Global Freight Forwarding Market Research Report 2024

Freight Forwarding Market

Freight forwarders, also known as non-vessel operating common carriers, are agents that arrange shipments for industries from manufacturers to the final destination. Forwarders have contracts with shipping line carriers to move cargo. This provides help them offer a secure network of movement of cargo at low prices.

The global Freight Forwarding market was valued at US$ 386.7 million in 2023 and is anticipated to reach US$ 559.6 million by 2030, witnessing a CAGR of 5.5% during the forecast period 2024-2030.

Freight Forwarding Market Trends

The increase in international trade and the ongoing trend of globalization are closely linked to the growth of the goods-forwarding market. The need for goods moving services has increased as companies look to enter new markets and connect to worldwide supply chains. The ability of goods forwarders to navigate the complexities of international logistics and compliance regulations is crucial in facilitating the transfer of products across borders. The goods forwarding market has grown tremendously as a result of the rapid growth of e-commerce. Cross-border shipments have increased as a result of the growth of online retail, as customers want prompt and dependable delivery of items from all over the world. In order to manage the transportation of these commodities, guarantee on-time delivery, and maximize energy.

The usage of digital platforms, data analytics, and automation, among other technological developments in logistics, is propelling the expansion of the goods forwarding market. The process of goods forwarding is streamlined by digitalization, which also improves operational efficiency by optimizing routes and offering real-time visibility into shipments. In addition to enhancing the client experience, these technologies let freight forwarders provide more flexible and affordable services. Enterprises are increasingly depending on expert goods moving services due to the growing recognition of supply chain weaknesses and the requirement for risk reduction tactics. The expertise that goods forwarders provide in risk assessment, route optimization, and contingency planning helps to strengthen the resilience of the supply chain.

Businesses involved in cross-border trade face difficulties due to the frequent modifications of international trade legislation and compliance requirements. A crucial part of managing these intricacies is for goods forwarders to make sure that shipments adhere to the most recent rules. The ever-changing restrictions governing international trade generate a constant need for the knowledge and experience offered by goods-forwarding companies. Businesses that have implemented just-in-time inventory practices are depending more on effective freight forwarding services. By acquiring items as needed, businesses aim to reduce the costs associated with maintaining inventory. In order to achieve strict delivery deadlines, goods forwarders optimize transportation routes, cut down on transit times, and guarantee a seamless flow of goods.

Freight Forwarding Market Share

Because of the strong industrial sectors in nations like China, Japan, and South Korea, the Asia-Pacific area is notable as a significant hub for the goods forwarding market. The need for goods forwarding services is greatly fueled by the region's role as a major player in international trade as well as the rise in e-commerce activity. Asia-Pacific is now at the forefront of the goods forwarding sector thanks to its growing economy and rising exports.

Report Metric	Details
Report Name	Global Freight forwarding Market
Base Year	2023
Forecasted years	2024-2030
By Company	DSV Deutsche Post DHL Group Kuehne + Nagel DB Schenker Sinotrans Expeditors International NIPPON EXPRESS UPS Supply Chain Solutions Hellmann Worldwide Logistics Panalpina C.H. Robinson Worldwide CJ Korea Express DACHSER Dimerco GEODIS Bollore Logistics
Segment by Type	Packaging Documentation Transportation and warehousing VAS (Value-added services)
Segment by Application	Airfreight Forwarding Rail Freight Transportation Sea Freight Forwarding
Consumption by Region	North America (United States, Canada) Europe (Germany, France, UK, Italy, Russia) Asia-Pacific (China, Japan, South Korea, Taiwan) Southeast Asia (India) Latin America (Mexico, Brazil)
Forecast units	USD million in value
Report coverage	Revenue and volume forecast, company share, competitive landscape, growth factors and trends