[199 Pages Report] The Freight Forward Market size was estimated at USD 32.14 billion in 2023 and expected to reach USD 35.02 billion in 2024, at a CAGR 8.89% to reach USD 58.37 billion by 2030.
Freight forwarding services incorporate the coordination and shipment of goods from one place to another using single or multiple carriers through air, sea, rail, or road. An essential role of a freight forwarder is to collect and consolidate consignments and obtain common carrier transportation for the long-haul transport of the consolidation, thus making its transport more efficient and reducing transport costs. Increasing global trade activities, growth in eCommerce, and the need for third-party ancillary services are fueling the growth of freight forwarding services. However, several issues, such as increasing overall transportation costs and delays in shipments, create concerns for freight forwarder service providers. Currently, freight forwarders manage the risks and benefits of shipping both locally and internationally with customs regulations, negotiating tariffs, and being efficient in the requirements of shipping by land, sea, rail, and air using advanced technology support.
Customs clearance is a critical service freight forwards offer, facilitating the smooth transition of goods across international borders. This service involves preparing required documentation, calculating taxes and duties, and ensuring compliance with the various regulations of importing and exporting countries. Import documentation encompasses all essential paperwork needed for the legal entry of goods into a specific country. This freight forward service includes preparing, submitting, and managing documents such as bills of lading, invoices, and certificates of origin. On the other hand, comprehensive insurance solutions tailored to the specific needs of each shipment instill confidence among shippers, as they provide coverage beyond the minimal liability limits carried by carriers. The international export service involves shipping goods from one country to another, adhering to strict international standards and regulations. Freight forwarders leverage their extensive networks and expertise to optimize shipping routes, manage export documentation, and ensure compliance with foreign policies. Inventory management by freight forwarders includes the strategic oversight of storing, handling, and moving goods within the supply chain. This service enables businesses to reduce overheads, improve order fulfillment rates, and enhance customer satisfaction through efficient stock control and real-time visibility into inventory levels. Packing services ensure that goods are adequately prepared for safe transportation, adhering to both carrier requirements and destination regulations. Freight forwards provide expert packing solutions that minimize the risk of damage, utilizing appropriate materials and techniques for each type of commodity. Storage solutions offer flexible options for warehousing goods between the points of origin and destination or during transit. These services, provided by freight forwards, include short-term and long-term storage, offering secure facilities to accommodate a wide range of goods.
In the dynamic freight forwarding arena, the choice of transportation mode is pivotal, tailored to meet specific logistics requirements regarding speed, cost, and cargo characteristics. Air freight forwarding stands out for its rapid transit times and high security, making it an ideal choice for time-sensitive or high-value shipments. Conversely, in-road forwarding offers unparalleled flexibility and point-to-point service, facilitating seamless door-to-door deliveries, particularly across continental distances. Sea freight forwarding, the backbone of global trade, excels in moving large volumes at the lowest costs, preferred for its economic efficiency. Each mode presents unique advantages, guiding businesses to optimize their supply chain operations and achieve cost-effective, timely, and reliable transportation solutions.
Americas showcase a developed landscape for the freight forward market attributed to the surge in trade and the U.S. government initiatives to support the logistics sector. The Asia-Pacific market is growing rapidly with the development of the manufacturing sector and the rise in international trading goods. The expansion of goods manufacturing industries and strong government measures for economic growth are growing the freight forwarder business in the region. Moreover, the high government support for industrialization and import and export activities provides positive prospects for the Asia-Pacific. The freight forward market in Europe, the Middle East, and African economies is evolving exponentially, supported by major trade partnerships worldwide for several essential commodities. In addition, the investment for innovation in forward freight solutions makes services more efficient and accurate, encouraging growth in the EMEA region.
The FPNV Positioning Matrix is pivotal in evaluating the Freight Forward Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Freight Forward Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Dentons advises transport and logistics company GEODIS on acquisition of trans‑o‑flex.
Dentons serves as legal counsel to Geodis, a global transport and logistics company, in their recent acquisition of Trans-O-Flex, a German specialist in pharma logistics and value-added services. This acquisition marks a significant step forward for Geodis as they expand their capabilities in the highly specialized healthcare logistics sector. Dentons' team of legal professionals was able to provide a comprehensive range of services to Geodis, including advising on transaction structuring, regulatory compliance, and negotiating key purchase agreements necessary for the acquisition to take place. [Published On: 2023-03-09]
Unique Logistics Announced Acquisition Closing of Operating Subsidiaries and Affiliates of Former Parent Company.
Unique Logistics recently announced the acquisition and closing of operating subsidiaries and affiliates of a former parent company, marking a significant milestone for the company. Unique Logistics' move to expand their reach showcases their commitment to enhancing their services to meet the demands of their clients. This acquisition adds to their already existing portfolio and positions the company for increased growth in the future. [Published On: 2023-02-27]
Freightify raises USD 12 million in series A led by Sequoia Capital.
Freightify, a technology- global freight forwarding platform, recently announced raising USD 12 million in a Series A funding round led by Sequoia Capital. The funds are expected to utilized to further expand the company's offerings and strengthen its technological capabilities. The platform, which simplifies the freight forwarding process for shippers and carriers, has seen significant growth in recent years, with its revenue increasing by 8 times in the last two years. This latest funding round marks a major milestone for Freightify and focuses on the growing importance of technology in the freight forwarding industry. [Published On: 2023-02-02]
The report delves into recent significant developments in the Freight Forward Market, highlighting leading vendors and their innovative profiles. These include A.P. Moller - Maersk A/S, Allcargo Logistics Ltd., Allstates WorldCargo, Inc., Bolloré S.E., C.H. Robinson Worldwide, Inc., CEVA Logistics AG, CJ Logistics, CSX Corporation, CTS International Logistics Corporation Limited, Dachser SE, Deutsche Bahn AG, Deutsche Post DHL Group, Dimerco Express Corporation, DP World Logistics FZE, DSV A/S, Expeditors International of Washington, Inc., FedEx Corporation, GEODIS SA, Hellmann Worldwide Logistics SE & Co. KG, Hitachi Transport System, Ltd., ICAT Logistics Inc., Kerry Logistics Network Limited, Kintetsu World Express, Inc., Kühne + Nagel International AG, LX Pantos Co., Ltd., Manitoulin Group, Nippon Express Co., Ltd., River Plate, Inc., Schenker AG, Shoreline Express Inc., Sinotrans Co., Ltd., Toll Holdings Limited, Uber Freight Holding Corporation, United Parcel Service, Inc., Worldwide Logistics Group, XPO, Inc., and Yusen Logistics Co., Ltd..
This research report categorizes the Freight Forward Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Services
- Customs Clearance
- Import Documentation
- Insurance
- International Export
- Inventory Management
- Packing
- Storage
- Mode of Transportation
- Air Freight Forwarding
- In-Road Forwarding
- Sea Freight Forwarding
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Freight Forward Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Freight Forward Market?
- What are the technology trends and regulatory frameworks in the Freight Forward Market?
- What is the market share of the leading vendors in the Freight Forward Market?
- Which modes and strategic moves are suitable for entering the Freight Forward Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Freight Forward Market, by Services
- Freight Forward Market, by Mode of Transportation
- Americas Freight Forward Market
- Asia-Pacific Freight Forward Market
- Europe, Middle East & Africa Freight Forward Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 20]
- List of Tables [Total: 204]
- List of Companies Mentioned [Total: 37]
In the ever-increasing interconnected world of international trade, the role of freight forwarding is emerging as a crucial link for the seamless moment of goods and services across borders. Whether it’s by sea, air, road, or rail, freight forwarding acts as a facilitator, serving as an intermediary between shippers and various transportation modes.
In the era of digital revolution across every corner of the business, freight forward is no exception. Sustainability is no longer a buzzword but a fundamental aspect of all industries' future. Freight forwarding providers are investing in eco-friendly practices, from optimizing shipping routes to reduce emissions to exploring alternative energy sources for transportation. Additionally, collaborations and alliances among fuel and tech providers are reshaping the freight forwarding landscape. In November 2022, CargoAi, and Neste Oyj announced a pioneering partnership that enables freight forwarders to reduce their cargo transport's carbon emissions by purchasing Neste MY Sustainable Aviation Fuel. The combination of technologies, adoption of sustainable practices, and forging strategic partnerships across freight forwarding set new standards for logistics excellence.
Transparency and Visibility:
Through the use of digital platforms, freight forwarders are gaining real-time visibility of their shipments and increasing transparency with their clients. With the help of end-to-end tracking facilities, logistics service providers can track shipments from the origin to the destination, providing their clients with a clear picture of the shipment's current location, ETA, and other important details.
Process Automation:
Digitization has taken automation to another level. With the help of automation tools, freight forwarders can streamline their operations and reduce manual labor. Tasks such as data entry, documentation, and customs clearance can now be completed faster and more accurately than ever before, reducing the chances of errors and delays.
Customer Satisfaction:
Customer satisfaction is a critical component of the freight forwarding industry. With digitization, freight forwarders are becoming more customer-centric by providing clients with easy access to their shipment status, allowing them to communicate with logistics providers in real-time, and giving them more control over the supply chain.
Data Analytics:
With the digitization of the freight forwarding industry, logistics providers have access to an unprecedented amount of data. By analyzing this data, companies can draw meaningful insights into their operations, find ways to reduce expenses, and improve efficiencies. Data analytics can help freight forwarders identify patterns, optimize routes, reduce transit times, and provide better service to customers.
Cost Savings:
The digitization of freight forwarding can lead to significant cost savings. With automation tools, freight forwarders can reduce manual labor costs, avoid unnecessary delays, and improve the overall efficiency of the supply chain. Additionally, with increased transparency, clients can make more informed decisions, leading to reduced waste and better cost management.
Digitization and technology advancements have revolutionized the freight forwarding industry. With increased transparency, automation, and access to data, freight forwarders can now provide better services to clients while increasing efficiency and reducing costs. The freight forwarding industry is evolving fast, and it is imperative for logistics providers to adapt and remain competitive in the digital age. By embracing new technologies, companies can stay ahead of the competition, provide better services to clients, and improve the overall efficiency of the supply chain.
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