Global forwarding market adapting to new realities, says UK's Ti research
NEW research from Transport Intelligence (Ti) shows the post-Covid-19 global forwarding market is already emerging
NEW research from Transport Intelligence (Ti) shows the post-Covid-19 global forwarding market is already emerging.
Despite the widespread disruption caused by the global pandemic and the extreme measures taken to deal with it, globally the freight forwarding market is already reshaping and adapting to the new realities to come.
Ti's latest Global Freight Forwarding 2020 report highlights the challenges forwarders face in 2020, not least as the market entered the pandemic already on the defensive.
While many had expected a more positive growth trajectory in 2020, the Covid-19 pandemic has created significant risks. Ti's Covid-19 impact analysis shows a second consecutive year of contraction on global freight forwarding with as much as 7.5 per cent of market value set to disappear in 2020.
'This year may come to be the most challenging the forwarding market has ever faced - more so than the 2008/09 Great Recession even. Transitioning from the trade war and general slowdown in global trade in 2019 to the Covid-19 pandemic and the dysfunction it's causing this year will be extremely difficult to navigate,' said Ti research chief Nick Bailey.
'Globally, the forwarding market is at an inflection point. Those that can best adapt daily operations, organisational strategy and effectiveness, and make the best use of new technology, will be most prepared for the changes .