Global Seafreight Forwarding Market 2018-2022
About this market
The rising popularity of blockchain technology in the shipping industry is one of the key factors gaining traction in the market. Blockchain systems are increasingly being used to make the processes more efficient and cut costs by eliminating the need for a central authority for maintaining records. Technavio’s analysts predict that the global seafreight forwarding market will register a CAGR of close to 3% by 2023.Market Overview
Growing global cross-border e-commerce market is driving the LCL volume
There has been a significant increase in the global cross-border e-commerce trade. Such continuous increase in the foreign trade is likely to influence the seafreight forwarding market positively. Factors such as the rising purchasing power parity and internet penetration is likely to contribute majorly to the growth of the market.
High freight cost and operational difficulties
The continuous consolidation in the shipping industry owing to low demand, non-utilization of vessels, and other factors is one of the key factors hindering the growth of the market. Major companies are forming alliances to result into an oligopolistic market.
For the detailed list of factors that will drive and challenge the growth of the seafreight forwarding market during the 2018-2022, view our report.
The seafreight forwarding market is highly fragmented with several players incorporating blockchain technology to meet the evolving demands of the end-users. Some of the key players in the market including the DHL Group, CJ Logistics, CEVA Logistics are increasingly innovating with their solutions to gain a competitive advantage over the other players resulting in intense competition.
Technavio Announces the Publication of its Research Report – Global Seafreight Forwarding Market 2018-2022
Technavio recognizes the following companies as the key players in the global seafreight forwarding market: C.H. Robinson, CEVA Logistics, CJ Logistics, DB Schenker, DHL Group, and Kuehne+Nagel.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the introduction of blockchain in the shipping industry.”
According to the report, one of the major drivers for this market is the growing global cross-border e-commerce market owing to the rising purchasing power of consumers particularly in the emerging economies.
Further, the report states that one of the major factors hindering the growth of this market is the consolidation in the shipping industry leading to the high freight cost and operational difficulties.
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