Introduction
Freight forwarders, also known as non-vessel operating common carriers, are agents that arrange shipments for industries from manufacturers to the final destination. Forwarders have contracts with shipping line carriers to move cargo.
Factors such as high demand for low-cost shipping, ability to identify customers needs is driving the market demand. However, the rise in reshoring and nearshoring manufacturing activities is limiting the market demand.
Despite the current pandemic situation, with lockdown in many countries and major focus on the production of necessity products, the volumes of air and ocean freight has been reduced drastically. But, the freight forwarding service providers are recovering their operations in full capacities from 2021 beginning is expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Growth in international trade volumes
10.2 Government regulations and obligations
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 Tata steel Europe
15.2 NV Bekaert
15.3 Valmont Industries
15.4 Trinity Industries
15.5 Nucor
15.6 Lindsay Corporation
15.7 Hill & Smith Holding
15.8 Transpo Industries
15.9 Avon Barrier Corporation
15.10 OTW Safety
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
Global freight forwarding is expected to grow to $196.10 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 5.48% CAGR.
An increase in the trade agreements between nations is aiding the market growth.
Despite COVID-19, the APAC region is anticipated to grow at a significant rate during the forecast period due to the increasing logistics in the ASEAN countries.
Key Trends
The increasing demand for integrated services is likely to provide opportunities for market growth.
The technological developments in freight forwarding solutions are also expected to drive the demand.
Key Market Players
Some of the key players in the market are DHL Supply Chain & Global Forwarding, Kuehne + Nagel International, DB Schenker, DSV, Expeditors International, UPS Supply Chain Solutions.
As the market is exhibiting a steady growth rate, the players are concentrating on factors such as technological advancements, become more digitized, and increase the scale and efficiency of their operations. This is mainly to retain their position in the competitive landscape.
Growth Drivers and Challenges
The growth in international trade volumes is a major driver for the freight forwarding market.
Increasing integrated services offered by freight forwarders is another key factor driving the market.
Growing the E-commerce sector is also another factor that is driving the market demand.