According to the latest report by IMARC Group, titled "Airfreight Forwarding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global airfreight forwarding market size reached 43.80 Million Tons in 2020. Airfreight forwarding refers to the process of organizing shipments for individuals or corporations to transfer goods from one point to the final point of distribution by air. It acts as an intermediary between the manufacturer and transportation services that facilitates warehousing, tracking inland transportation, booking cargo space, freight consolidation and negotiating freight charges. It also assists in filing insurance claims, packaging and labeling goods, preparing shipping and export documents, and centralizing numerous control loading, customs and security procedures. Consequently, airfreight forwarding is widely utilized to simplify the communication between all the parties involved.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Airfreight Forwarding Market Trends:
The global market is primarily driven by the rapid increase in international trade agreements between various countries. This has impelled the demand for airfreight forwarding that is anticipated to simplify the supply chain process and, consequently, allow organizations to rather focus on their core business activities for improved profit generation. The market is further driven by significant growth in the e-commerce sector that has spurred the need for international e-commerce activities. The advent of various online freight booking platforms is also creating a positive outlook for the market as they offer numerous opportunities to the small and medium-sized enterprises (SMEs) organizations to help them gain prominence in the international market. This, coupled with the numerous customized solutions offered by multiple airfreight forwarding market players to meet the evolving transportation needs of e-commerce companies, is anticipated to provide a thrust to the market further. However, on account of the rapid outbreak of the coronavirus disease (COVID-19) pandemic, the stringent travel bans and other related restrictions imposed by governing agencies of multiple countries have hindered airfreight activities and logistics services on the global level. Nevertheless, the market is anticipated to regain its growth once these restrictions are relaxed or lifted. On account of the aforementioned factors, the market is expected to reach a volume of 50.26 Million Tons by 2026, registering a CAGR of 3.50% during 2021-2026.
- On the basis of the type, the market has been bifurcated into full and split charters.
- Based on the service type, the market has been divided into packaging and labeling, documentation and PO management, charter services, transportation and warehousing, and others.
- On the basis of the end use industry, the market has been classified into retail and FMCG, manufacturing, consumer appliances, healthcare and others, wherein retail and FMCG accounts for the majority of the total market share.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Bolloré Logistics, CEVA Logistics AG (CMA CGM S.A.), Deutsche Post AG, DSV Panalpina A/S, Expeditors International, Hellmann Worldwide Logistics, Kuehne Nagel International AG, Nippon Express, Sinotrans Limited, and UPS Supply Chain Solutions.
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