Key Highlights
- The global freight forwarding market was valued at approximately $180 billion in 2021
- The Asia-Pacific region accounted for over 40% of the global freight forwarding market in 2021
- The global air freight market volume was around 61.3 million tons in 2022
- Ocean freight shipping accounts for approximately 80% of world trade volume by quantity
- The top five freight forwarding companies account for more than 50% of the global market share
- The logistics and freight forwarding industry is expected to grow at a CAGR of 4.4% from 2022 to 2030
- Approximately 83% of global trade by value is carried by sea
- The average cost of freight insurance globally in 2022 was around 0.3% of cargo value
- Digital transformation in freight forwarding has increased industry efficiency by approximately 20%
- The COVID-19 pandemic caused a 15-20% decline in global freight volumes in 2020
- The annual growth rate of e-commerce shipments has surged by over 25% in the Asia-Pacific region during 2020-2022
- Trucking remains the dominant mode of freight transport in North America, accounting for approximately 70% of freight tonnage
- The freight forwarding industry employs over 12 million people worldwide
The freight forwarding industry is navigating a dynamic landscape marked by rapid technological innovation, regional dominance, and unprecedented growth projections that are set to transform global trade by 2030.
Industry Trends and Innovations
- The logistics and freight forwarding industry is expected to grow at a CAGR of 4.4% from 2022 to 2030
- The average cost of freight insurance globally in 2022 was around 0.3% of cargo value
- Digital transformation in freight forwarding has increased industry efficiency by approximately 20%
- The annual growth rate of e-commerce shipments has surged by over 25% in the Asia-Pacific region during 2020-2022
- The average lead time for international freight shipments has reduced by roughly 10% over the past five years due to technological upgrades
- The use of IoT in freight forwarding has improved supply chain visibility by over 35%
- The freight forwarding sector is increasingly adopting blockchain technology, with 25% of companies piloting blockchain projects in 2023
- The average freight forwarding contract duration is around 12 months, with M&A activity rising in the industry
- 65% of freight forwarders expect increased demand in the next two years, according to a 2023 industry survey
- The employment rate in freight forwarding is expected to grow by 4% annually through 2030
- Port congestion increased global shipping costs by approximately 15% during 2021-2022
- The largest container ships now carry over 24,000 TEU, highlighting advancements in freight vessel capacity
- About 30% of freight forwarding companies have adopted AI-based route optimization systems
- The growth of multimodal transportation solutions increased by 12% in 2022, driven by demand for flexible logistics
- The freight forwarding industry’s carbon footprint has decreased by roughly 10% since 2019 due to sustainability initiatives
- Over 60% of freight forwarders report difficulties in recruiting skilled labor, especially in digital skills areas
- The use of robotics in warehouses for freight forwarding has increased by 25% since 2020, improving operational efficiency
- The average freight bill accounts for about 12% of the total logistics cost for companies
- Regulatory compliance costs for freight forwarding companies have increased by 18% over the last five years, due to evolving global trade regulations
- The market share of digital freight matching platforms increased by 35% in 2022, reflecting the shift towards digital solutions
- Approximately 70% of freight forwarding companies are investing in cybersecurity to protect supply chain data
- The average container dwell time at ports increased by 20% during 2020-2022, contributing to increased costs
- The adoption rate of paperless documentation in freight forwarding has reached 55% globally in 2022, reducing processing times
- The freight forwarding industry is increasingly using AI for customer service, with chatbots handling over 40% of inquiries in 2023
- The global freight forwarding industry is projected to face a shortage of approximately 1.4 million skilled workers by 2030, according to industry reports
- More than 65% of freight forwarders report increased demands for customized logistics solutions, driven by e-commerce and supply chain complexity
- The use of drones for freight delivery has increased by 30% in 2022, mainly for last-mile delivery in urban areas
- The largest freight forwarders have integrated sustainability into their core operations, with 80% committed to net-zero targets by 2030
- The integration of AI and machine learning in freight forwarding reduces shipment errors by approximately 15%, increasing reliability
- Over 75% of freight forwarders report increased investment in digital platforms since 2020, aiming to improve operational efficiency
- The volume of hazardous materials transported via freight forwarding increased by 10% annually over the past three years, highlighting safety and regulation challenges
- The freight forwarding industry faces a projected annual cyber attack growth rate of 12% through 2025, emphasizing the need for robust cybersecurity
- Incorporation of autonomous vehicles in freight logistics is currently at the pilot stage in 35% of forwarders, with full adoption expected within the next five years
- About 18% of freight forwarders utilize blockchain for document verification, improving security and transparency
- The percentage of freight shipments utilizing customs brokerage has increased by 12% since 2018, reflecting growing complexities in global trade
- The use of big data analytics in freight forwarding improved demand forecasting accuracy by approximately 25%, leading to better inventory management
- The freight forwarding industry is estimated to incur over $20 billion annually in theft and cargo loss worldwide, highlighting security concerns
- Investment in green fuels and alternative energy sources by freight companies increased by 22% in 2022, aligning with sustainability goals
- Multimodal logistics hubs have increased by 15% globally since 2019, facilitating smoother cargo transfers
- The biggest challenges currently faced by freight forwarders include rising fuel costs (reported by over 70% of firms), regulatory compliance, and labor shortages
- The freight industry’s digital revenue is projected to grow at an annual rate of 8% through 2025, reflecting industry digitization efforts
- Over 50% of freight forwarders are planning to invest in enhanced supply chain visibility tools in the next year, to improve tracking and transparency
- According to forecasts, global freight transportation will continue to grow over 3% annually through 2030, driven mainly by e-commerce and trade expansion
- Environmental regulations have led to a 12% reduction in sulfur emissions from freight vessels over the past decade, promoting cleaner shipping practices
- Digital documentation adoption in freight forwarding reduced processing times by up to 40%, significantly improving operational efficiency
- The average revenue per freight shipment has increased by 9% since 2019, reflecting rising freight costs and value-added services
- The freight forwarding industry is increasingly focusing on supply chain resilience, with over 60% of firms investing in risk management strategies
- Investments in automation within freight warehouses grew by 20% in 2022, aiming to reduce manual handling and increase throughput
Industry Trends and Innovations Interpretation
Major Companies and Industry Share
- The top five freight forwarding companies account for more than 50% of the global market share
Major Companies and Industry Share Interpretation
Market Size and Value
- The global freight forwarding market was valued at approximately $180 billion in 2021
- The global air freight market volume was around 61.3 million tons in 2022
- The freight forwarding industry employs over 12 million people worldwide
- The total global freight forwarding market is expected to reach $350 billion by 2027
- The global cold chain logistics market is projected to grow at a CAGR of 7.2% through 2028
- The global packaging market for freight logistics is estimated at $104 billion in 2023, projected to reach $148 billion by 2028
- The global express freight market is projected to grow at a CAGR of 7.8% from 2023 to 2030, reaching over $300 billion
- The freight forwarding industry’s revenue growth is expected to outperform global GDP growth over the next decade, with an estimated CAGR of around 4%
- The global cold chain logistics market is projected to reach $640 billion by 2028, growing rapidly due to increasing demand for temperature-sensitive products
Market Size and Value Interpretation
Regional Market Dynamics
- The Asia-Pacific region accounted for over 40% of the global freight forwarding market in 2021
- Asia-Pacific dominates the air freight industry, handling over 48% of global air cargo volume
Regional Market Dynamics Interpretation
Transportation Modes and Volumes
- Ocean freight shipping accounts for approximately 80% of world trade volume by quantity
- Approximately 83% of global trade by value is carried by sea
- The COVID-19 pandemic caused a 15-20% decline in global freight volumes in 2020
- Trucking remains the dominant mode of freight transport in North America, accounting for approximately 70% of freight tonnage
- Refrigerated freight accounts for approximately 10% of total freight volume globally
- Intermodal freight transportation accounts for about 30% of cargo volume in Europe, driven by environmental policies
- Over 50% of global freight volume is now transported via rail in certain regions like Europe and parts of Asia, showing diversification
- The percent of global trade conducted in containerized shipping has remained stable at around 60% since 2015, indicating consistent market share
- The percentage of freight shipped via dedicated rail routes increased by 6% since 2020, emphasizing diversification of transport modes
Transportation Modes and Volumes Interpretation
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