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The sea freight forwarding market is a large and growing industry, with a projected value of $ billion by 2030. This growth is being driven by a number of factors, including the increasing globalization of trade, the growth of e-commerce, and the rising demand for sustainable transportation solutions.
One of the key trends in the sea freight forwarding market
is the increasing use of digital technologies. These technologies are being
used to improve the efficiency and transparency of sea freight forwarding
operations, and to provide new insights into supply chain management. For
example, blockchain is being used to track the movement of goods in real time,
and artificial intelligence is being used to optimize routing and scheduling.
Another key trend in the sea freight forwarding market is
the growing importance of sustainability. Shippers are under increasing
pressure to reduce their environmental impact, and sea freight forwarders are
playing a key role in helping them achieve this goal. For example, sea freight
forwarders are developing new ways to reduce emissions and to use more
sustainable packaging materials.
Freight forwarding is a business that organizes shipments for individuals or corporations to get goods from the manufacturer to a customer or a final point of distribution. Freight forwarders specialize in lowering costs and facilitating the logistics of transportation. Moreover, a freight forwarder is responsible for transportation of goods from one destination to another.
Sea freight forwarding is a method of transporting large amounts of goods using carrier ships. Goods are packed into containers and then loaded onto a vessel. A typical cargo ship can carry around 18,000 containers, which means that sea freight is a cost-efficient way to transport high quantities over large distances. Furthermore, sea freight forwarding is mostly done using containers loaded with cargoes these containers are of two types of full container load (FCL) and less than container load (LCL). FCL means a single container that is booked by the shipper exclusively for the transportation of their cargo and the shipper does not have to share the container with cargo booked by other shippers. Thus, FCL enhances security and simplifies sea freight logistics management. Whereas in LCL the exporter does not have to book an entire container because the size of the cargo is small. In addition, smaller shipments are needed to be sent economically and are less time-sensitive therefore, sent via LCL container.
The sea freight forwarding market is a dynamic and evolving
industry, and the trends outlined above are just a few of the factors that will
shape its future. Sea freight forwarders that are able to adapt to these trends
will be well-positioned to succeed in the years to come.
Here are some additional thoughts on the future of the
sea freight forwarding market:
- The
market is expected to continue to grow at a steady pace, driven by the
increasing globalization of trade and the growth of e-commerce.
- Digital
technologies will continue to play an increasingly important role in the
sea freight forwarding market, as they are used to improve efficiency,
transparency, and sustainability.
- Sustainability
will become an increasingly important factor in the sea freight forwarding
market, as shippers are under pressure to reduce their environmental
impact.
- The
market is expected to become more globalized, as sea freight forwarders
seek to expand their reach and offer services to a wider range of
customers.
Top Impacting Factors
- Rise
in cross border e-commerce, rise in demand fort cargo transportation
through marines, and rise in demand for safe & fast delivery cargo is
expected to drive growth of the market.
- However,
rise in shipment delay due to bad weather conditions and rise in ship
maintenance cost can hamper growth of the market.
- Moreover,
rise in number of heavy cargoes for transportation, rise in international
trade, and rise in demand for low-cost cargo transportation methods can
act as an opportunity for growth of the market.
Market Trends
Rise in cross border e-commerce
The global e-commerce sales jumped to $26.7 trillion in
2019, up by 4% from 2018, according to the latest available estimates which is
expected to grow in the coming years. Online shopping is one of the most
popular online activities worldwide and with flexible shipping methods both
domestic and cross-border e-commerce, is booming in developing markets such as
China, India, and Indonesia. For instance, in China cross-border e-commerce
transactions already account for up to 20 percent of total import and export
trading volumes. Thus, rise in cross border e-commerce is expected to drive
growth of freight forwarding market.
Rise in demand for cargo transportation through marines
Rise in air freight charges has increased the demand for transportation of cargo through waterways. Since, transportation of cargo through marines is economical & efficient and heavy & bulky cargo can be easily transported. Moreover, demand for safe and environment friendly transportation is increasing the demand for sea freight forwarding. For instance, according to United Nations Conference on Trade and Development (UNCTAD), approximately 1.68 billion tons of cargo is transported every year around the world in 177.6 million containers covering 998 billion tons-miles. Moreover, in 2019 world’s leading sea freight forwarding company Kuehne + Nagel generated around $28 billion from its worldwide operations. Thus, the rise in cargo transportation through marines is expected to drive growth of freight forwarding market.
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Top 10 Companies by Revenue, Market Share (2023)
top 10 sea freight forwarding companies in the world, along
with their country of origin, market share, and revenue:
|
Rank |
Company |
Country |
Market share (%) |
Revenue (USD million) |
|
1 |
Kuehne + Nagel |
Switzerland |
11.5 % |
40,838 million |
|
2 |
DHL Supply Chain & Global Forwarding |
Germany |
10.2 % |
37,707 million |
|
3 |
DSV |
Denmark |
7.6 % |
28,901 million |
|
4 |
DB Schenker |
Germany |
6.9 % |
27,648 million |
|
5 |
Sinotrans |
China |
5.5 % |
19,097 million |
|
6 |
Expeditors |
USA |
5.2 % |
16,523 million |
|
7 |
C.H. Robinson |
USA |
4.8 % |
22,356 million |
|
8 |
Nippon Express |
Japan |
4.6 % |
18,612 million |
|
9 |
Kerry Logistics |
Hong Kong |
3.8 % |
10,516 million |
Note: The information is provided
for informational purposes only and should not be construed as legal advice.
As you can see, the top 10 sea freight forwarding companies
are all from developed countries, with Germany, Switzerland, and Denmark being
the most represented countries. The market share of these top 10 companies is
also quite high, with the top 5 companies accounting for over 40% of the
market.
Here is some additional information about the top 10
companies:
- Kuehne
+ Nagel is the largest sea freight forwarding company in the world,
with operations in over 100 countries.
- DHL
Supply Chain & Global Forwarding is the second largest sea freight
forwarding company in the world, and is a subsidiary of Deutsche Post DHL
Group.
- DSV
is the third largest sea freight forwarding company in the world, and is a
Danish logistics company.
- DB
Schenker is the fourth largest sea freight forwarding company in the
world, and is a German logistics company.
- Sinotrans
is the fifth largest sea freight forwarding company in the world, and is a
Chinese state-owned logistics company.
Key Benefits of the Report:
- This
study presents the analytical depiction of the sea freight forwarding
market along with the current trends and future estimations to determine
the imminent investment pockets.
- The
report presents information related to key drivers, restraints, and
opportunities along with challenges of the sea freight forwarding market.
- The
current market is quantitatively analyzed to highlight the sea freight
forwarding market growth scenario.
- The
report provides detailed sea freight forwarding market analysis based on
competitive intensity and how the competition will take shape in coming
years.
Questions answered in the sea freight forwarding market
research report:
- Which
are the leading market players active in the sea freight forwarding
market?
- What
would be the detailed impact of COVID-19 on the market?
- What
current trends would influence the market in the next few years?
- What
are the driving factors, restraints, and opportunities in the sea freight
forwarding market?
- What
are the projections for the future that would help in taking further strategic
steps?
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