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Worldwide Freight Forwarding Industry to 2026 – Asia-Pacific is Anticipated to Witness High Growth


Dublin, June 10, 2021 (GLOBE NEWSWIRE) — The “Freight Forwarding Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The global freight forwarding market is expected to grow steadily with a CAGR of more than 4% during the forecast period. The growth in international trade volumes is a major driver for the freight forwarding market. Moreover, the rise in trade agreements between countries is also contributing to the growth of the market. Asia-Pacific is the fastest growing and the largest market for freight forwarding, with the Chinese freight forwarding market holding the maximum share.

Being non-asset based, the sector is facing high competition from other players in supply chain and technology-based companies which are disrupting the freight forwarding market. The market is one of the sectors that were hit the hardest by the COVID-19 outbreak in 2020. With the lockdown in many countries and a major focus on the production of essential products, the volumes of air and ocean freight have fallen significantly in 2020. However, the market is now recovering backed by the manufacturing and e-commerce industries; especially the air freight forwarding market with significant thrust during the period as reported by the International Air Transport Association (IATA) in January 2021.

Key Market Trends

Sea Freight Forwarding to experience high growth rate through the forecast period

The global sea freight forwarding market is booming, owing to the growing internet penetration, increasing purchasing power parity, developments in infrastructure (ports, containers, and ships with new technologies), and services designed particularly for the e-commerce industry.

Sea freight forwarding is preferred by several end-user industries, and several strategic partnerships are also likely to promote the growth of sea freight forwarding during the forecast period. The growing global cross border e-commerce market is also driving the less-than-container load (LCL) volume and is positively impacting the sea freight forwarding market growth.

Factors, such as the growing trade volume in European trade routes, the increasing container port throughput, and the rising number of FTAs will significantly drive sea freight forwarding market growth in this region during the forecast period.

Germany and the United Kingdom are the key markets for sea freight forwarding in Europe. Market growth in this region will be faster than the growth of the market in other regions.

Asia-Pacific is anticipated to witness high growth through the forecast period

The global logistics industry is going through an uncertain period due to COVID-19. The Asia-Pacific market is one of the few regions that are still growing despite the pandemic.

For the freight and logistics market, Asia-Pacific is the fastest-growing region, globally. This is due to the increasing logistics in ASEAN countries and the presence of major economies, like China and India. Additionally, the high government support for the logistics sector in the region is also a factor boosting the industry growth.

China is the largest manufacturer in the region and in the world, with an increasing demand for pharmaceutical products and essentials. China reopened its factories way before other countries, as a result, it is still leading the freight forwarding market, globally.

Also, leading countries in the region are observing faster technological integration in the logistics process. In India, 80% of freight moves by road, and the trucking industry is adopting industry-leading tracking technology to trace and predict the exact delivery times. Thailand is incorporating IBM and Maersk’s blockchain project to streamline its shipment monitoring processes.

Competitive Landscape

The global freight forwarding market is made up of large number of players. However, the top 20 players dominate the market accounting for more than 50% of the total market. Leading players in the market include DHL Global Forwarding, Kuehne + Nagel International AG, DB Schenker, DSV and Expeditors International.

As the freight forwarding market is growing steadily and there exists abundant opportunity, the players need to embrace technologies, become more digitized, and increase the scale and efficiency of their operations. Having a strong network spanning across the globe is important for companies. As the industry is highly competitive and witnessing huge transformations, the companies need to develop specialized solutions to improve customer experience.

Companies are constantly under pressure to minimize cost and optimize operational efficiency. In the wake of investment shifts and diversification of global supply chains, international investors are increasingly interested in mergers and acquisitions in the ASEAN logistics market. Global logistics companies have been expanding in the ASEAN region, because of the increase in commerce and trade activities. As such, investment opportunities for the sector have been increasing accordingly.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Value Chain/Supply Chain Analysis
4.3 Government Regulations and Initiatives
4.4 Technological Trends and insights on E-Freight Forwarding Market
4.5 Insights on E-Commerce Industry in the Region (Domestic and Cross-Border)
4.6 Spotlight – Freight Transportation Costs/Freight Rates
4.7 Brief on Freight Transport Corridors
4.8 Impact of COVID-19 on the Freight Forwarding Market

5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints/Challenges
5.3 Market Opportunities
5.4 Industry Attractiveness – Porter’s Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Threat of Substitute Products
5.4.3 Bargaining Power of Buyers/Consumers
5.4.4 Bargaining Power of Suppliers
5.4.5 Intensity of Competitive Rivalry

6 MARKET SEGMENTATION
6.1 By Mode
6.1.1 Air Freight Forwarding
6.1.2 Sea Freight Forwarding
6.2 By Geography
6.2.1 North America
6.2.1.1 United States
6.2.1.2 Canada
6.2.1.3 Mexico
6.2.2 Europe
6.2.2.1 Germany
6.2.2.2 France
6.2.2.3 United Kingdom
6.2.2.4 Netherlands
6.2.2.5 Italy
6.2.2.6 Rest of Europe
6.2.3 Asia-Pacific
6.2.3.1 China
6.2.3.2 Japan
6.2.3.3 Australia
6.2.3.4 India
6.2.3.5 Singapore
6.2.3.6 Malaysia
6.2.3.7 Indonesia
6.2.3.8 Vietnam
6.2.3.9 South Korea
6.2.3.10 Rest of Asia-Pacific
6.2.4 South America
6.2.4.1 Brazil
6.2.4.2 Chile
6.2.4.3 Rest of South America
6.2.5 Middle East & Africa
6.2.5.1 South Africa
6.2.5.2 United Arab Emirates
6.2.5.3 Saudi Arabia
6.2.5.4 Qatar
6.2.5.5 Rest of Middle East & Africa

7 COMPETITIVE LANDSCAPE
7.1 Overview (Market Concentration, Major Players)
7.2 Company Profiles
7.2.1 DHL Supply Chain & Global Forwarding
7.2.2 Kuehne + Nagel International AG
7.2.3 DB Schenker
7.2.4 DSV
7.2.5 Sinotrans
7.2.6 Expeditors International
7.2.7 Nippon Express Co., Ltd.
7.2.8 CEVA Logistics
7.2.9 UPS Supply Chain Solutions
7.2.10 Kerry Logistics
7.2.11 Bollore Logistics
7.2.12 C.H.Robinson Worldwide Inc.
7.2.13 GEODIS
7.2.14 Yusen Logistics/NYK Logistics
7.2.15 Agility Logistics*

8 FUTURE OF THE MARKET

9 APPENDIX
9.1 Freight Volume Movement Statistics for Key Countries

For more information about this report visit https://www.researchandmarkets.com/r/pxkycg


        



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Automotive Wheel Rims Market is anticipated to register a CAGR of 4% | Market Research Future (MRFR)


Pune, March 09, 2021 (GLOBE NEWSWIRE) — 3D Printed Titanium Rims are Trending!!

The automotive wheel rims market is growing rapidly, mainly due to the continually rising vehicle production and sales worldwide. Besides, the strong economic growth and the spurring rise in the automotive industry create substantial market demand. Moreover, growing numbers of OEMs and increasing aftermarket activities across the globe escalate market growth. 

According to Market Research Future (MRFR), the global automotive wheel rims market is projected to grow at a 4% CAGR during the forecast period (2020–2026). Automotive is one of the 13 industries that have been earmarked for extended financial support over the next five years via the Production-Linked Incentive (PLI schemes)

Relaxations in the automotive industry’s tax structure in many emerging countries such as India are fostering the middle-class consumer base. Certain recommendations put forth by dealer federations encourage individuals to file IT returns for promoted growth in taxes, allowing income taxpayers to gain benefits of claiming depreciation on vehicles. 

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Also, the reduction in compensation cess boosts luxury car manufacturers. Alongside the new vehicle production, rising spending on repairing damages also increases the automotive rim market share. According to AAA research, American drivers spend three billion dollars a year on vehicle repairs. Blown tires, dented rims, damaged wheels are costly common automotive issues. 

Auto owners are focusing on improving vehicle aesthetics and performances. Advances in technologies and the relative efficacies of automotive rims are priorities that have already altered the market capitalization. The rapid expansion of automotive industries in emerging economies such as China, India, Thailand, Mexico, Indonesia, and Vietnam, fosters the automotive wheel rims market size. 

The COVID-19 outbreak severely hit the automotive wheel rims industry. Manufacturers faced a number of problems ranging from obtaining raw materials to attracting workers from quarantines to delivering end products. Strict lockdown mandates halted production facilities and forced several manufacturers to cut down on their production output. 

However, the automotive wheel rims market is rapidly returning to normal, witnessing the steadily increasing demand. The market demand would pick up further following the uplift of the lockdown in many countries. 

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Industry Trends

The global automotive wheel rims market garners continual traction. The market growth attributes to the growing numbers of wheel repair service centers globally. 3D printed titanium rims that showcase a novel approach to bike design with their bony generative-design aesthetic are major trends influencing the market growth. Other prominent industry trends are lightweight rims and wheels and growing production & sales of electric vehicles.

Rapid advances in care & maintenance technologies and materials influence the growth of the market. Additionally, rising numbers of OEMs, aftermarket, and automotive care services foster the automotive wheel rims market shares. Conversely, price volatility and the demand-supply gap in raw materials essential for production are major factors impeding the growth of the market. 

Segmentation

The automotive wheel rims market is segmented into material, rim size, vehicle type, end-use, and region. 

The material segment is sub-segmented into steel, alloy, carbon fiber, and others. Among these, the alloy segment holds the largest market share. The segment is anticipated to record a significant CAGR during the coming years. 

The rim size segment is sub-segmented into 13″-15″, 16″-18″, 19″-21″, and above 21″. Among these, the 13″-15″ segment holds a sizeable market share. The segment is anticipated to record a significant CAGR during the coming years. 

The vehicle type segment is sub-segmented into passenger cars and commercial vehicles. Among these, the passenger car segment holds a sizeable market share. The segment is anticipated to grow at a significant CAGR during the coming years. 

The end-user segment is sub-segmented into OEM and aftermarket. Of these, the OEM segment holds a sizeable market share. The segment is anticipated to record a high CAGR in the coming years.

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Regional Analysis 

The Asia Pacific region dominates the global automotive wheel rims market. The ample availability of key raw materials and cost-competitive workforces impacts market growth, increasing the number of RIM production plants and notable industry players. Besides, the increasing vehicle production and presence of prominent automakers in this region create substantial market demand. 

Furthermore, the growing number of OEMs, increasing aftermarket activities, and rising automotive sales in the region impact the market growth positively. Also, the strong economic growth and burgeoning automotive industries in this region boost the market size, increasing vehicle sales. The APAC automotive wheel rims market is projected to maintain its market position throughout the review period. 

North America acquires the second position in terms of automotive wheel rims market value. Continually shifting market dynamics, technological improvements, and changing preferences of vehicle owners are key trends substantiating the market size. Additionally, increasing sales of automobiles increase the production of vehicles and, thus, automotive rims. With the presence of several key industry players, such as VOXX International, TSW Alloy Wheels, Euromax Wheel, the US dominates the regional market. 

Europe witnessed a spurring rise in the automotive wheel rims market value. The presence of major automotive manufacturers significantly contributes to the European automotive wheel rims market growth. Moreover, factors such as stringent safety regulations and increasing demand for environment-friendly vehicles boost the region’s automotive wheel rims market revenue. The automotive wheel rims market in Europe is expected to grow significantly over the forecast period. 

Competitive Analysis

The automotive wheel rims market witnesses significant strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading industry players make strategic investments to drive research and development activities and expansion plans. 

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For instance, recently, on Nov. 02, 2020, Bechtel Corporation (the US), a leading engineering company, announced winning a tender launched by Egypt Aluminum Company for consultancy companies to work on the feasibility of execution of the car rims production line. 

Egypt-based Arab Aluminum specializes in extruding aluminum profiles for architectural and industrial applications. The tender for developing the 7th production line of aluminum was launched in Oct.2020.

Key players involved in the market are Euromax Wheel (US), TSW Alloy Wheels (US), Maxion Wheels Inc. (US), Mobile Hi-Tech Wheels Inc. (US), VOXX International Corporation (US), Sota Offroad (US), Fuel Offroad Wheels (US), Status Wheels (TUFF AT) (US), Topy Industries Limited (Japan), and Wheel Pros Holdings, LLC (US), among others. 

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