Global Freight Forwarding Market, By Mode of Transport (Air Freight Forwarding, Ocean Freight Forwarding, Road Freight Forwarding, and Rail Freight Forwarding), By Services (Transportation & Warehousing, Packaging & Documentation, Insurance, and Value-added Services (Customs Clearance, Transportation Tracking, and Others)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2028, is expected to be valued at US$ 277.5 billion by 2028, exhibiting a CAGR of 5.0% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
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.
The Global Freight Forwarding Market was accounted for US$ 204.6 Bn in terms of value in 2019 and is expected to grow at a CAGR of 5.0% for the period 2021-2028.
The players in the global freight forwarding market are focusing on merger and acquisition in order to attract new customers and enhance its global presence. For instance, in October 2020, DSV Panalpina A/S, a transport and logistics company, acquired Prime Cargo from Mitsui-Soko Group in Japan. The acquisition of Prime Cargo offers new opportunities for the company and its customers.
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.
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Major companies operating 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
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