Digital Transformation Driving the Chinese Digital Freight Forwarding Market 2022 – 2027 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “China Digital Freight Forwarding Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The China Digital Freight Forwarding Market is expected to grow at a CAGR of around 24% during the forecasted period. Digitization is continuing to be one of the key drivers supporting growth of the Chinese economy.
High penetration of mobile commerce has led to large disruption in B2B segment, with market participants being able capture a lion’s share of the market – due to high smartphone penetration and acceptance rate of Chinese large and medium businesses, to carry out businesses online.
Success stories such as that of Manbang and Yunquna speak volumes of the success the digital freight forwarding model has achieved.
Key Market Trends
Digital transformation driving growth of the market
The digital freight forwarding has witnessed a remarkable growth in the past few years with the digital transformation of the logistics industry.
Some of the key advantages such as instant quotes, transparent pricing, comparison of rates and carriers, tracking, easy documentation and others have boosted the growth of these platforms in the recent years.The digital freight forwarding market in China is emerging and the major traditional freight forwarding companies, like Kuehne Nagel, DHL, Sinotrans, and SF Express, are gradually digitizing their services to provide online freight booking, live tracking of shipments, and documentation, among other services.
Digitizing the supply chain network offers a new degree of resiliency and responsiveness enabling companies to provide customers with the most efficient and transparent service delivery. It improves the accuracy and adds guaranteed integrated technology to reduce process costs. With reduced costs many manufacturers are moving towards digital logistics hence, the revenue growth in the industry.
Small Freight Forwarders to experience accelerated growth with Digital Freight Forwarding
It is expected that small freight forwarders will see a faster growth, as they become asset light, supported by technology and mainly being able to serve niche segments/industries locations with high demand for exports and imports. Also, the medium sized freight forwarders are expected to stay put in the market – however they are expected to grow at a slower rate, as it will take them more time to adapt from traditional forwarding to digital forwarding.
Due to digital abilities and asset light models, supported by supply chain visibility solutions and forward integration of shipping liners – medium sized forwarders are expected to be affected the most. The total freight forwarding market is expected to grow but at a lower rate than digital freight forwarding market. The small freight forwarders market size is expected to grow at a higher growth rate than medium freight over the next few years.
Competitive Landscape
The China Digital Freight Forwarding Market is competitive and is highly fragmented with presence of many players.
Digital freight forwarders (DFFs) use a digital platform to offer a broader range of logistics services than marketplaces and connectivity providers. DFFs build their core value proposition around a seamless user experience of shipping goods from one point to another while aggregating information on one platform with a single user interface.
Some of the existing major players in the market include – Flexport, Youtrans, Full Truck Alliance (Manbang group), CS Global, LTL Services Limited, Twill, Shanghai Huihang Jiexun Network Technology Co. Ltd (YunQuna), Agility Logistics Pvt. Ltd (Shipa Freight), Freightos, China Division , DHL Group, Kuehne + Nagel International AG, NYSHEX, FreightBro, Cogoport and FreightHub.
For more information about this report visit https://www.researchandmarkets.com/r/wftzsm
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