Freight Forwarding Market Size (2024 - 2029)

Freight Forwarding Industry Analysis

The Freight Forwarding Market size is estimated at USD 557.04 billion in 2024, and is expected to reach USD 724.17 billion by 2029, growing at a CAGR of 4.47% during the forecast period (2024-2029).

The prompt adoption of technologies such as AI, blockchain, and cloud computing presents a challenge to the freight forwarding industry. The need to invest in these technologies for efficient operation is growing. In September 2023, Uber Freight announced a complete evolution in logistics technologies to power the international movement of goods. With freight worth USD 18 billion, Uber is launching a new generation of products that invest in its advanced technology development abilities and AI-powered software. 

In addition to the resumption of freighter schedules, more airline passenger capacity is returning to the market. In 2023, international air travel returned to the pre-pandemic level. The rate remains high but still shallow compared to before the pandemic. Global supply chains persist in being disrupted by trade restrictions involving China, the United States, Russia, Ukraine, and Europe. Suppliers seek other locations to source from outside China, Southeast Asia, and South Asia. 

According to freight forwarding industry experts, the ocean forwarding market is evolving faster than expected. The transition from a supply chain struggling to keep up with unprecedented pandemic demand to a weak demand environment is now oversupplied with ships and containers, highlighting the risk of a prolonged global economic downturn. The role of governments is also to facilitate sea routes. As of March 2023, India and Russia considered using the Northern Sea Route, which spans the Arctic, for shipping. 

Freight Forwarding Industry Segmentation

Freight forwarding refers to the coordination and transport of goods from one place to another using one or more carriers by air, sea, rail, or road. The principles of freight forwarding focus on the cost-effective and efficient transfer of goods that are always kept in reasonable condition during transport. 

A complete freight forwarding industry analysis, comprising the assessment of the economy and contribution of sectors in the economy, freight forwarding industry overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, freight forwarder market share, geographical trends, and the COVID-19 impact is included in the report. 

The freight forwarding market is segmented by mode of transport (air freight forwarding, ocean freight forwarding, road freight forwarding, rail freight forwarding), customer type (B2C and B2B), application (industrial and manufacturing, retail, healthcare, oil and gas, food and beverages, and other applications), and geography (North America, Europe, Asia-Pacific, and LAMEA). The report offers freight forwarding market size, forecasts and freight forwarder market share for all the above-mentioned segments in value (USD).