Export and import are one of the crucial components in every country. The export-import is the driving force behind the development of an economy. The sea freight forwarding is key components in handling the export and import. The function of freight forwarding is to coordinate the shipment of good and move them from one place to another via many carriers such as rail, marine, highway, air, etc. The usage of sea freight forwarding enables the user to move the product efficiently without affecting the product while traveling. To make it successful, the freight forwarders have become proficient enough in manipulating the logistics. They ensure the client by managing the logistics effectively. Therefore, it is understandable about the importance of freight forwarders.
The concept of freight forwarding evolved in 1948 in Canada. This freight-forwarding concept has come with the foundation of the Canadian International Freight Forwarders Association (CIFFA). As per the view of the CIFFA over the trade, certain practice, rules, and regulation should be performed for ensuring the flow of goods over land, sea, and air smoothly.
The freight forwarder is generally disciplined, obedient in its own areas of work. They are committed to their work and ensure the client by delivering the goods in a timely and efficient manner. The market size of the sea freight forwarding is $xx million in 2018, whereas it will cross the $xx million in the years to come. The rate of freight forwarding growth is xx% per annum. Therefore, the overall growth and the system of freight forwarding is beneficial for the development of a country.
Division of the market
As mentioned earlier that the functions of the freight forwarding are useful for running the export-import properly. Therefore, the demand for freight forwarder depends on the category of the country, which is much involved in the business. Likewise, the demand is low in the country, which is not much involved in export and import activities. However, the usages of freight forwarding segregated as in railway, marine, and sea. The presence of freight forwarder can be seen in these areas of service.
Geographical market division
It is seen over the years, that major economy has contained the freight forwarding service. The developed, as well as the developing nations, have been noticing the excellent rate of growth in freight forwarding service. Let’s have a look over the list of such countries where the freight forwarding business is booming.
The countries of EU such as Germany, Italy, Spain, and many more, India, Japan, China, Southeast Asian nations, the UK, the USA, Latin American countries.
Major market players
Many market players have been handling such services for decades. Their commitment and hard work in this sector have boosted the country’s economy. Let’s have a view over such major market players.
DHL Group, Nippon Express, Damco, Agility Logistics, Kerry Logistics, Logwin, NNR Global Logistics, Toll Holdings, PanalPina, Expeditors and many more.
C.H. Robinson has taken the acquisition of the Space cargo group place. By doing this, Robinson has expanded his network in sea freight forwarding service.
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