from 3.3 million twenty-foot equivalent unit (TEU) in 2018 to 3.7 million twenty-foot equivalent unit (TEU) in 2019 with a growth of 11.3%

Global Freight Forwarding Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has significantly disrupted almost all the industries including infrastructure, retail, manufacturing, logistics, and others. To combat COVID-19 pandemic, several governments across the globe such as U.S., France, India and Italy have imposed nationwide lockdown to restrict the spread of COVID-19 disease. For instance, Government of India have imposed lockdown from 1 June to 1 July until the further notice. Owing to the Lockdown, freight transport volumes may be reduced by up to a half by the end of 2020 in most parts of Asia.

Europe is expected to hold dominant position in the global freight forwarding market during the forecast period.

Statistics:

Europe held dominant position in the global freight forwarding market in 2019, accounting for 31.8% share in terms of value, followed by Asia Pacific, and North America.

Figure 1: Global Freight Forwarding Market Share (%), By Region, 2019

Freight Forwarding  | Coherent Market Insights

On the basis of region, Europe was the dominant in the global freight forwarding market in 2019, reporting 31.8% market share in terms of value, followed by Asia Pacific and North America, respectively. The growth of the region is mainly attributed to the presence of major players such as Kuehne + Nagel, DHL, DB Schenker, and Panalpina Inc.

 The Asia Pacific region is witnessing significant growth in the global freight forwarding market. The growth of the region is mainly attributed to the presence of fast-growing economics such as India and China. The fast-growing economies in the region offer growth opportunities, and hence leading companies are focused on merger and acquisition in order to expand their companies’ presence in these economies. For instance, in March 2021, Germany-based global third-party logistics (3PL) services provider, Kuehne+Nagel (K+N), acquired China-based freight forwarder, Apex International Corporation, for US$ 1.5 Billion. The aim of the acquisition to expand its presence Asia region.

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Freight Forwarding Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 204.6 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 5.0% 2028 Value Projection: US$ 277.5 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Mode of Transport: Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, Rail Freight Forwarding
  • By Services: Transportation & Warehousing, Packaging & Documentation, Insurance, Value-added Services (Customs Clearance, Transportation Tracking, and Others)
Companies covered:

Major companies operating in the global freight forwarding are: 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

Growth Drivers:
  • Increase in international trade volume transported by air freight and ocean freight
  • Development of the aviation sector 
Restraints & Challenges:
  • Fluctuations in the currency exchange rates

Among the mode of transport segment, the air freight forwarding segment is expected to dominate the market during the forecast period owing to increasing demand for cross-border e-commerce will significantly influence airfreight forwarding market growth.

The growing e-commerce industry has contributed in augmenting trade activities, thus resulting in growth of the market. According to figures from the United Nations Conference on Trade and Development (UNCTAD), in 2018, 1.45 billion individuals shopped online globally (up 9% from 2017) and e-commerce sales reached US$25.6 trillion (up 8% from 2017).

Figure 2: Global Freight Forwarding Market Value (US$ Bn), 2017 - 2028

Freight Forwarding  | Coherent Market Insights

The global freight forwarding market was valued at US$ 204.6 Bn in 2019 and is expected to reach US$ 277.5 Bn by 2028 at a CAGR of 5.0% between 2021 and 2028.

Freight forwarding is the shipment and coordination of goods from one destination to another destination via multiple or a single carrier via marine, air, rail or road. The other task of freight forwarder includes warehouse planning, supplying cargo insurance, and others. The global freight forwarding market is segmented on the basis of mode of transport, and services.

Market Dynamics

The continuous improvement in the aviation infrastructure has laid a solid foundation for the development of freight forwarding industry. For instance, in December 2020, the government of the U.K. finalized plans of constructing a third runway at the Heathrow International Airport. The new third runway will help the Heathrow Airport to fuel their capabilities, in terms of conducting airport cargo operations. Furthermore, renovation of runways, new construction of terminals, along with new airports are expanding the capacity of airports in order to cater to increasing volume of air cargo. For instance, in March 2019, Jakarta’s Soekarno-Hatta International Airport built 148,000 sq metre cargo facility in Jakarta, Indonesia. The new cargo facility’s volume ramped up from 700,000 tons to 900,000 tons, which is expected to propel the development of freight forwarding industry. Therefore, these factors are expected to propel the Global Freight forwarding Market growth over the forecast period (2021-2028).

Market Taxonomy

This report segments the Global Freight forwarding Market on the basis of mode of transport, services and region. On the basis of mode of transport, the Global Freight forwarding Market is segmented into Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, and Rail Freight Forwarding. On the basis of services, the Global Freight forwarding Market is segmented into Transportation & Warehousing, Packaging & Documentation, Insurance, and Value-added Services (Customs Clearance, Transportation Tracking, and Others). On the basis of region, the Global Freight forwarding Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA).

Key features of the study:

  • This report provides an in-depth analysis of the Global Freight Forwarding Market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2021-2028).
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the Global Freight Forwarding Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Freight Forwarding Market are 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 players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The Global Freight Forwarding Market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Freight Forwarding Market.

Detailed Segmentation:

  •  Global Freight Forwarding Market, By Mode of Transport:
    • Air Freight Forwarding
    • Ocean Freight Forwarding
    • Road Freight Forwarding
    • Rail Freight Forwarding
  • Global Freight Forwarding Market, By Services:
    • Transportation & Warehousing
    • Packaging & Documentation
    • Insurance
    • Value-added Services (Customs Clearance, Transportation Tracking, and Others)
  • Global Freight Forwarding Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa
  • Company Profiles
    • Agility*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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.
    • UPS Supply Chain Solutions

*Browse all the market data tables and figures on “Global Freight Forwarding Market- Forecast to 2028”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Mode of Transport
      • Market Snippet, By Services
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
  4. Global Freight Forwarding Market - Impact of Coronavirus (Covid-19) Pandemic
    • Short Term and Long Term Impact, By Region
      • North America
      • Latin America
      • Europe
      • Asia-Pacific
      • Middle East & Africa (MEA)
    • Short Term and Long Term Impact, By Mode of Transport
      • Air Freight Forwarding
      • Ocean Freight Forwarding
      • Road Freight Forwarding
      • Rail Freight Forwarding
  5. Global Freight Forwarding Market, By Mode of Transport, 2017-2028 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2019 and 2028 (%)
      • Segment Trends
    • Air Freight Forwarding
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
    • Ocean Freight Forwarding
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
    • Road Freight Forwarding
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
    • Rail Freight Forwarding
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
  6. Global Freight Forwarding Market, By Services, 2017-2028 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2019 and 2028 (%)
      • Segment Trends
    • Transportation & Warehousing
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
    • Packaging & Documentation
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
    • Insurance
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
    • Value-added Services (Customs Clearance, Transportation Tracking, and Others)
      • Introduction
      • Market Size and Forecast, 2021–2028, (US$ Billion)
  7. Global Freight Forwarding Market, By Region, 2017-2028  (US$ Billion)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Mode of Transport, 2021–2028 (US$ Billion)
      • Market Size and Forecast, By Services, 2021–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • U.S.
        • Canada
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Mode of Transport, 2021–2028 (US$ Billion)
      • Market Size and Forecast, By Services, 2021–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • Argentina
        • Brazil
        • Mexico
        • Rest of Latin America
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Mode of Transport, 2021–2028 (US$ Billion)
      • Market Size and Forecast, By Services, 2021–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Mode of Transport, 2021–2028 (US$ Billion)
      • Market Size and Forecast, By Services, 2021–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • China
        • India
        • ASEAN
        • Japan
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Middle East & Africa
      • Regional Trends
      • Market Size and Forecast, By Mode of Transport, 2021–2028 (US$ Billion)
      • Market Size and Forecast, By Services, 2021–2028 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2028 (%)
        • GCC Countries
        • South Africa
        • Rest of Middle East & Africa
  8. Competitive Landscape
    • Company Profiles
      • Agility
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Bolloré Logistics
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CEVA Logistics
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • DB Schenker
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • DHL Global Forwarding
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Dimerco
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • DSV Panalpina A/S
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Expeditors International
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hellmann Worldwide Logistics
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kuehne + Nagel International AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • MGF (Manitoulin Global Forwarding)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Nippon Express Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • UPS Supply Chain Solutions
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse market data tables and figures on “Global Freight Forwarding Market-forecast to 2028”

FAQgrowicon

Frequently Asked Questions

The global Freight Forwarding market is expected to reach US$ 205.3 billion by 2022.
The market is expected to witness a CAGR of 5.0% during the forecast period (2021-2028).
Increase in international trade volume transported by air freight and ocean freight, is expected to drive growth of the market during the forecast period.
Air Freight Forwarding segment held the largest market share among type segment, contributing 41.3% in terms of value in 2019.
Europe held the largest share in the market in 2019, accounting for 31.8% share in terms of value.
Major companies operating in the market are: 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.
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