The freight forwarding market is set to grow from its current market value of more than $156.4 billion to over $247.8 billion by 2034, as reported in the latest study by Global Market Insights, Inc.
This growth is primarily driven by the continuous expansion of international trade and the increasing pace of globalization.
“As businesses become more interconnected across borders, the demand for efficient, cost-effective logistics solutions is intensifying,” the report says. “Freight forwarding plays a pivotal role in optimizing supply chain operations, managing risks, and ensuring timely deliveries. With the rise in e-commerce and the constant need for businesses to streamline their supply chains, the freight forwarding market has witnessed substantial transformation, incorporating advanced technologies like AI, automation, and real-time tracking to keep pace with consumer demands and logistical complexities. As industries rely more on efficient transportation networks to move goods at scale, the sector's evolution continues to thrive, creating a robust environment for growth and innovation.”
Key takeaways:
· Ocean freight dominates the market, holding a 44% share in 2024. This segment's appeal stems from its ability to transport large and heavy shipments at a relatively low cost.
· The B2B segment is the dominant player, with a 59% share in 2024. This reflects the complex nature of business supply chains, which often involve multiple stages of production and distribution.
· North America is a key region for the freight forwarding market, capturing a 30% share in 2024. This is attributed to the region's strong manufacturing and industrial sectors, which rely heavily on the efficient transportation of raw materials, components, and finished products.
