The global freight forwarding market is anticipated to prosper at a considerable growth pace during the forecast period. The improvement in international trade volumes is a primary factor driving the freight forwarding market. Moreover, the surge in business and trading agreements between nations is also supporting the market growth. The flourishing e-commerce industry is a major factor driving the demand for air freight forwarding. The air freight forwarding industry has observed tremendous growth due to the global restocking cycle. Technology is impacting the freight forwarding industry across the globe, affecting the overall business procedures and structures. 

Some of the prominent freight forwarding organizations are focusing on digitizing their internal business procedures. Now, the organizations are more interested to adopt efficiently integrated It infrastructure. With ongoing industrial advancements and the constantly increasing number of small, medium, and large-sized enterprises, the freight forwarding organizations are further attempting to boost their business by serving a large pool of SMEs. The web-based online freight quote and booking platforms are expected to provide potential opportunities for small and medium-sized enterprises to expand to global markets. The web-based freight forwarding platforms have more connections as compared to their conventional (brick-and-mortar) counterparts.

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Being a non-asset based business, the freight forwarding industry is confronting high competition from other prominent market performers in the supply chain and technology-based organizations, which may impede the growth of the freight forwarding market. With substantial growth in the merchandise industry vertical, the global maritime business has been prospering steadily. This is another major factor driving the sea freight forwarding market. As the shipping liner organizations are focusing on lessening the operational expenses, they are increasingly willing to invest in or acquire freight forwarding companies. This intensifies the competition among market players and also affects the traditional freight forwarding companies to some extent.

Market Segmentation

According to market research, the global freight forwarding business market can be analyzed on the basis of major types, applications, the prominent market players, and regional markets.

Based on the major types, the global freight forwarding market can be segmented into-

• Ocean
• Air
• Land

The business of containerized cargo is anticipated to prosper at a considerable rate with multimodal transport gaining high traction around the globe.

Based on the application, the global freight forwarding market can be segmented into-

• Agricultural
• Automotive
• Beverage
• Electronic
• Others

Freight forwarding business organizations mainly offer three types of services including warehousing, freight transport, and other value-added services like customs clearance and packaging.

Regional Analysis

North America, Asia Pacific, and Southeast Asia are the major regions driving the freight forwarding market. The Asia Pacific region is anticipated to observe a considerable growth rate. The Asia Pacific freight forwarding market is primarily driven by the rapid advancements in the manufacturing industry verticals in the region. Moreover, the emerging countries in the region, particularly the Southeast Asian countries are expected to offer potential opportunities for the market players operating in the freight forwarding industry. However, the complex custom clearance procedures may impede the growth of this regional market. Nowadays, the Asian region is being considered as the emerging business hotspot with a broad variety of resources, attracting the international market players to set up their business branches in this region. 

Industry News

In October 2018, FedEx declared that the organization will acquire Manton Air-Sea Pty Ltd., an Australia-based logistics company, to enhance its forwarding capabilities. The organization Manton is considered as a global leader in ocean and air freight forwarding solutions. The acquisition of Panalpina by DSV, the leading organisation, builds a global freight forwarder with a revenue of about US$17 billion. The consolidation between these two organizations further resulted in the development of the world’s largest air freight forwarding companies.

Continuous…

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