It enables various industries to deliver raw materials, components, and finished goods in a cost-effective manner across borders. Digital solutions help freight forwarders simplify documentation, track shipments in real-time, and gain end-to-end visibility across supply chains.
The global Freight Forwarding Market is estimated to be valued at US$ 248.69 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digital transformation of the freight forwarding industry is accelerating its growth. Technologies such as the internet of things, big data analytics, blockchain, artificial intelligence, and automation are enabling freight forwarders to streamline activities, optimize costs, and improve customer experience. For instance, IoT sensors help track cargo condition, location, and other parameters. Analytics tools provides end-to-end shipment visibility while reducing delays, damage, and costs. Automation simplify documentation checks and expedites customs clearance. This transformation is boosting operating efficiencies, global competitiveness, and driving the market size upwards over the forecast period.
Segment Analysis
The Global freight forwarding market size can be segmented by service type into forwarding, packaging, documentation, and other services. The forwarding segment dominated the market in 2024, accounting for over 40% market share. Large volume of goods transported across borders via sea, road, rail, and air modes require efficient forwarding services for on-time delivery. This ensures the forwarding segment continues to remain the leader globally.
Key Takeaways
The global freight forwarding market is expected to witness high growth. The global Freight Forwarding Market is estimated to be valued at US$ 248.69 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The Asian region is expected to witness the fastest growth in the freight forwarding market during the forecast period. Countries like China, India, Japan and other developing Asian economies are experiencing strong growth in manufacturing and international trade. This makes Asia the dominant as well as the fastest growing regional market for freight forwarding services.
Key players operating in the freight forwarding market are Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche. These companies are focusing on mergers and acquisitions to expand their global presence and service portfolio. For instance, in 2023 Abbott Laboratories acquired a European freight forwarding company to strengthen its supply chain capabilities across major European markets.
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