Global International Freight Forwarding Market Set For 5.8% Growth, Reaching $139.18 Billion By 2028
International Freight Forwarding Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The International Freight Forwarding market is projected to rise from $104.99 billion in 2023 to $110.95 billion in 2024, reflecting a compound annual growth rate CAGR of 5.7%. This growth during the historical period can be attributed to the rise in online shopping, economic development in emerging markets, increasing complexity in supply chains, investments in transportation infrastructure, and stringent trade regulations.
What is the Anticipated Growth Rate and Market Size of the Global International Freight Forwarding Market?
The international freight forwarding market size is anticipated to see strong growth in the coming years. It will grow to $139.18 billion in 2028 at a compound annual growth rate CAGR of 5.8%. This growth during the forecast period can be attributed to rising consumer expectations for fast and reliable deliveries, the need for resilient and adaptable logistics solutions, growing urban populations, and collaborations between logistics providers and technology firms. It will also be driven by government policies and economic incentives in various countries.
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What are the Major Trends in the International Freight Forwarding Market?
Major trends in the forecast period include the integration of AI, IoT, and blockchain in logistics, innovations such as digital platforms, demand for automation, adoption of eco-friendly practices and alternative, implementing of sophisticated scanning and screening technologies. Furthermore, the rise of the e-commerce industry is expected to propel the growth of the international freight forwarding market going forward. E-commerce allows businesses and customers to make transactions electronically without physical interaction, providing convenience and accessibility, stimulating mobile commerce growth, logistics and delivery services, and internet penetration.
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What are the Key Industry Drivers of the Global International Freight Forwarding Market?
The rise of the e-commerce industry is expected to propel the growth of the international freight forwarding market. For instance, in November 2023, according to the International Trade Administration, a US-based Department of Commerce, as of January 2021, consumer eCommerce made up 36.3% of the total retail market in the UK, with revenue expected to reach $285.60 billion by 2025. Additionally, eCommerce revenues in the UK are projected to grow at an average annual rate of 12.6% by 2025. Therefore, the rise of the e-commerce industry is driving the growth of the international freight forwarding market.
Who are the Key Industry Players in the International Freight Forwarding Market?
Major companies operating in the international freight forwarding market are DHL Group, United Parcel Service of America Inc., FedEx Corporation, Kühne + Nagel International AG, DSV Panalpina A/S, Schenker Deutschland AG, Nippon Express Co. Ltd., GEODIS SA, DACHSER Group SE & Co. KG, CJ Logistics Corporation, Hellmann Worldwide Logistics SE & Co. KG, Kintetsu World Express Inc., Yusen Logistics Co. Ltd., Sankyu Inc., Agility Public Warehousing Company, Bolloré Logistics Netherlands B.V, Dimerco Express India Private Limited, Uber Freight LLC, CEVA Logistics India Private Limited, Sinotrans India Private Limited, Panalpina Welttransport Holding AG. These key players are developing streamlined digital workflows and advanced analytics solutions to enhance operational efficiency and streamline logistics processes.
How is the International Freight Forwarding Market Segmented?
The international freight forwarding market is segmented as follows:
1 By Services: Freight Transportation, Warehousing And Distribution, Customs Brokerage, Freight Consolidation, Value-Added Services
2 By Mode Of Transportation: Ocean, Road, Air, Rail
3 By Customer: Business-To-Business B2B, Business-To-Consumer B2C
4 By End-User: Manufacturing, E-Commerce And Retail, Automotive, Healthcare And Pharmaceuticals, Oil And Gas, Food And Beverage, Consumer Goods, Other End-Users
What are the Regional Insights of the International Freight Forwarding Market?
Asia-Pacific was the largest region in the international freight forwarding market in 2023. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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