Freight Forwarding Market - SWOT Analysis and Growth Projections

 The global freight forwarding market size was valued at USD 200.98 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. Globalization has played a central role in propelling the growth of the market. As businesses increasingly expand their operations beyond their domestic borders and engage in international trade, the demand for efficient and dependable freight forwarding services has experienced a substantial upswing. This surge in demand is primarily attributed to companies actively sourcing raw materials, components, and finished products from various countries while simultaneously selling their goods to a global customer base. This global expansion and integration of business activities necessitate the specialized knowledge and services freight forwarders offer to manage the intricate logistics inherent in global trade effectively.

Recent Development

•            In August 2023, Onboard Logistics and Intelligent Logistics Platform Raft has partnered each other. The Onboard Logistics utilize Raft’s platform for the processing of cargo prior to it physical arrival. Due to its implementation, OnBoard Logistics has achieved a capacity three times greater than previous capabilities.

•            In May 2023: Nippon Express has acquired Firm Cargo. The acquisition is expected to strengthen Nippon Express Group's network in Europe, especially in large production areas in the middle and east, and to increase its sea and air network.

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