Global Freight Forwarding Market was Worth US$ 204.6 Billion in 2019 and is Expected to Reach US$ 277.5 Billion by 2028, Growing at a CAGR of 5.0% between 2021 and 2028

-
Freight Forwarding
Freight Forwarding

Freight forwarding is the shipment and coordination of goods from one location to another via multiple or a single carrier by sea, air, rail, or road. Other responsibilities of a freight forwarder include warehouse planning, cargo insurance, and other duties. The global Freight Forwarding Market is divided into modes of transportation and services.

During the forecast period, the increase in international trade volume transported by air freight and ocean freight is expected to drive Freight Forwarding Market growth. The freight forwarding industry is heavily reliant on the volume of cargo transported. As a result, air and ocean freight forwarding companies must increase cargo volume to meet consumer demand. For example, in December 2019, Kuehne + Nagel International AG, a transport and logistics company based in Germany, increased its air cargo volume by 11.02 percent from 1.5 million air freight metric tonne in 2018 to 1.7 million air freight metric tonne in 2019.

Sinotrans Limited, a logistics company based in Germany, increased its ocean container capacity by 11.3 percent in December 2019 from 3.3 million twenty-foot equivalent unit (TEU) in 2018 to 3.7 million twenty-foot equivalent unit (TEU) in 2019. In terms of region, Europe dominated the Global Freight Forwarding Market in 2019, accounting for 31.8 percent of total market value, followed by Asia Pacific and North America, respectively. The presence of major players such as Kuehne + Nagel, DHL, DB Schenker, and Panalpina Inc. has largely contributed to the region's growth.

COVID-19 has had a significant impact on nearly every industry, including infrastructure, retail, manufacturing, logistics, and others. To combat the COVID-19 pandemic, several governments around the world, including the United States, France, India, and Italy, have imposed nationwide lockdowns to limit the spread of COVID-19 disease. For example, the Government of India has imposed a lockdown from June 1 to July 1 until further notice. Due to the Lockdown, freight transport volumes in most parts of Asia may be reduced by up to half by the end of 2020.

Comments

Post a Comment

Popular posts from this blog

Security Robot Market to Reach US$ 11.8 Billion by 2022

-
Image
Security Robot Market The Global Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Security robots are rapidly gaining traction due to their ability to enhance security and surveillance in various industries. These robots offer advantages such as round-the-clock monitoring, real-time video monitoring, and quick response to potential threats. The increasing need for advanced security measures to prevent theft, vandalism, and unauthorized access is driving the demand for security robots. These robots are widely used in industries such as retail, healthcare, transportation, and manufacturing to ensure the safety of assets and individuals. The market is expected to witness significant growth due to the rising security concerns and advancements in robotic technologies. Market Key Trends: One ke
Read more

Intravenous Fluid Therapy is the Fastest Growing Segment Fueling the Growth of Intravenous Solutions Market

-
Image
Intravenous Solutions Market The global Intravenous Solutions Market is estimated to be valued at US$ 577,228 bn or Million in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Intravenous solutions are fluids administered through a vein via a needle or catheter. They are often used to provide essential nutrients, medications, or fluids to patients. Common uses include rehydration, correcting electrolyte imbalances, and ensuring nutrition is delivered for patients who cannot eat or absorb nutrients through the digestive system. Market key trends: One of the major trends in the intravenous solutions market is the increasing use of intravenous fluid therapy. Intravenous fluid therapy involves the administration of aqueous solutions containing electrolytes, sugars, and medications through an intravenous catheter. It is widely used for rehydration, maintenance of f
Read more

Smart Light or Lightning Control Market Estimated to Reach US$ 21.03 Billion by 2023

-
Image
Smart Light or Lighting Control Market Market Overview: The global Smart Light or Lighting Control Market is estimated to be valued at US$ 21.03 billion in 2023 and is expected to exhibit a CAGR of 22.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Smart light or lightning control systems enable users to control and monitor the lighting fixtures remotely to improve energy efficiency and convenience. These systems offer advantages such as reduced energy consumption, improved security, customizable lighting solutions, and enhanced ambiance. The growing need for energy-efficient lighting solutions, especially in commercial buildings, residential spaces, and industrial sectors, is driving the demand for smart light or lightning control systems. Market Key Trends: One key trend observed in the Smart Light or Lightning Control Market is the increasing integration of artificial intelligence (AI) and Internet of Things (IoT) te
Read more