BANGALORE, India, July 30, 2020 /PRNewswire/ -- The freight forwarding sector is an integral 3PL services segment. The global 3PL industry is experiencing growth primarily due to the growth of e-commerce and trade activities.
The global Freight forwarding market size is projected to reach USD 207 Billion by 2026, from USD 170 Billion in 2019, at a CAGR of 2.8% during 2020-2026.
The main factors driving the growth of Freight forwarding Market size are the increasing demand for low-cost shipping, the ability to recognize consumer needs, and the rapid response with logistics solutions. Furthermore, the growing demand for integrated services is also expected to fuel market growth.
This study offers a comprehensive overview of the freight forwarding industry's current & evolving market patterns and dynamics. An in-depth review was carried out by building market forecasts between 2020 and 2026 for main market segments.
TRENDS INFLUENCING THE FREIGHT FORWARDING MARKET SIZE
Increasing trade agreements between nations are fuelling the growth of Freight forwarding Market size.
The booming e-commerce industry is an important catalyst for the growth of freight forwarding market size. Due to the global restocking process, the freight forwarding market experienced massive growth in 2017 and early 2018.
The growing demand for transport of perishable and the life sciences/healthcare sector is also expected to drive the growth Freight forwarding Market size during the forecast period.
With growing numbers of small and medium-sized enterprises ( SMEs), freight forwarding companies are looking to expand their business from SMEs. The online freight quotation and booking platforms offer incentives for SMEs to extend to foreign markets, as these platforms have several connections compared to their conventional counterparts (brick-and-mortar).
With the growth of global retail trade, global maritime trade has been gradually growing, driving the sea freight forwarding market. The containerized cargo trade is expected to expand faster, with multimodal transport becoming increasingly common.
Based on the region, North America is expected to hold the largest freight forwarding market share during the forecast period. This dominance of North America is due to the growing consumer preference to buy online.
The Asia Pacific is projected to experience the highest growth rate among other regions. This growth is attributed to the rapid growth of the region's manufacturing sector.
Thanks to the rising internet penetration and increasing PPP, the global demand for sea freight forwarding is booming.
Furthermore, due to innovations in infrastructure and services specifically built for the e-commerce industry, shipping by sea freight has emerged as a favored mode among the various end-user industries. This is further expected to increase the Sea Freight Forwarding Market size.
The Land Freight Forwarding Market report offers an exhaustive geographical analysis of the global Land Freight Forwarding market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The Land Freight Forwarding Market report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
This report also analyses the impact of Coronavirus COVID-19 on the Land Freight Forwarding industry.
● Freight Forwarding Service Provider Services Market Report
The Freight Forwarding Service Provider Services Market report includes a country-wise and region-wise market size for 2015-2026. It also includes market size and forecast by Type and application segment in terms of revenue for 2015-2026.
The major vendors include Flexport, Agility, AIR 7 SEAS, All Transport Depot, American Export Lines, AMP Shipping International, Air Sea International Forwarding, CEVA Logistics, Crown International Forwarders, CJ Logistics, C.H. Robinson Worldwide, DB Schenker, Damco, DSV, Cargo Agents, etc.
A freight forwarding software is used to help freight companies manage cargo and create documentation to move shipments from point A to point Z.
The report consists of key market trends, which are likely to impact the growth of the market over the forecast period. Evaluation of in-depth industry trends is included in the report, along with their product innovations and key market growth.
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