Freight forwarding involves strategic logistics planning and execution of international and domestic goods along with freight rate negotiations, container tracking, and customs documentation. The last five years have seen a rapid and a sustained period of digitalisation in the global freight forwarding market. Many start-ups have entered the market to tackle inefficiencies in the forwarding process while large freight global forwarders have also rapidly embraced technology and revolutionised their business models in response. Additionally due to Covid-19, freight forwarders are looking forward towards adoption of advanced technology and digital services to provide better services.
In terms of revenue, global freight forwarding market was valued at US$ 169.66 Bn in 2020 growing at a CAGR of 5.2% over the forecast period (2021 – 2030).
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According to Absolute Markets Insights report, air freight mode is estimated to grow at the fastest rate during 2021-2030 period in the global freight forwarding market. The global volume of air freight has increased rapidly over the recent years with freight volumes reaching 61.3 million metric tons in 2019, the reason being the rising volumes of air freight due to free trade agreements worldwide. The international trade agreements have great value as they help eliminate trade barriers to trade such as tariffs, quotas and protective subsidies. Air freight is among the traditional logistics service mode, wherein the services providers are increasingly investing to procure optimum benefits associated with the prevalent opportunities. One of the most major impact of the growth of e-commerce is the rise in use of air-cargo. B2C air shipments are being increasingly adopted because of speed of delivery supporting timely availability of the product. According to a study by International Air Transport Association (IATA), it was highlighted that e-commerce represented 15% of air cargo volumes in 2019 and is predicted to continuously keep growing. The trend has accelerated during the COVID-19 pandemic, wherein partial leverage was provided for freight operations, specifically for the movement of essential commodities across international borders.
According to AMI, logistics design in the global freight forwarding market is expected to witness highest growth during the 2021-2029 period. Freight forwarders and industries at large are highly relying on various logistics design services for their freight forwarding operations, which includes economic packaging, standardization including product designing, so as to reduce logistics costs and ensure economies of scale. For instance, HP Printer involved the package engineering and logistics team in product design phase to help devise strategies to reduce cost of packaging, shipping and warehousing. The packaging team carried out a research on ideal product size and strength. It found that HP could save a lot of money if the product length was less than 19 inches, product is strong enough to handle 50g shock at a certain specified velocity and the media trays are made customer installable. Companies are also providing logistics design solutions and software for effective manufacturing, supply chain models and warehouse management, which is aiding the market growth.
Some of the players operating in the freight forwarding market are 1st European Logistics, A.P. Moller – Maersk, Ceva Logistics, DB Schenker, DGH Log & Sped, DHL, DSV, Expeditors International of Washington, Inc., GEODIS, Hellman Worldwide Logistics, Hitachi Transport System, Ltd., KERRY LOGISTICS NETWORK LIMITED., Kuehne+Nagel, NeoWorld, and United Parcel Service of America, Inc. amongst other market participants.
Global Freight Forwarding Market:
- By Freight Mode
- By Services
- Customs Clearance and Brokerage
- Storage and Packaging
- Inventory Management
- Booking Management
- Carrier Management
- Logistics Design
- By Delivery
- By Regional Coverage
- By End User
- Oil and Gas
- Pharmaceutical and Healthcare
- Retail & E-Commerce
- By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America