Press Release

The freight forwarding market was valued at US$ 180.4 Bn in 2021 and is projected to reach US$ 251.1 Bn by 2030, at a CAGR of 5.1%.

The growing demand for less expensive shipping, as well as the ability to identify customer demands and respond quickly with logistical services, are driving the rise of the freight forwarding sector. Furthermore, the expansion of international trade agreements contributes to the growth of the freight forwarding sector. In addition, the rapid rise and acceptance of e-commerce, the rising incidences of inter-country trade, and the rising need for low-cost trade solutions from a variety of users are expected to propel the freight forwarding industry forward. However, the rising number of cases of nearshoring industrial operations around the world, which is expected to result in a lack of acceptability of trade activities, is expected to stifle growth.

Companies are under constant pressure to cut expenses and improve operational efficiency. International investors are becoming more interested in mergers and acquisitions in the ASEAN logistics business as a result of investment shifts and diversification of global supply chains. Because of the increased business and trade operations in the ASEAN region, global logistics companies have been expanding. As a result, the sector's investment potential has grown as well. For instance, DHL Global Forwarding has introduced a specialised 100-ton weekly air freight service in April 2020.

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The ocean segment accounted largest market share in 2020 due to the rising internet penetration, rising purchasing power parity, infrastructural upgrades (new technology ports, containers, and ships), and services tailored specifically for the e-commerce business. Various end-user industries choose sea freight forwarding, and several strategic alliances are expected to boost sea freight forwarding growth during the projected period. The documentation segment accounted largest market share in 2020 due to the market expansion is aided by trends such as the rising demand for integrated services. In general, freight forwarders offer a wide range of integrated services to their customers, which include not only the standard transportation of cargo from point A to point B, but also a variety of other services.

Europe is expected to dominate the market share of global freight forwarding market owing to the presence of major key players and technological advancements. Growing industrialization, an increase in the number of emerging countries, and acceptance of online e-commerce portals are just a few of the primary factors that are predicted to create favorable prospects for the freight forwarding market in the area to grow throughout the forecast period.

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DRIVING FACTORS

Increasing Demand for Integrated Services in Transportation Industry

The rising demand for low-cost shipping, as well as the capacity to understand consumer demands and respond rapidly with logistical solutions, are driving the market's expansion. Market expansion is aided by trends such as the rising demand for integrated services. In general, freight forwarders offer a wide range of integrated services to their customers, which include not only the standard transportation of cargo from point A to point B, but also a variety of other services. Furthermore, an increase in bilateral trade agreements aids market expansion

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