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Nov 30, 2023

Seafreight Forwarding Market Size to Grow by USD 10.78 billion

News provided by 06 May, 2022, 20:00 ET Share this article NEW YORK , May 6,

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06 May, 2022, 20:00 ET

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NEW YORK , May 6, 2022 /PRNewswire/ -- The seafreight forwarding market has been categorized as a part of the global marine market within the global transportation market. The market size is expected to grow by USD 10.78 bn from 2019 to 2024. The growth momentum of the market will progress at a CAGR of 3% during the forecast period.

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The seafreight forwarding market covers the following areas:

Seafreight Forwarding Market SizingSeafreight Forwarding Market ForecastSeafreight Forwarding Market Analysis

Driver and Challenge

The growing global cross-border e-commerce market driving the LCL volume is one of the key factors driving the growth of the seafreight forwarding market. The global cross-border e-commerce market was valued at USD 460 billion in 2017 and is expected to reach USD 1,265 billion during the forecast period. The US and China are the key contributing countries for the global cross-border e-commerce market. The growing Internet penetration and rising purchasing power parity (PPP) across all the regions are contributing to the growth of the cross-border e-commerce market. This growth is expected to influence the volume of seafreight worldwide positively. LCL seafreight shipments are propelled by the rise in the number of small package shipments. Moreover, vendors are planning to expand their service portfolio. Sea transportation is emerging as a preferred mode for e-commerce due to developments in infrastructure. In addition, there is a rise in the use of intermodal freight transportation due to the cost advantages it offers for the shippers as compared to using a single mode of transportation.

The consolidation in the shipping industry leading to high freight cost and operational difficulties will challenge the seafreight forwarding market during the forecast period. The shift toward consolidation in the shipping industry is expected to continue during the forecast period. Major shipping companies have formed alliances, thereby cutting down the excess capacity of vessels as well as lowering the cost of scrapping the ships lying idle in ports. Such consolidations in the shipping industry will lead to an oligopolistic market, which may result in fewer options for freight forwarders to select from. This, in turn, will lead to an increase in freight rates.

Regional analysis

Europe will account for 40% of the market's growth during the forecast period. The growing trade volume on European trade routes, increasing container port throughput, and the rising number of FTAs in the region will drive the seafreight forwarding market growth in Europe during the forecast period. Market growth in this region will be faster than the growth of the market in other regions. Germany and UK are the key countries for the seafreight forwarding market in Europe.

Companies Mentioned

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Seafreight Forwarding Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 3%

Market growth 2020-2024

USD 10.78 billion

Market structure

Fragmented

YoY growth (%)

1.92

Regional analysis

Europe, APAC, North America, South America, and MEA

Performing market contribution

Europe at 40%

Key consumer countries

China, Germany, US, UK, Canada, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Agility Public Warehousing Company KSCP, C.H. Robinson Worldwide Inc., CEVA Logistics AG, CJ Logistics Corp., Deutsche Bahn AG, Deutsche Post AG, DSV Panalpina A/S, Hellmann Worldwide Logistics SE & Co. KG, Kuehne + Nagel International AG, and United Parcel Service Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by Service

Customer landscape

Geographic Landscape

Vendor Landscape

Vendor Analysis

Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

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