Steady recovery of the global economy, rapid growth in emerging economies, and a technology-driven co-operative supply chain network are among the key factors expected to drive the overall freight forwarding industry. Electric trucks introduced by Tesla and many of the largest retailers announcing pre-orders are paving the way in shifting freight forwarding dynamics. Technology has been the prime driver for change and innovation in freight forwarding and the logistics market. With the E-commerce giant, Amazon entering the freight forwarding market, more companies are expected to enter the market in the near future.
Geographically, the freight forwarding market has been segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa.
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The North America freight forwarding market has expanded in recent years as the demand for industry services has climbed. In addition to this, rising economic activity has bolstered consumer spending, e-commerce sales, and industrial output in the region.
Key freight forwarding players in the Europe market specialize in the movement of cargo across international borders and largely operate in countries including Slovakia, Italy, and Spain.
China, being one of the fastest growing economies, is anticipated to overtake the U.S. and dominate global trade by 2030. New transport corridors are expected to emerge between Asia and Africa, Asia and Latin America, and within the Asian region. India’s freight forwarding market is expected to enjoy considerable opportunities, owing to economic growth and increased international trade.
The LAMEA region is expected to register a high growth rate during the forecast period as the UAE and Dubai have emerged as prominent international trade hubs in the Middle East. The expansion at Jebel Ali in the UAE and Oman’s port of Salalah are among the recent developments attracting freight forwarders in the region.
The freight forwarding market can be segmented by route, end user, and geography.
Based on route, the freight forwarding market can be segmented into air, sea, road, and intermodal. Intermodal freight transport is expected to emerge as the largest contributor in the coming years.
Greenhouse gas emissions and air and water pollution are among the prominent environmental issues faced by the freight industry today. Maritime, one of the cleanest modes of transport due to the carriage of large vessels, is also a large source of air pollution due to the use of bunker fuels with high sulfur content and the relatively old age of vessel fleet and engines.
Based on end-user, the freight forwarding market can be segmented into automotive, industrial and aerospace, retail and consumer, healthcare, and others. The retail and consumer segment is expected to grow at the highest CAGR during the forecast period.
Examples of a few of the key participants operating in the freight forwarding market are Ceva Logistics, DSV Air & Sea, Damco International, Hellmann Worldwide Logistics, DHL Supply Chain & Global Forwarding, Kerry Logistics, Panalpina Inc., DB Schenker Logistics, Pantos Logistics, Expeditors International of Washington, Logwin Logistics, Kuehne+Nagel Inc., UPS Supply Chain Solutions, Orient Overseas Container Line Limited, LF Logistics, Nippon Express, SDV/Bollore Group, Sinotrans Limited, UTI Worldwide, and Yusen Logistics.
Freight Forwarding Market Segmentation
By End User
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