Freight forwarding is a business that organizes shipments for individuals or corporations to get goods from the manufacturer to a customer or a final point of distribution. Freight forwarders specialize in lowering costs and facilitating the logistics of transportation. In other words, a freight forwarder is responsible for transportation of goods from one destination to another. Such companies specialize in arranging the entire process for the shippers.
Key Drivers of the Global Freight Forwarding Market
Growth in international trade volumes is one of the major growth drivers of the freight forwarding market. Increasing number of trade agreements, especially among emerging economies is a key factor driving the growth of international trade. Additionally, a booming e-commerce market has helped in augmenting trade activities, thereby resulting in increasing growth of the freight forwarding market.
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Furthermore, integrated services offered by freight forwarders is another key factor responsible for the growth of the freight forwarding market. Apart from transportation of cargo, freight forwarders also provide other integrated services such as packaging, insurance, and documentation. Thus, availability of a wide range of services have also resulted in propelling the growth of the freight forwarding market.
Technological advancement in freight forwarding anticipated to create lucrative opportunities for the market
Of late, technological advancement in freight forwarding services have created immense efficiencies worldwide. One such technology is Internet of Things (IoT) that has reshaped the freight shipping industry. IoT enables the freight industry to effectively track shipments as well as condition of the shipments. Apart from IoT, advanced machine learning, and cloud based solutions etc. are some of the other key technologies that are being introduced to enhance freight shipping efficiency.
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Asia Pacific Offers Growth Avenues for the Global Freight Forwarding Market
Geographically, the global freight forwarding market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
Countries in North America and Europe are home to some of the key global freight forwarding service providers. DHL, Kuehne + Nagel Inc. etc. are some of the key global players in North America and Europe.
Asia Pacific region on the other hand is anticipated to create lucrative opportunities in the next couple of years. Increasing industrialization, rising emerging economies, and adoption of online e-commerce portals are anticipated to be some of the prime reasons for the growth of the freight forwarding service market.
Other regions such as South America and Middle East & Africa have strong potential growth for the Freight Forwarding market.
Key Players Operating in the Global Market:
The global freight forwarding market is moderately fragmented with presence of many key global players coupled with presence of many regional freight forwarding service providers.
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A few of the key players operating in the global freight forwarding market includes:
- DHL Supply Chain
- Kuehne + Nagel Inc.
- DB SCHENKER
- Sinotrans India Private Limited.
- DSV Panalpina A/S
- Expeditors International of Washington, Inc.
- Nippon Express Co., Ltd.
- United Parcel Service of America, Inc.
- Bolloré Logistics
- CEVA Logistics
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