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Freight Forwarding Global Market Report 2022

·4-min read

Major players in the freight forwarding market are Agility, Bollore Logistics, CEVA Logistics, DB Schenker, DHL Global Forwarding, Dimerco, Expeditors International, Hellmann Worldwide Logistics, Kuehne+Nagel, Nippon Express, Expeditors International, C.

New York, July 15, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Freight Forwarding Global Market Report 2022" -
H. Robinson Worldwide, Expeditors International, Panalpina World Transport Holding Ltd., CMA CGM, CJ Logistics Corporation, Kerry Logistics, and DAMCO.

The global freight forwarding market is expected to grow from $180.66 billion in 2021 to $191.71 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The market is expected to grow to $220.34 billion in 2026 at a compound annual growth rate (CAGR) of 3.5%.

The freight forwarding market consists of sales of freight forwarding services by entities (organizations, sole traders, and partnerships) that involve the international movement of goods via single or multiple carriers.Freight forwarding refers to logistics planning, coordination, and flow of shipment for the movement of goods throughout international borders.

The freight forwarder carries out freight rate negotiations, customs documentation, container tracking, and freight consolidation.

The main types of services in freight forwarding are transportation and warehousing, packaging and documentation, insurance, and value-added services.Warehousing means storing goods that will be sold later.

Warehousing and freight forwarding are interconnected as the warehouses increase the reliability of the freight forwarding company.The different logistics models include first-party logistics, second-party logistics, third-party logistics and involve various modes of transport such as air freight forwarding, ocean freight forwarding, road freight forwarding, rail freight forwarding.

The several types of customers include B2B, B2C. These are used in various applications such as industrial and manufacturing, retail, healthcare, media and entertainment, military, oil and gas, food and beverages, and others.

North America was the largest region in the freight forwarding market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Growth in international trade volumes is significantly contributing to the growth of the freight forwarding market.International trade is the exchange of services and products between countries.

Trading globally will give the consumers and countries the chance to be exposed to goods and services that are not available in their own countries, or costlier domestically.Freight forwarders organize the intermodal transportation of goods on behalf of shippers, and increased trade volume will boost freight forwarding activities.

For instance, according to the World Trade Organization, the volume of global merchandise trade increased by 8.0% in 2021. Therefore, the growth in international trade volumes is expected to fuel the growth of the freight forwarding market going forward.

The integration of artificial intelligence (AI) has emerged as a key trend gaining popularity in the freight forwarding market.Artificial intelligence plays an important role in lowering costs, saving time, enhancing productivity, and increasing accuracy through automation and real-time data.

For instance, in July 2019, Kuehne+Nagel, a Switzerland-based logistics company introduced the AI-enabled freight forwarding platform named for the overland shipments within the Asia Pacific region. Shippers can use eTrucknow to achieve a simplified quote and comparison procedure. Once the customer has submitted the shipment details, an AI-enabled engine optimizes and automates the quotation comparison process by validating various data points and presenting the most affordable quotation to the customer. Furthermore, through the marketplace platform, eTrucknow gives certified carriers access to a network of shippers in need of road freight services, allowing them to turn their vacant space or trips into potential cash.

In May 2021, Kuehne+Nagel, a Switzerland-based transport, and logistics company acquired Apex International Corporation for an undisclosed amount.Through this acquisition Apex and Kuehne+Nagel will be able to provide customers a compelling offering in the competitive Asian logistics industry, primarily in e-commerce fulfillment, hi-tech, and e-mobility.

Apex International Corporation is a China-based logistics firm that specializes in freight forwarding.

The countries covered in the freight forwarding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Read the full report:

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