Freight Forwarding Market Size, Share Report, Analysis, Trends, Growth 2032

Freight Forwarding Industry Prospective:

The global freight forwarding market size was evaluated at $209.14 billion in 2023 and is slated to hit $317.33 billion by the end of 2032 with a CAGR of nearly 4.74% between 2024 and 2032.  

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Freight Forwarding Market: Overview

Freight forwarding is the process of coordinating, organizing, and shipping products from a place to their destination across the globe through multiple as well as sole carriers. Reportedly, the shipping of products is carried out through various routes such as sea, air, and land. The firm that arranges shipment is also referred to as a freight forwarder. Moreover, the freight forwarder handles risks as well as benefits of shipping activities both inside the country as well as at a global level by performing functions such as customs documentation, freight rate negotiations, freight consolidation, and container tracking.   

Key Insights

• As per the analysis shared by our research analyst, the global freight forwarding market is projected to expand annually at the annual growth rate of around 4.74% over the forecast timespan (2024-2032)
• In terms of revenue, the global freight forwarding market size was evaluated at nearly $209.14 billion in 2023 and is expected to reach $317.33 billion by 2032.
• The global freight forwarding market is anticipated to grow rapidly over the forecast timeline owing to the rapid expansion of trade activities along with the thriving e-commerce sector.
• In terms of mode of transportation, the road freight forwarding segment is slated to register the highest CAGR over the forecast period.
• Based on customer type, the B2B segment is predicted to dominate the segmental space in the years to come.
• On the basis of application, the industrial & manufacturing segment is predicted to dominate the segmental space in the years to come.
• Region-wise, the North American freight forwarding industry is projected to register the fastest CAGR during the projected timespan.

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Freight Forwarding Market: Growth Factors

A surge in trade activities across the globe to proliferate the size of the global freight forwarding market by 2032

The rapid expansion of trade activities along with a thriving e-commerce sector will embellish the expansion of the global freight forwarding market. A surge in the free trade deals between nations is likely to spur the global market trends. With the offering of reliable transport, localized services, and customized solutions to the people, the market for freight forwarding is anticipated to expand by leaps & bounds in the coming years. Swift expansion of the trade flows is anticipated to create new facets of growth for the global market. Growing preference for connected devices is likely to spearhead the expansion of the market globally.

Freight Forwarding Market: Restraints

Stringent legislation related to restricting carbon emissions in the environment to hinder the global industry surge

Strict laws regarding curbing GHG emissions in the atmosphere are likely to restrict the expansion of the global freight forwarding industry.

Freight Forwarding Market: Opportunities

Demand for minimizing acceptance of multimodal tools to open new growth avenues for the global market

Technological breakthroughs and the need for cost reduction & lead time for minimizing the adoption of multimodal tools will open a slew of growth opportunities for the freight forwarding market across the globe. An increase in intermodal freight transport activities along with the rise in the number of warehouses in the developed economies will bolster the expansion of the global market.

Freight Forwarding Market: Challenges

Stringent legislation related to freight forwarding to challenge the expansion of the global industry

Strict government laws regarding freight forwarding can challenge the expansion of the global freight forwarding industry in the years ahead.

Freight Forwarding Market: Segmentation

The global freight forwarding market is divided into mode of transportation, customer type, application, service, and region.                                          

In the mode of transportation terms, the freight forwarding market across the globe is segregated into road freight forwarding, ocean freight forwarding, rail freight forwarding, and air freight forwarding segments. Furthermore, the road freight forwarding segment, which accumulated nearly half of the global market earnings in 2023, is anticipated to register the highest growth rate in the forecast timeframe. The expansion of the segment in the next eight years can be subject to the ubiquity of road transport owing to its accessibility & adaptability. Reportedly, road transport can access a wide location range and even reach remote locations where alternate modes are not feasible. Apparently, cost efficacy will further propel the segmental expansion.    

On the basis of customer type, the global freight forwarding industry is segmented into B2B and B2C segments. Additionally, the B2B segment, which acquired the largest share chunk of the global industry in 2023, is projected to dominate the segmental space in the ensuing years. The segmental surge from 2024 to 2032 can be attributed to the B2B customers seeking tech-driven services for improving the visibility of the supply chain which includes real-time tracking, transport management systems, and advanced analytics tools.

Based on the application, the global freight forwarding market is divided into healthcare, oil & gas, media & entertainment, retail & e-commerce, oil & gas, food & beverages, and industrial & manufacturing segments. Furthermore, the industrial & manufacturing segment, which contributed majorly towards the growth of the global market, is predicted to lead the segment in the years ahead. The segmental surge in the coming years can be a result of the need for effective freight-forwarding solutions for industrial & manufacturing activities.

Based on the service, the global freight forwarding industry is bifurcated into value-added services, transportation & warehousing, packaging, and other segments.  

Freight Forwarding Market: Report Scope

Freight Forwarding Market: Regional Insights

Asia-Pacific is expected to maintain the leading position in the global freight forwarding market in the forecast period

Asia-Pacific, which accounted for the highest percentage of the global freight forwarding market share in 2023, is anticipated to lead the global market in the years ahead. Furthermore, the regional market surge in the next couple of years can be owing to the rapid pace of urbanization leading to notable allocation of funds for developing modern transport network systems. The rise in the freight forwarding units and the easy availability of technologically advanced warehouses has contributed immensely towards the expansion of the regional market.

North American freight forwarding industry is expected to record the fastest growth rate in the forecast timespan. The elevation of the industry in the sub-continent over the coming eight years can be attributed to the enormous presence of key players in countries such as Canada and the U.S. In addition to this, rise in the intermodal transport in the region will further steer the regional industry growth.  

Key Developments

• In the second half of 2023, OnBoard Logistics, a U.S.-based firm, joined hands with Raft, a firm offering logistics tools. Moreover, the partnership is aimed at use of Raft’s technology by OnBoard Logistics for implementing completely automated warehouse pre-check processes.
• In the first half of 2023, Nippon Express, a Japan-based logistics services firm, signed a deal with Cargo-Partner, an Austria-based logistics company, to acquire it at nearly US$ 1.6 billion. The move is aimed at the expansion of the freight forwarding business of Nippon Express.  

Freight Forwarding Market: Competitive Space

The global freight forwarding market profiles key players such as:

• CEVA Freight forwarding
• Kuehne+Nagel
• United Parcel Service of America Inc.
• Deutsche Post AG
• DB Schenker
• Uber Technologies Inc.
• Expeditors International of Washington Inc.
• DSV
• FedEx
• NIPPON EXPRESS HOLDINGS.

The global freight forwarding market is segmented as follows:

By Mode of Transportation

• Road Freight Forwarding
• Ocean Freight Forwarding
• Rail Freight Forwarding
• Air Freight Forwarding

By Customer Type

• B2B
• B2C

By Service

• Transportation & Warehousing
• Packaging
• Value-Added Services
• Others

By Application

• Healthcare
• Oil & Gas
• Media & Entertainment
• Retail & E-Commerce
• Food & Beverages
• Industrial & Manufacturing

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa