Freight Forwarding Market To Reach $285.60 Billion By 2030

Freight Forwarding Market Growth & Trends

The global freight forwarding market size is expected to reach USD 285.60 billion by 2023, registering a CAGR of 4.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Globalization has been a pivotal force driving the expansion of the freight forwarding industry. As businesses extend their reach beyond national borders and engage in international commerce, there has been a significant increase in the need for efficient and reliable freight forwarding services. This heightened demand can be largely attributed to companies sourcing raw materials, components, and finished products from multiple countries while also catering to a global customer base. This worldwide growth and integration of business operations underline the vital role played by freight forwarders in efficiently handling the complex logistics of international trade.

Online retail businesses acquire goods from a worldwide network of manufacturers to provide customers with various products. Freight forwarding holds a pivotal position in orchestrating the movement of these goods, guaranteeing their smooth transition from the manufacturer's base to the online retail firm's distribution hubs or storage facilities. This entails managing the intricate aspects of international shipping, customs processes, and legal requirements, which can significantly differ between countries. Additionally, online retail firms often need to disseminate products to customers across the globe, necessitating a sophisticated approach to worldwide supply chain management. Logistics intermediaries are indispensable collaborators in devising transportation routes, opting for the most suitable modes of transport (whether by air, sea, or land), and overseeing the logistics processes necessary for delivering goods to customers' residences.

The freight forwarding industry experienced a significant impact from the COVID-19 pandemic, affecting immediate operations and potentially influencing longer-term trends. One of the most immediate and noteworthy outcomes was the disruption of global supply chains. Measures like lockdowns, factory closures, and movement restrictions disrupted the worldwide flow of goods, creating substantial challenges for professionals in freight forwarding. They had to swiftly adjust and find alternative routes and modes of transportation to maintain cargo movement, frequently encountering unexpected delays and congestion. Additionally, the pandemic triggered a notable change in the demand for various commodities. There was a surge in demand for essential items like medical supplies and personal protective equipment (PPE). In contrast, the demand for non-essential goods like fashion and luxury items declined.

 Request a free sample copy or view report summary: Freight Forwarding Market Report

Freight Forwarding Market Report Highlights

• Based on mode of transport, the road segment is expected to witness substantial growth with a CAGR of 4.4% on account of its accountability and accessibility. Road transportation can access a wide range of locations, even reaching remote areas where alternative modes might not be as feasible

• Based on customer type, the B2C segment is expected to be a key segment, exhibiting the highest CAGR over the forecast period. Consumer behavior has shifted substantially recently, with many expecting quick and convenient delivery options. This change has put immense pressure on logistics companies to adapt and offer services tailored to the B2C market

• Based on service, the value-added services segment is expected to dominate the market in the upcoming years, and it is expected to retain its dominance throughout the forecast period owing to its integration of advanced technologies into logistics operations

• Europe is anticipated to register a higher CAGR over the forecast period. Intermodal transport has gained prominence in European logistics. This approach involves using multiple modes of transportation, such as road, rail, sea, and air, to move goods efficiently

Freight Forwarding Market Segmentation

Grand View Research has segmented the global freight forwarding market based on mode of transport, customer type, service, application, and region:

Freight Forwarding Mode of Transport Outlook (Revenue, USD Million, 2017 - 2030)

• Road

• Maritime

• Rail

• Air

Freight Forwarding Customer Type Outlook (Revenue, USD Million, 2017 - 2030)

• B2B

• B2C

Freight Forwarding Service Outlook (Revenue, USD Million, 2017 - 2030)

• Transportation & Warehousing

• Value-added Services

• Packaging

• Others

Freight Forwarding Application Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce

• Healthcare

• Food & Beverages

• Media & Entertainment

• Industrial & Manufacturing

• Oil & Gas

• Others

Freight Forwarding Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • KSA

  • UAE

  • South Africa

List of Key Players in the Freight Forwarding Market

• Kuehne+Nagel

• Deutsche Post AG

• DB Schenker

• Expeditors International of Washington, Inc.

• CEVA Freight forwarding

• DSV

• FedEx

• Uber Technologies, Inc.

• United Parcel Service of America, Inc.

• NIPPON EXPRESS HOLDINGS