Freight Forwarding Market Size - By Mode of Transportation (Ocean Freight Forwarding, Air Freight Forwarding, Road Freight Forwarding, Rail Freight Forwarding), By Customer Type (B2B, B2C), End-user & Global Forecast, 2023 - 2032

Freight Forwarding Market Size - By Mode of Transportation (Ocean Freight Forwarding, Air Freight Forwarding, Road Freight Forwarding, Rail Freight Forwarding), By Customer Type (B2B, B2C), End-user & Global Forecast, 2023 - 2032

Freight Forwarding Market size is projected to expand at 4% CAGR from 2023 to 2032, driven by the burgeoning e-commerce activities combined with the subsequent demand for efficient as well as seamless logistics and delivery services.

The integration of advanced technologies and automated solutions in the freight forwarding sector is facilitating the management of complex supply chains. To that end, several market players are focusing on transforming the way importers and exporters handle their shipping requirements for boosting operational effectiveness, thereby assisting the industry growth. For instance, in May 2023, to promote India’s trade competitiveness in the international market and enabling reduction of logistics costs, Tiger Logistics launched FreightJar, its new digital freight booking and management platform in line with the Make in India and PM Gati Shakti programs.

The overall freight forwarding market is categorized by mode of transportation, customer type, end-user, and region.

Based on mode of transportation, the rail freight forwarding market generated considerable revenue in 2022 and is anticipated to record robust growth through 2032. This is driven by the cost-effectiveness and environmental sustainability offered by rail transportation. Additionally, the development of advanced rail infrastructure and logistics hubs is enhancing the efficiency and competitiveness of rail freight services, further stimulating the segment expansion.

In terms of end-user, the freight forwarding industry size from the oil and gas segment is expected to record substantial revenue between 2023 and 2032. The growth can be attributed to the continuous exploration and production activities in the global energy sector, in turn necessitating efficient and reliable transportation services. The intricate logistics requirements of the oil and gas industry, including the need for specialized handling and adherence to stringent safety regulations are also fueling the demand for specialized freight forwarding solutions.