Summary

Overview
Global Freight Forwarding Market reached US$ 175.1 billion in 2023 and is expected to reach US$ 245.2 billion by 2031, growing with a CAGR of 4.3% during the forecast period 2024-2031.
The freight forwarding market is expected to be driven by the growing demand for air freight. Customer demand is driving an increasing trend toward omnichannel approaches. Airlines are seeing the importance of expanding their operations outside typical airport-to-airport routes and airlines and other stakeholders are already seeing the benefits of providing end-to-end assistance. As this trend continues, agreements between airlines and shippers are expected to grow.
In accordance to the International Air Transport Association, the air freight industry increased by 20.7% in July 2023 compared to the previous month, continuing its steady expansion from February 2023. However, compared to July 2022, the industry's cargo Tons kilometers fell by 0.8%, putting it 0.3% below July 2022 and 3.7% below the pre-crisis level of 2019. The year-on-year increase in cargo Tons kilometers globally is partially due to the surge arising from the lower base year in 2022.
In 2023, Asia-Pacific is expected to be hold about 1/4th of the global freight forwarding market. Cross-border trade has played an important role in driving this growth. Countries in Asia-Pacific have actively participated in cross-border trade, which has been aided by a variety of trade agreements and economic alliances. Notably, China's Belt and Road Initiative has considerably improved trade connectivity, resulting in increased demand for cross-border freight forwarding services.
Dynamics
Rising E-Commerce Across the World
The development of e-commerce has changed consumer buying patterns and supply chain dynamics, resulting in increased demand for freight forwarding services. E-commerce platforms allow businesses to access clients all over the world, increasing the demand for efficient and dependable logistics solutions to manage inventories, process orders and deliver goods to end-users. Freight forwarders play an important role in offering end-to-end logistics solutions adapted to the needs of e-commerce companies.
The Indian Brand Equity Foundation or IBEF, predicts that by 2024, the country's e-commerce market would be worth US$ 111 billion and by 2026, US$ 200 billion. The growing popularity of e-trade and package shipping has resulted in a greater demand for efficient freight forwarding services to get items from manufacturers to clients globally.
Growing Demand for Air Freight
The air cargo industry is the backbone of global commerce, facilitating the transfer of commodities and integrating businesses globally. Air freight is increasing dramatically as the global economy grows, consumer demands change and technology advances. Cross-border trade is the key engine of market expansion, which is likely to accelerate in the future years. As global trade increases, so does the demand for efficient international shipping.
In August 2023, China's Shenzhen Bao'an International Airport saw a twofold rise in cross-border e-commerce from January to July, with more growth expected in the remaining five months when cargo aircraft were added to the airport's operations. SBI transported 93,000 tons of international e-commerce in seven months, with a 101% growth over the same period previous year.
Regulatory and Infrastructure Challenges
Freight forwarding entails managing complex international legislation and trade compliance requirements. Advances in customs regulations, tariffs and trade policies can lead to uncertainty and increased administrative requirements for freight forwarders. Compliance with various legal frameworks across countries and regions complicates freight operations and can reduce efficiency and cost-effectiveness.
Inadequate transportation infrastructure, such as ports, roads, trains and airports, can reduce the efficiency and capacity of freight forwarding operations. Infrastructure flaws such as congestion, outmoded facilities and insufficient connectivity can cause delays, bottlenecks and higher transportation costs. Addressing infrastructure restrictions involves significant investments and collaboration between governments, transportation authorities and industry parties.
Segment Analysis
The global freight forwarding market is segmented based on service, mode of transport, customer, end-user and region.
Rising Supply Chain Complexity Drives the Segment Growth
Industrial and manufacturing are expected to be the dominant segment with over 30% of the market during the forecast period 2024-2031. Industrial and manufacturing enterprises usually operate on a globally scale, needing efficient freight forwarding solutions to manage raw material acquisition, handle production process complexities and deliver completed products to varied markets.
Furthermore, the implementation of Just-in-Time manufacturing processes has strongly benefited the expansion of this industry. Manufacturers are increasingly using JIT concepts to save inventory expenses. The strategy relies on the timely and precise supply of raw materials and components, which puts significant demands on freight forwarding services to ensure a smooth and fast transit procedure.
Geographical Penetration
Growing Trade and E-commerce in North America
North America is the dominant region in the global freight forwarding market covering about 30% of the market. With its expanding economic system that includes U.S., Canada and Mexico, North America dominates the freight forwarding business. U.S. and other North American countries are well-known for their excellent innovation hubs and technological infrastructure. It supports the enhancement and implementation of digital freight forwarding systems.
North America has a robust e-commerce business. According to a Digital Commerce 360 examination of U.S. Department of Commerce data, e-commerce will account for 22.0% of all retail sales in U.S. by 2023. In terms of penetration, that equates to 21.2% in 2022. Digital platforms provide streamlined logistics solutions that meet the objectives of e-trade enterprises, driving demand for efficient freight forwarding services.
Competitive Landscape
The major global players in the market include Kuehne+Nagel, Deutsche Post AG (DHL Group), DB SCHENKER, Expeditors International of Washington, Inc., CEVA Logistics, DSV, FedEx, Uber Technologies, Inc., United Parcel Service of America, Inc. and NIPPON EXPRESS HOLDINGS.
COVID-19 Impact Analysis
The frequency of unfavorable incidents has highlighted the significance of flexible and robust supply networks in the freight forwarding industry. Supply networks have been frequently tested in recent years as a result of the ongoing COVID-19 outbreak. The epidemic has altered people's spending habits, increasing demand for delivery services and online shopping, resulting in increased use of mobile payment.
It refers to the increased volume of road freight transportation during the outbreak, as well as the strong demand for supplies. The pandemic generates additional consumer demand and the popularity of China's mobile payment system encourages these consumption patterns, increasing road freight travel. Furthermore, this effect is more evident with lower levels of gasoline output.
AI Impact Analysis
AI has the potential to transform the freight forwarding sector in a number of ways. AI can automate and optimize numerous processes using data analytics and machine learning, resulting in higher efficiency, cost savings and better decision-making. AI-powered technologies provide real-time shipment tracking and monitoring, predictive demand forecasting, intelligent route planning and dynamic pricing.
The features enable freight forwarders to provide their customers greater visibility, transparency and agility. Digital freight forwarders use technology to streamline operations, provide seamless online experiences and improve customer service. Digital forwarders reduce the complexity of international trade by digitizing procedures, automating documentation and offering real-time shipment visibility.
Russia-Ukraine War Impact
The conflict has produced new challenges for global supply chain networks globally. The violence serves as a catalyst, worsening existing supply chain issues. On the one hand, the fighting has caused a slowdown in Russia's commodity exports. On the other hand, Ukraine's shortage of raw materials and components has a direct impact on companies in Germany and Japan.
More than 300,000 containers were transported by rail from China to the EU in the first six months of 2021. However, in order to avoid entering Russia, freight forwarders have ceased accepting these bookings. To bypass this region, freighters traveling across Russia and Ukraine take a longer route through Middle East. Freight forwarders located in Europe have ceased business in Russia and Ukraine. Forwarders might expect shipping using different routes in the future.
By Service
• Transportation and Warehousing
• Packaging and Documentation
• Value-added Services
By Mode of Transport
• Land Freight Forwarding
• Sea Freight Forwarding
• Air Freight Forwarding
By Customer
• B2B
• B2C
By End-User
• Retail and E-Commerce
• Industrial & Manufacturing
• Healthcare
• Automotive
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Russia
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• In June 2023, Kuehne+Nagel, a globally logistics company, has agreed to buy Morgan Cargo, a leading South African, UK and Kenyan freight forwarder. The acquisition increases the company's perishables logistics service offering while enhancing connection for customers to and from South Africa, UK and Kenya, which includes cutting-edge cold chain capabilities.
• In April 2023, DHL Global Forwarding has signed an MoU with Turkish Cargo to expand its operations to SMARTIST, Turkish Cargo's cargo facility at Istanbul Airport. The deal strengthens both the company's operational efficiencies and further boosts Istanbul's position as a logistics hub for the world.
Why Purchase the Report?
• To visualize the global freight forwarding market segmentation based on service, mode of transport, customer, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of freight forwarding market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global freight forwarding market report would provide approximately 70 tables, 63 figures and 205 pages.
Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Service
3.2. Snippet by Mode of Transport
3.3. Snippet by Customer
3.4. Snippet by End-User
3.5. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Rising E-Commerce Across the World
4.1.1.2. Growing Demand for Air Freight
4.1.2. Restraints
4.1.2.1. Regulatory and Infrastructure Challenges
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID
6.1.2. Scenario During COVID
6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Service
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
7.1.2. Market Attractiveness Index, By Service
7.2. Transportation and Warehousing*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Packaging and Documentation
7.4. Value-added Services
8. By Mode of Transport
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Mode of Transport
8.1.2. Market Attractiveness Index, By Mode of Transport
8.2. Land Freight Forwarding*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Sea Freight Forwarding
8.4. Air Freight Forwarding
9. By Customer
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Customer
9.1.2. Market Attractiveness Index, By Customer
9.2. B2B*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. B2C
10. By End-User
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.1.2. Market Attractiveness Index, By End-User
10.2. Retail and E-Commerce*
10.2.1. Introduction
10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Industrial & Manufacturing
10.4. Healthcare
10.5. Automotive
10.6. Others
11. By Region
11.1. Introduction
11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
11.1.2. Market Attractiveness Index, By Region
11.2. North America
11.2.1. Introduction
11.2.2. Key Region-Specific Dynamics
11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Mode of Transport
11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Customer
11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.2.7.1. U.S.
11.2.7.2. Canada
11.2.7.3. Mexico
11.3. Europe
11.3.1. Introduction
11.3.2. Key Region-Specific Dynamics
11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Mode of Transport
11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Customer
11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.3.7.1. Germany
11.3.7.2. UK
11.3.7.3. France
11.3.7.4. Italy
11.3.7.5. Russia
11.3.7.6. Rest of Europe
11.4. South America
11.4.1. Introduction
11.4.2. Key Region-Specific Dynamics
11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Mode of Transport
11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Customer
11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.4.7.1. Brazil
11.4.7.2. Argentina
11.4.7.3. Rest of South America
11.5. Asia-Pacific
11.5.1. Introduction
11.5.2. Key Region-Specific Dynamics
11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Mode of Transport
11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Customer
11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.5.7.1. China
11.5.7.2. India
11.5.7.3. Japan
11.5.7.4. Australia
11.5.7.5. Rest of Asia-Pacific
11.6. Middle East and Africa
11.6.1. Introduction
11.6.2. Key Region-Specific Dynamics
11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Mode of Transport
11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Customer
11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
12. Competitive Landscape
12.1. Competitive Scenario
12.2. Market Positioning/Share Analysis
12.3. Mergers and Acquisitions Analysis
13. Company Profiles
13.1. Kuehne+Nagel*
13.1.1. Company Overview
13.1.2. Product Portfolio and Description
13.1.3. Financial Overview
13.1.4. Key Developments
13.2. Deutsche Post AG (DHL Group)
13.3. DB SCHENKER
13.4. Expeditors International of Washington, Inc.
13.5. CEVA Logistics
13.6. DSV
13.7. FedEx
13.8. Uber Technologies, Inc.
13.9. United Parcel Service of America, Inc.
13.10. NIPPON EXPRESS HOLDINGS
LIST NOT EXHAUSTIVE
14. Appendix
14.1. About Us and Services
14.2. Contact Us