With growth in global trade expected to continue, the freight forwarding industry can expect an increase in demand for services and expansion. However, this growth will not be evenly spread across the world. The top 10 busiest ports will remain mainly concentrated in Asia, with Singapore taking the top spot.
At just over 2 percent, China’s container traffic is forecast to grow significantly by 2023—from around 53 million TEUs in 2022 to over 70 million TEUs by 2023. This could mean that Asia as a whole becomes more significant as an origin market than Europe or North America combined.
Global trade is expected to increase by 2.8 percent in 2023, thanks to a recovery in growth in China, the United States and Europe.
Global trade is expected to increase by 2.8 percent in 2023, thanks to a recovery in growth in China, the United States and Europe. This is good news for the freight forwarding industry as it will likely mean more demand for international Forwarding transport services and increased competition among carriers.
The global freight forwarding industry is estimated to grow at a compound annual growth rate of 3.2 percent.
The global freight forwarding industry is estimated to grow at a compound annual growth rate of 3.2 percent over the next decade, according to a report by ABI Research.
This represents an increase from $3.7 trillion in 2017 and $4.8 trillion by 2023 (a CAGR of 4 percent). In addition, there are more than 22 million people working in the industry today—a figure that will continue to grow as demand for logistics services continues to rise globally
A total of 21 countries are expected to account for 75 percent of the world’s container traffic by 2023.
The top 10 busiest container ports are expected to be located in Asia, with Singapore and Shanghai topping the list. Meanwhile, the top 10 busiest airports will be located in Asia as well. The same goes for seaports: China has 15 of them and India also has 15 out of its 30 total major ports. In terms of cargo volumes, Japan is expected to remain strong as well despite economic weakness due to a drop in exports; nonetheless there are signs that things are improving thanks largely to increased foreign demand from ASEAN countries such as Malaysia and Thailand (see below).
The top 10 busiest ports will be located in Asia, with Singapore taking the top spot.
The top 10 busiest ports will be located in Asia, with Singapore taking the top spot. This is due to the fact that it has an extensive rail network and high economic growth rate.
Singapore is also one of the most expensive places to live in Asia and this makes it a perfect choice for forwarders who want to expand their business into other countries such as Thailand or Malaysia.
Nearly three-quarters of worldwide air cargo volume will be carried by air cargo transport companies in 2023.
Air cargo transport companies will continue to dominate the air cargo industry in 2023. Nearly three-quarters of worldwide air cargo volume will be carried by air cargo transport companies in 2023, rising from 64 percent in 2017. The growth rate is expected to be 5.5 percent per year through 2023, led by increases in the number of flights and larger aircraft being used for transportation purposes.
Freight forwarding firms must get ready for this growth trend.
Freight Forwarders must be ready for this growth trend.
The freight forwarding industry is rapidly changing, and it will continue to do so over the next decade. It’s important for your company to be prepared for this future because you need to be able to adapt and evolve in order to stay competitive. If you aren’t planning ahead, then your business may not survive long enough or well enough when these changes hit!
It doesn’t matter if your company specializes in international shipping or domestic shipping; there are many opportunities available right now—but only if we’re willing ourselves into them first!
Conclusion
Global trade is expected to increase by 2.8 percent in 2023, thanks to a recovery in growth in China, the United States and Europe. The global freight forwarding industry is estimated to grow at a compound annual growth rate of 3.2 percent. A total of 21 countries are expected to account for 75 percent of the world’s container traffic by 2023. The top 10 busiest ports will be located in Asia, with Singapore taking the top spot. Nearly three-quarters of worldwide air cargo volume will be carried by air cargo transport companies in 2023
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