The freight forwarding sector, both air and sea, continues to demonstrate resilience in 2024 despite global economic and logistical challenges. This is according to Transport Intelligence's report, "Global Freight Forwarding Market Size: 2024," which provides a detailed overview of the market's prospects for 2024 and looks ahead to future developments until 2028. According to the report, growth is supported by stable global demand and several factors that ensure freight transport remains a vital component of international trade.
The global freight forwarding market is expected to grow by 2.4% in 2024, reaching an estimated value of €198.9 billion. This increase, though moderate, reflects the sector's ability to adapt to a global economic environment that, according to the International Monetary Fund, will maintain a growth rate of 3.2% in 2024. Key drivers of this recovery include the rising demand for semiconductors and electronics in Asia, boosted by investments in artificial intelligence, as well as a reduction in cyclical imbalances that has led to a decrease in global inflation.
Transport Intelligence forecasts that air freight will grow by 2.2% in 2024, with an overall value of €88 billion. The first six months of 2024 saw significant growth, with a 9.6% increase compared to the previous year. This performance was primarily driven by the continued expansion of e-commerce, which saw air traffic reach record volumes in the first half of the year. Additionally, strong consumer spending and low inventory levels further fuelled demand for air transport. Any disruptions in sea freight could contribute to an even more pronounced seasonal peak in the second half of 2024.
The maritime shipping market, expected to reach a value of €110.8 billion in 2024 with growth of 2.5%, has faced some significant challenges. Among these are the rerouting of trade routes around the Cape of Good Hope, which led to a notable increase in shipping rates, and congestion at various ports, which exacerbated supply chain disruptions. Moreover, the introduction of new environmental regulations has had a significant impact on operational costs and efficiency. Despite these challenges, the maritime sector remains resilient, playing a crucial role in maintaining the flow of international trade.
The Transport Intelligence report also offers insights into future prospects, with forecasts for 2025 and 2028 developed through the GSCi portal, Ti Insight's global knowledge platform. These projections indicate further growth, with particular emphasis on new technologies and innovative solutions that could revolutionise the sector. Specifically, the adoption of artificial intelligence and automation technologies is already beginning to transform freight management and route optimisation. These technologies not only enhance operational efficiency but also contribute to greater sustainability by reducing fuel consumption and emissions.
Another important aspect of the forecasts is the increased focus on environmental sustainability. New regulations, particularly those related to reducing CO2 emissions, are prompting logistics companies to invest in greener fleets and innovative energy management solutions. According to Transport Intelligence, this trend is not only a response to regulations but also an opportunity for companies to improve their brand image and attract increasingly environmentally conscious customers.
The forecasts for 2025 and 2028 also suggest significant expansion in emerging markets, particularly in Asia and Africa, where economic growth and rising consumer demand are driving the need for more advanced logistics solutions. Ti Insight predicts that companies that can adapt to these dynamics and invest in infrastructure and innovative technologies will be well-positioned to capitalise on these growth opportunities.
