Throughout the forecast period, growth in the market is anticipated to be driven by an increase in the volume of international trade transported by air freight and ocean freight The freight forwarding industry is significantly influenced by the volume of cargo moved. As a result, enterprises involved in air and ocean freight forwarding must increase the volume of their cargo in order to meet customer demand. During the anticipated period, Europe is anticipated to have a prominent position in the worldwide freight forwarding industry. Due to rising cross-border e-commerce demand, the air freight forwarding market is anticipated to develop at a high rate over the forecast period, leading to its dominance among the modes of transportation .The Asia Pacific region is experiencing rapid growth in the market for international freight forwarding. The presence of swiftly growing economies like China and India is a major factor in the region's expansion. Leading corporations are concentrating on merger and acquisition in order to increase their companies' footprint in these fast-growing economies since they present growth potential.
According to the Coherent market insights, the market for international Freight Forwarding was estimated at US$ 204.6 billion in 2019 and is projected to grow at a CAGR of 5.0% from 2021 to 2028 to reach US$ 277.5 billion.
Market Leaders in the Freight Forwarding Industry:
1. Agility
The business was established in 1979, and Kuwait serves as its headquarters. Agility creates reliable, effective supply chains that fuel commerce and propel businesses, opening doors to new opportunities. In October 2022, Agility Ventures invested in Loop Global, a leader in EV charging. Fast-Growing Shiprocket E-Commerce Platform is where Agility Ventures invested in September 2022.
2. Bolloré Logistics
The company was founded in 1986. The Company’s head office is located in Puteaux, France. The business provides five different service categories, including multimodal transport, customs and regulatory compliance, logistics, international supply chain, and industrial projects. Bolloré Logistics expanded its weekly special cargo freight service between Europe and West Africa in July 2020. Bolloré Logistics has started operating the Botsync robot in Singapore as of 14 FEBRUARY 2023.
3. CEVA Logistics
The company was established in 2007 and has its headquarters in Marseille, France. For large and medium-sized domestic and international businesses around the world, CEVA offers top-notch supply chain solutions. A three-part expansion strategy for the African market is being introduced by CEVA Logistics halfway through June 2020. A multi-client, carbon-neutral warehouse was opened by CEVA Logistics in Colombia in December 2022.
4. DB Schenker
The company was founded in 1990 and has its head office in Essen, Germany. DB Schenker is a world-class logistics company that offers cutting-edge supply chain solutions to numerous global sectors. To launch heavy-lift drones in 2021, DB Schenker partnered with logistics start-up Volocopter.
5. DHL Global Forwarding
Saint-Louis, France's Alsace region is home to the business, which was established there in 1815. Major logistics projects are also planned and carried out under the DHL Industrial Projects brand. In December 2022, DHL Global Forwarding will become the first organisation in the United Kingdom to receive IATA CEIV LI-BATT certification.
6. DSV Panalpina A/S,
The business was established on July 13, 1976, and has its headquarters in Hedehusene, Denmark. DSV Panalpina A/S provides transport and logistics services on a global scale. It runs the Road, Solutions, and Air & Sea segments. In order to cut emissions for all of its business air travel in 2023, DSV purchases sustainable aviation fuel in February 2023. DSV is a research participant in a project to electrify road freight in 2023.
7. Expeditors International
The company was founded in 1979 and Seattle, Washington is the home of the organisation. In addition to vendor consolidation, customs clearance, cargo insurance, distribution, and other value-added logistics services, the organisation also offers air and ocean freight consolidation and forwarding.
8. Nippon Express Co., Ltd
The business was founded in 1937 and is headquartered in Tokyo, Japan. It provides services such moving, heavy hauling, logistics design, warehousing and distribution processing, air freight, sea transportation, heavy hauling, chartered trucking, and heavy hauling. Beginning in 2023, Nippon Express will act as Shandong Port Shipping Group's exclusive Japanese agent.
Definition: The coordination and transportation of products from one location to another using one or more carriers through air, sea, rail, or land is known as freight forwarding.
