Latest News - Seafreight Forwarding Market: Manufacturing is expected to lead the End-user segment during 2024-2028

The Seafreight Forwarding Market is being driven by Growing global cross-border e-commerce market driving LCL volume

The Seafreight Forwarding Market is expected to grow at a CAGR of 5.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 21.6 billion. Blockchain technology, a digitized and distributed transaction ledger, is gaining traction in the maritime transportation industry for its potential to streamline shipping operations. This system, which maintains identical copies of cryptographically protected data on multiple computer systems controlled by various entities, reduces the need for a central authority to maintain records. However, the implementation of blockchain technology on a large scale in seafreight forwarding faces challenges, including interoperability, device management, and cost considerations. Despite these hurdles, shipping lines continue to explore the benefits of this innovative technology to enhance efficiency and reduce costs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Manufacturing
  • Retail and consumer goods
  • Healthcare
  • Others
• Type
  • Full container load
  • Less-than container load
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • France
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing global cross-border e-commerce market driving LCL volume
• Rising demand for intermodal freight transportation
• Increasing number of FTAs among nations

However, the market also witnesses some limitations, which are as follows:

• Consolidation in shipping industry leading to high freight costs and operational difficulties
• Upsurge in freight cost
• Congestion and delay at ports leading to increase in vessel turnaround time

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Market Scope in Seafreight Forwarding Market Research Report

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Research Analysis Overview

The seafreight forwarding market plays a crucial role in the global supply chain, particularly for transporting heavy loads over long distances. This mode of transportation is ideal for goods that are not time-sensitive and can be transported in containers or bulk cargo. However, the use of ocean freight comes with challenges such as fuel consumption and carbon emissions. Ocean freight forwarders facilitate the movement of cargo from the point of origin to the destination, acting as intermediaries between shippers and shipping lines. The shipping industry's infrastructure, including cargo ships, carrier ships, and container terminals, is essential to the efficient operation of seafreight forwarding. Hazardous cargo requires specialized handling, and seafreight forwarders must adhere to strict regulations to ensure safe transportation. The cost of seafreight forwarding is influenced by factors such as fuel prices, carbon emission charges, and infrastructure development. The purchasing power parity and internet penetration rates of countries also impact the seafreight forwarding market, as they influence demand and the availability of digital solutions for managing logistics and freight forwarding. The worldwide operations of seafreight forwarders extend to waterways and air freight, making them an integral part of the transportation and logistics industry. In conclusion, seafreight forwarding is an essential component of the global supply chain, enabling the transportation of heavy loads over long distances. The market is influenced by various factors, including fuel prices, carbon emissions, infrastructure development, and regulatory requirements. Seafreight forwarders play a critical role in ensuring the safe and efficient transportation of cargo, from the point of origin to the final destination.

Market Research Overview

As a seasoned business analyst, I'm pleased to provide insights into the seafreight forwarding market. This sector plays a pivotal role in global trade logistics, facilitating the transportation of goods by sea. Key players in this industry focus on optimizing supply chain efficiency, leveraging advanced technologies, and complying with stringent regulations to deliver cost-effective and reliable solutions for clients. The market is driven by increasing international trade, growing consumer demand, and the ongoing digitization of the logistics industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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