Dublin, June 10, 2021 (GLOBE NEWSWIRE) -- The "Freight Forwarding Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global freight forwarding market is expected to grow steadily with a CAGR of more than 4% during the forecast period. The growth in international trade volumes is a major driver for the freight forwarding market. Moreover, the rise in trade agreements between countries is also contributing to the growth of the market. Asia-Pacific is the fastest growing and the largest market for freight forwarding, with the Chinese freight forwarding market holding the maximum share.
Being non-asset based, the sector is facing high competition from other players in supply chain and technology-based companies which are disrupting the freight forwarding market. The market is one of the sectors that were hit the hardest by the COVID-19 outbreak in 2020. With the lockdown in many countries and a major focus on the production of essential products, the volumes of air and ocean freight have fallen significantly in 2020. However, the market is now recovering backed by the manufacturing and e-commerce industries; especially the air freight forwarding market with significant thrust during the period as reported by the International Air Transport Association (IATA) in January 2021.
Key Market Trends
Sea Freight Forwarding to experience high growth rate through the forecast period
The global sea freight forwarding market is booming, owing to the growing internet penetration, increasing purchasing power parity, developments in infrastructure (ports, containers, and ships with new technologies), and services designed particularly for the e-commerce industry.
Sea freight forwarding is preferred by several end-user industries, and several strategic partnerships are also likely to promote the growth of sea freight forwarding during the forecast period. The growing global cross border e-commerce market is also driving the less-than-container load (LCL) volume and is positively impacting the sea freight forwarding market growth.
Factors, such as the growing trade volume in European trade routes, the increasing container port throughput, and the rising number of FTAs will significantly drive sea freight forwarding market growth in this region during the forecast period.
Germany and the United Kingdom are the key markets for sea freight forwarding in Europe. Market growth in this region will be faster than the growth of the market in other regions.
Asia-Pacific is anticipated to witness high growth through the forecast period
The global logistics industry is going through an uncertain period due to COVID-19. The Asia-Pacific market is one of the few regions that are still growing despite the pandemic.
For the freight and logistics market, Asia-Pacific is the fastest-growing region, globally. This is due to the increasing logistics in ASEAN countries and the presence of major economies, like China and India. Additionally, the high government support for the logistics sector in the region is also a factor boosting the industry growth.
China is the largest manufacturer in the region and in the world, with an increasing demand for pharmaceutical products and essentials. China reopened its factories way before other countries, as a result, it is still leading the freight forwarding market, globally.
Also, leading countries in the region are observing faster technological integration in the logistics process. In India, 80% of freight moves by road, and the trucking industry is adopting industry-leading tracking technology to trace and predict the exact delivery times. Thailand is incorporating IBM and Maersk's blockchain project to streamline its shipment monitoring processes.
The global freight forwarding market is made up of large number of players. However, the top 20 players dominate the market accounting for more than 50% of the total market. Leading players in the market include DHL Global Forwarding, Kuehne + Nagel International AG, DB Schenker, DSV and Expeditors International.
As the freight forwarding market is growing steadily and there exists abundant opportunity, the players need to embrace technologies, become more digitized, and increase the scale and efficiency of their operations. Having a strong network spanning across the globe is important for companies. As the industry is highly competitive and witnessing huge transformations, the companies need to develop specialized solutions to improve customer experience.
Companies are constantly under pressure to minimize cost and optimize operational efficiency. In the wake of investment shifts and diversification of global supply chains, international investors are increasingly interested in mergers and acquisitions in the ASEAN logistics market. Global logistics companies have been expanding in the ASEAN region, because of the increase in commerce and trade activities. As such, investment opportunities for the sector have been increasing accordingly.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Value Chain/Supply Chain Analysis
4.3 Government Regulations and Initiatives
4.4 Technological Trends and insights on E-Freight Forwarding Market
4.5 Insights on E-Commerce Industry in the Region (Domestic and Cross-Border)
4.6 Spotlight - Freight Transportation Costs/Freight Rates
4.7 Brief on Freight Transport Corridors
4.8 Impact of COVID-19 on the Freight Forwarding Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints/Challenges
5.3 Market Opportunities
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Threat of Substitute Products
5.4.3 Bargaining Power of Buyers/Consumers
5.4.4 Bargaining Power of Suppliers
5.4.5 Intensity of Competitive Rivalry
6 MARKET SEGMENTATION
6.1 By Mode
6.1.1 Air Freight Forwarding
6.1.2 Sea Freight Forwarding
6.2 By Geography
6.2.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
6.2.4 South America
220.127.116.11 Rest of South America
6.2.5 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 United Arab Emirates
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Overview (Market Concentration, Major Players)
7.2 Company Profiles
7.2.1 DHL Supply Chain & Global Forwarding
7.2.2 Kuehne + Nagel International AG
7.2.3 DB Schenker
7.2.6 Expeditors International
7.2.7 Nippon Express Co., Ltd.
7.2.8 CEVA Logistics
7.2.9 UPS Supply Chain Solutions
7.2.10 Kerry Logistics
7.2.11 Bollore Logistics
7.2.12 C.H.Robinson Worldwide Inc.
7.2.14 Yusen Logistics/NYK Logistics
7.2.15 Agility Logistics*
8 FUTURE OF THE MARKET
9.1 Freight Volume Movement Statistics for Key Countries
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