Freight Forwarding Market Overview
The freight forwarding market is expected to record a CAGR of more than 3.6% during the forecast period (2022 – 2027). The growth in international trade volumes is a major driver for the freight forwarding market. Moreover, the rise in trade agreements between countries is also contributing to the growth of the market. World Trade Organization (WTO) reported the total volume of global merchandise trade increased by 8.0% in 2021 and world exports of intermediate goods (IGs) increased in the third quarter of 2021, with a sharp increase in the trade of medical items and metal products across all regions.
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Freight Forwarding Market – Geographical Overview
In the freight and logistics market, Asia-Pacific is the fastest-growing region globally due to the increasing logistics in ASEAN countries and the presence of major economies, like China and India. Additionally, the high government support for the logistics sector in the region is also a factor boosting the industry growth. The global ocean freights rate index has increased manifold by five times in two years in 2021 reaching to 500.
In India, 80% of freight moves by road, and the trucking industry is adopting industry-leading tracking technology to trace and predict the exact delivery times. Thailand is incorporating IBM and Maersk’s blockchain project to streamline its shipment monitoring processes.
Recent Developments in the Freight Forwarding Market
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List of Key Players in the Freight Forwarding Market
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Mordor Intelligence has segmented the Freight Forwarding Market based on the mode of transport, customer type, application, and geography:
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