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Asean Freight Forwarding Market Size (2024 - 2029)

The ASEAN freight forwarding industry is experiencing significant growth, driven by the increasing consumption and expansion of e-commerce in the region. This growth is reflected in the market size, which is expected to expand substantially over the forecast period. Key markets such as Singapore, Indonesia, Thailand, and Malaysia are contributing to this expansion, although logistics efficiency remains a challenge, particularly in customs clearance processes. Governments are actively working to enhance these efficiencies. Additionally, the rise in trade volume has led to the emergence of freight aggregation platforms, streamlining the process for small- and medium-sized firms. The cold chain logistics sector is also burgeoning, driven by the agricultural activities in the region, with a notable increase in reefer shipping and air transport of perishable goods.

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Market Size of Asean Freight Forwarding Industry

ASEAN Freight Forwarding Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 27.48 Billion
Market Size (2029) USD 46.32 Billion
CAGR (2024 - 2029) 11.00 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

ASEAN Freight Forwarding Market Analysis

The Asean Freight Forwarding Market size is estimated at USD 27.48 billion in 2024, and is expected to reach USD 46.32 billion by 2029, growing at a CAGR of 11% during the forecast period (2024-2029).

  • The region is home to more than 640 million people and generates GDP of around USD 2.9 trillion. Transportation and logistics are the key areas of focus for governments across the region.
  • With the rising consumption and steady growth of e-commerce in the region, the trend of developing and modernizing the industrial inventories is expected to accelerate.
  • Singapore has one of the established freight forwarding markets, and Indonesia remains an interesting market with high population. Thailand and Malaysia are also significant and are expected to witness steady growth during the forecast period.
  • Despite the rapid growth, the logistics efficiency in the region is comparatively lower. Customs clearance is one of the critical processes in the freight forwarding market that largely affects efficiency. The governments of the region are taking necessary steps for improving the efficiency of the customs clearance process.
  • In the wake of rising trade volume, a lot of freight aggregation platforms are also being started in the region. These platforms consolidate the freight from small- and medium-sized firms and send the combined cargo to freight forwarders. This reduces the processing time and complexities involved in forwarding low volumes of cargo.
  • As agriculture being one of the key economic activities across the region, the cold chain logistics is a rapidly growing business across the region. In this context, the reefer shipping and air transport of perishable goods are also increasing.

ASEAN Freight Forwarding Industry Segmentation

A complete background analysis of the ASEAN freight forwarding market, which includes market overview, market size estimation for key segments, emerging trends (by segments), and market dynamics.

Mode of Transport
Air Freight Forwarding
Sea Freight Forwarding
Service
Freight Transport
Warehousing
Value-added Services (Customs Clearance, Packaging, etc.)
Country
Singapore
Thailand
Malaysia
Indonesia
Vietnam
Philippines
Rest of ASEAN (Myanmar, Laos, Cambodia, and Brunei)
End User
Manufacturing and Automotive
Oil and Gas, Mining, and Quarrying
Agriculture, Fishing, and Forestry
Construction
Distributive Trade (Wholesale and Retail Segments - FMCG included)
Other End Users (Telecommunications, Pharmaceutical, etc.)
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Asean Freight Forwarding Market Size Summary

The ASEAN freight forwarding industry is poised for significant expansion, driven by the region's strategic geographical position and burgeoning economic activities. With a population exceeding 640 million and a robust GDP, ASEAN is a critical hub for transportation and logistics. The region's freight forwarding market is experiencing a transformative phase, fueled by the rise in e-commerce and the modernization of industrial inventories. Countries like Singapore, Indonesia, Thailand, and Malaysia are at the forefront of this growth, with Singapore boasting a well-established market. However, challenges such as lower logistics efficiency and customs clearance processes remain, prompting governmental efforts to enhance these areas. The emergence of freight aggregation platforms is also streamlining operations, particularly for small- and medium-sized enterprises, by consolidating cargo and reducing processing complexities.

Maritime trade plays a pivotal role in the region's supply chain, with significant opportunities arising from ongoing port infrastructure upgrades. The Strait of Malacca, a crucial maritime trade route, underscores the region's importance in global trade. Technological advancements such as port automation, artificial intelligence, and blockchain are expected to further propel the sea freight forwarding market. The region's manufacturing sector, bolstered by initiatives like the Eastern Economic Corridor in Thailand, is a key driver of international trade. As manufacturing costs rise in China, businesses are increasingly relocating to Southeast Asia, supported by Free Trade Agreements and Special Economic Zones. The freight forwarding market in ASEAN is characterized by a fragmented landscape with numerous international and domestic players, offering high growth potential and attracting new entrants to the logistics sector.

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Asean Freight Forwarding Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

      2. 1.2.2 Restraints

      3. 1.2.3 Opportunities

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

    4. 1.4 Value Chain/Supply Chain Analysis

    5. 1.5 Government Regulations and Initiatives

    6. 1.6 Technological Trends

    7. 1.7 Insights on the E-commerce Industry in the Region (Domestic and Cross-border)

    8. 1.8 Spotlight - Freight Transportation Costs/Freight Rates

    9. 1.9 Brief on Freight Transport Corridors

    10. 1.10 Insights on Key Special Economic Zones (SEZs) and Manufacturing Hubs

    11. 1.11 Details on Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and its Effect on Freight Forwarding

    12. 1.12 Insights on Land Freight Forwarding (Road and Rail)

  2. 2. MARKET SEGMENTATION

    1. 2.1 Mode of Transport

      1. 2.1.1 Air Freight Forwarding

      2. 2.1.2 Sea Freight Forwarding

    2. 2.2 Service

      1. 2.2.1 Freight Transport

      2. 2.2.2 Warehousing

      3. 2.2.3 Value-added Services (Customs Clearance, Packaging, etc.)

    3. 2.3 Country

      1. 2.3.1 Singapore

      2. 2.3.2 Thailand

      3. 2.3.3 Malaysia

      4. 2.3.4 Indonesia

      5. 2.3.5 Vietnam

      6. 2.3.6 Philippines

      7. 2.3.7 Rest of ASEAN (Myanmar, Laos, Cambodia, and Brunei)

    4. 2.4 End User

      1. 2.4.1 Manufacturing and Automotive

      2. 2.4.2 Oil and Gas, Mining, and Quarrying

      3. 2.4.3 Agriculture, Fishing, and Forestry

      4. 2.4.4 Construction

      5. 2.4.5 Distributive Trade (Wholesale and Retail Segments - FMCG included)

      6. 2.4.6 Other End Users (Telecommunications, Pharmaceutical, etc.)

Asean Freight Forwarding Market Size FAQs

The Asean Freight Forwarding Market size is expected to reach USD 27.48 billion in 2024 and grow at a CAGR of 11% to reach USD 46.32 billion by 2029.

In 2024, the Asean Freight Forwarding Market size is expected to reach USD 27.48 billion.

ASEAN Freight Forwarding Market Report Snapshots

ASEAN Freight Forwarding Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)