Freight Forwarding Market is driven by Increased International Trade
The freight forwarding market facilitates the transportation of goods across borders on behalf of shippers. Freight forwarders organize shipments by consolidating cargo, preparing documentation, and arranging logistics across all modes of transportation such as air, sea, rail and road. They act as an intermediary in import-export operations by coordinating with suppliers, shipping lines and customs agencies. Freight Forwarding Market Growth leverage technology solutions to improve visibility, operational efficiency and cost management. The digitalization of supply chains using blockchain, internet of things and big data analytics is enhancing the services offered by players in this market.
The Global Freight Forwarding Market is estimated to be valued at US$ 286.5 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Freight Forwarding are Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi €“ Aventis. These players are focusing on partnerships, acquisitions and digital solutions to consolidate market presence.
The international trade via sea routes between countries is increasing rapidly due to globalization. This rising cross border movement of goods is driving significant demand for freight forwarding services. Multinational companies are also outsourcing their logistics requirements to specialized freight forwarders.
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