Freight Forwarding Market Growth Drivers, Business Strategies and Future Prospects 2025

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Freight Forwarding
Freight Forwarding

The transportation and coordination of commodities from one location to another via many or a single carrier via maritime, air, rail, or road is known as freight forwarding. Other responsibilities of a freight forwarder include warehouse planning, cargo insurance, and other services. The worldwide Freight Forwarding Market is divided into two categories: transportation method and services.

During the forecast period, the market is likely to rise due to an increase in the volume of international trade transported by air freight and ocean freight. The freight forwarding sector is heavily reliant on the amount of cargo being moved. As a result, air and ocean freight forwarding companies must raise their cargo volume in order to meet consumer demand. For example, Kuehne + Nagel International AG, a German transport and logistics business, raised its air cargo volume from 1.5 million air freight metric tonne in 2018 to 1.7 million air freight metric tonne in December 2019. With an increase of 11.02 percent, its air cargo volume climbed from 1.5 million air freight metric tonnes in 2018 to 1.7 million air freight metric tonnes in 2019.

Coronavirus' Impact on the Global Freight Forwarding Market (Covid-19). Pandemic COVID-19 has wreaked havoc on practically every industry, including infrastructure, retail, manufacturing, and logistics. Several countries around the world, including the United States, France, India, and Italy, have enforced statewide lockdowns to combat the COVID-19 outbreak. For example, the Indian government has imposed a lockdown from June 1 to July 1 until further notice. Due to the Lockdown, freight transit volumes in most parts of Asia may be cut in half by the end of 2020.

In the worldwide Freight Forwarding Market sector, the Asia Pacific area is seeing tremendous expansion. The presence of fast-growing economies such as India and China is largely responsible for the region's growth. The region's fast-growing economies provide growth prospects, thus top corporations are focusing on mergers and acquisitions to increase their presence in these markets. For example, in March 2021, Kuehne+Nagel (K+N), a German-based worldwide third-party logistics (3PL) services provider, paid US$ 1.5 billion for China-based freight forwarder Apex International Corporation. The acquisition was made with the intention of expanding the company's position in Asia.

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