Seafreight Forwarding Market Size to grow by USD 21.6 billion between 2024-2028
According to a research report “ Seafreight Forwarding Market” by End-user (Manufacturing, Retail and consumer goods, Healthcare, Others) Type (Full container load, Less-than container load) Geography (North America, APAC, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 21.6 billion, at a CAGR of 5.29% during the forecast period. The global cross-border e-commerce industry's expansion, driven by increasing Internet penetration and purchasing power parity (PPP) in various regions, is fueling the growth of the seafreight forwarding market. The United States and China are significant contributors to this industry's growth, leading to an increase in Less than Container Load (LCL) seafreight shipments due to the rising number of small package deliveries. Vendors are broadening their service offerings to cater to the cross-border e-commerce sector, further boosting the LCL seafreight market. For instance, DACHSER's recent announcement in April 2022 regarding the expansion of its LCL network in seafreight services from Scandinavia and China underscores this trend..
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By End-user, the Manufacturing segment is projected to dominate the market size in 2024
In the manufacturing sector, industries such as automotive, chemical, oil and gas, electronics, and wood and paper significantly contribute to the seafreight forwarding market. Seafreight forwarding is a dependable transportation solution for the movement of machinery, equipment, and delicate instruments in these industries. The expanding middle class demographic and their growing consumption of automobiles and consumer goods will fuel the demand for these sectors during the forecast period. Seafreight forwarding is economical for long-distance transportation and can handle large cargo volumes, making it a preferred choice over trucking. Moreover, the integration of technology and the increasing international demand are anticipated to propel the growth of the manufacturing segment in the global seafreight forwarding market.
By Type, Full container load segment is expected to hold the largest market size for the year 2024
In full container load (FCL) shipping, the shipper is responsible for loading and securing goods into a container at the origin, which is then transported via sea freight to the destination. This method offers several advantages, including increased cargo security due to minimal handling at terminals and the ability to track the container throughout the shipping process. The ongoing expansion of port and terminal infrastructure globally is anticipated to fuel the growing demand for containerized cargo. Compared to less-than-container-load (LCL) shipping, FCL shipments are faster as they do not require consolidation and deconsolidation at terminals and storage facilities. The safety of goods is also enhanced as they remain in the same container throughout the journey.
North America is forecasted to hold the largest market size by region in 2024
The Panama Canal expansion has significantly boosted the North American seafreight forwarding market. With the ability to accommodate larger, wider, and heavier vessels, the canal reduces transit times and transportation costs for seafreight forwarders. This economies of scale advantage, achieved through increased container volumes, is driving market growth. Additionally, rising freight volumes at US ports of entry further bolster market expansion during the forecast period.
The Seafreight Forwarding Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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
The Seafreight Forwarding Market encompasses the transportation of Textile, Healthcare, Consumer appliances, and other goods via ocean freight. Ocean freight forwarders facilitate the movement of shipments, especially for long distances and heavy loads, using the merchant fleet. Seaways are a crucial part of global trade activities, carrying raw materials and finished products, including consumer goods, from the point of origin to the destination. Industry investors are increasingly interested in the Seafreight Forwarding Market due to technology advancements, such as AI, reducing carbon footprint, and improving efficiency. However, the industry faces challenges like rising fuel costs and carbon emissions, hazardous cargo handling, and security concerns. Major sectors using Seafreight Forwarding include Oil and Gas, Coal, and Industrialization. Seaborne trade volumes have grown significantly, driven by international trade, e-retail revenues, and retail e-commerce sales. The shipping cost depends on the fleet size, shipping rates, and infrastructure development. New vessels and carrier ships are being introduced to meet the growing demand for transportation and logistics services. The shipping industry's worldwide operations are expanding, with marines and waterways playing a crucial role in the movement of cargo. Air freight charges and cross-border e-commerce are also influencing the growth of the Seafreight Forwarding Market. Ultimately, the success of the industry relies on the ability to adapt to changing customer needs and market conditions.
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