Freight Forwarding Market Share is Poised to Grow by USD 243.19 Billion by 2030

The Freight Forwarding Market Share was valued at USD 192.44 Billion in 2023 and is projected to reach USD 243.19 Billion by 2030, growing at a CAGR of 3.4% from 2023 to 2030. The latest growth is fueled by rising cross border trade operations and increasing implementation of advanced technologies in warehousing

Drivers & Opportunities for the Growth of the Market

The growth of international trade agreements has increased the amount of goods crossing between borders, in turn increasing the need for good freight forwarding services. Furthermore, artificial intelligence (AI) solutions in logistics are revolutionizing the industry via route optimization, predictive analytics, real-time tracking, greater operational efficiency, and reduction in costs.

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Segmentation Analysis

Based on the mode of transport, application, customer type, service, and region, the freight forwarding market is divided.

by Mode of Transport–air, ocean, rail, and road transport. Ocean freight forwarding occupies a large market share owing to its cost-effectiveness for bulk transfers when compared to air freight, whereas air freight forwarding is preferred for time-sensitive & high-value goods.

by Form: Based on form, the market is bifurcated into on-premises and cloud Applications: On the basis of application, it is segmented into industrial & manufacturing, retail, healthcare, media & entertainment, military, oil & gas, food & beverages, and others The market is being dominated by the industrial and manufacturing sector owing to the global distribution of raw materials and finished products.

by Customer Segment: You have B2B as well as B2C market. The B2B market takes the lion's share, thanks to widespread trade networks and complicated supply chains that need specialized freight services.

by Service: This includes transportation and warehousing, packaging and documentation, insurance, and value-added services Transportation and warehousing — largest segment, as the storage and handover of commodities is a necessity.

Regional Insights

The global market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific: Thanks to fast industrialization, growing manufacturing, and rising trade volumes, particularly of bulk ingredients, the Asia Pacific is expected to grow rapidly.

In North America, the market share is significant due to established logistics at this place and major players highlighting the same.

Europe: Due to established trade connections and developed transportation infrastructure, the freight forwarding market has grown in this region.

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Competitor Analysis

Well-known companies in the freight forwarding market are engaging in mergers and acquisitions to strengthen their market presence. Some representative companies in this sector are as follows:

Kuehne + Nagel International AG: Considered a leading global logistics provider, Kuehne + Nagel is another large freight-forwarder with cross-dimensional offerings.

DHL Global Forwarding: provides integrated air and ocean freight solutions worldwide.

DB Schenker: Part of the German rail operator Deutsche Bahn AG, DB Schenker provides extensive supply chain management and logistics services.

Expeditors International: An American logistics company, Expeditors offers bespoke solutions for air and ocean freight forwarding.

Sinotrans Limited: Sinotrans is a China-based full-service logistics service provider that provides customers with freight forwarding and logistics services.

These firms are relying on technological developments and partnerships that help to fortify their market presence whilst meeting the changing demands of world trade.

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Conclusion

Increasing international trade along with the technological innovation will result in steady growth of global freight forwarding market. With businesses increasingly penetrating international markets, the freight forwarding market is also expected to grow with the expansion and this would offer lucrative opportunities.

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Sea Freight Forwarding Market https://www.maximizemarketresearch.com/market-report/sea-freight-forwarding-market/189142/ 

Air Freight Market https://www.maximizemarketresearch.com/market-report/air-freight-market/213879/ 

Road Freight Transportation Market https://www.maximizemarketresearch.com/market-report/global-road-freight-transportation-market/79258/ 

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