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.
Overview
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.
Market Dynamics
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.
To know the latest trends and insights prevalent in Global Freight Forwarding Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/freight-forwarding-market-4464
Browse 150 market data tables* and 90 figures* on “Global Freight Forwarding Market” - Global forecast to 2027
Key Trends and Analysis of the Global Freight Forwarding Market:
- Among the mode of transport, in year 2020, the air freight forwarding segment holds the highest market share, and is expected to retain its market share over the forecast period. The segment is driven by increasing demand for cross-border e-commerce will significantly influence airfreight forwarding market growth.
- 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.
Competitive Section
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
Segmentation
Market Taxonomy:
- 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)
- By Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
