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International Freight Forwarding Market Trends

Report ID: GMI10382
Published Date: Jul 2024
Report Format: PDF

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International Freight Forwarding Market Trends

Innovations in logistics technology, such as blockchain for supply chain transparency, automation, and digital freight platforms, are focused on improving the efficiency and reliability of freight forwarding services. These advancements enable better tracking, management, and optimization of shipping processes. In addition, data analytics plays a crucial role in analyzing extensive data sets, including shipping routes, traffic patterns, and historical trends. This data-driven approach helps optimize transportation costs and ensures punctual deliveries.

Moreover, blockchain technology provides a secure and transparent method for tracking shipments across the supply chain, eliminating delays and potential errors associated with paperwork, thereby accelerating the entire process. AI and machine learning algorithms automate tasks, enhance decision-making capabilities, and forecast future demand. For instance, in April 2024, CEVA Logistics implemented a new AI-powered chat system allowing customers to track shipments, obtain quotes, and book services in real time. This 24/7 automated service offers customers a more convenient and personalized experience.

Investments in transportation infrastructure, such as ports, airports, and rail networks, propel the growth of the international freight forwarding market by enhancing the efficiency and capacity of freight transport. Projects that connect previously isolated regions can open new trade routes and markets. This expanded connectivity provides freight forwarders with more options, enabling them to offer clients competitive pricing and a wider range of transportation solutions.

For instance, in March 2024, the Panama Canal completed its expansion, with significant infrastructure development which allows for the passage of larger cargo ships, thus increasing the canal's capacity. It resulted in quicker and more efficient movement of goods between the Atlantic and Pacific Oceans. This development is particularly advantageous for international freight forwarders, which can now provide clients with faster and potentially more cost-effective shipping choices on this vital trade route.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of international freight forwarding reached USD 112.1 billion in 2023 and will witness 4.5% CAGR from 2024 to 2032, owing to increasing globalization and international trade agreements, the rise of e-commerce and just-in-time delivery practices.

The ocean segment recorded 40% of the international freight forwarding industry share in 2023, attributed to the cost-effectiveness and capacity of ocean freight, the growing global trade and the expansion of port infrastructure.

Asia Pacific market held over 35% share in 2023, driven by the region's strategic location, extensive port infrastructure, robust economic growth and expanding manufacturing sector.

Kuehne + Nagel, DB Schenker, DHL Supply Chain & Global Forwarding, UPS Supply Chain Solutions, DHL Express, Expeditors International, C.H. Robinson, CEVA Logistics, Panalpina (part of DSV Panalpina), Nippon Express, Expeditors International, and Sinotrans, among others.