Freight Forwarding Market is expected to Exhibit a CAGR of 4.1% during The Forecast Period (2021 - 2028) with Revenue Growth up to US$ 277.5 BN

 

Freight Forwarding

The shipping and coordinating of goods between two locations using a number of or a single carrier through maritime, air, rail, or road is known as freight forwarding. Planning for the warehouse, providing cargo insurance, and other duties are also performed by freight forwarders. On the basis of modes of transportation and services, the global freight forwarding market is divided into segments.

During the projected period, an increase in the amount of international trade being transported by air freight and ocean freight is anticipated to fuel Freight Forwarding Market expansion. The amount of cargo transported greatly influences the freight forwarding sector. As a result, in order to satisfy consumer demand, air and ocean freight forwarding businesses must expand the volume of their cargo.

According To Coherent Market Insights, The Global Freight Forwarding Market Was Valued At US$ 204.6 Bn In 2019 And Is Expected To Reach US$ 277.5 Bn By 2028 At A CAGR Of 5.0% Between 2021 And 2028.

The volume of international trade is increasing, and this is a key market driver for Freight Forwarding Market. Additionally, the industry is expanding as a result of the increase in international trade agreements. Global exports of intermediate goods (IGs) increased in the third quarter of 2021, with a significant increase in the trade of medical products and metal products across all regions, according to data from the World Trade Organization (WTO).

The total volume of global merchandise trade increased by 8.0% in 2021. Global trade exposes consumers and nations to products and services that are either unavailable or more expensive domestically. According to the International Air Transport Association (IATA) in January 2021, the manufacturing and e-commerce sectors support the business, particularly the air freight forwarding market.

The Freight Forwarding Market has grown as a result of the e-commerce industry's quick expansion, which has led to an increase in trade activities and the requirement for a well-organized supply chain and logistics to ensure a seamless end-to-end movement of goods. The freight forwarding industry has changed as a result of technological advancements like the Internet of Things (IoT) in freight forwarding systems.

Pharmaceutical trade climbed in 2020, making for 2.2% of all trade in commodities valued at USD 616 billion in 2021. Market share for medical equipment is 0.78% and is worth USD 216 billion. Cars are the most traded product, with Germany holding a 19.3% market share and an estimated export value of USD 122.3 billion in 2021. Japan came in second with a market share of 12.8% and a value of USD 80.9 billion during the same time.

Major Companies Operating In The Global Freight Forwarding Are: Agility, Bolloré Logistics, CEVA Logistics, DB Schenker, DHL Global Forwarding, Dimerco, DSV Panalpina A/S, Expeditors International, Hellmann Worldwide Logistics, Kuehne + Nagel International AG, MGF (Manitoulin Global Forwarding), Nippon Express Co., Ltd., and UPS Supply Chain Solutions

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