New report tracks the fastest-growing 3PL segment as the global ITM market recovers from a 46.5% post-2022 correction, with revenues projected to reach $361.6 billion by 2027
Brookfield, WI, May 20, 2026, Armstrong & Associates, Inc. (A&A), an internationally recognized leader in Third-Party Logistics (3PL) market research, consulting, and M&A advisory services, today released Cape of Good Hope: Global International Transportation Management (ITM) Market Analysis, a comprehensive analysis of the global ITM 3PL segment heading into 2026 and 2027.
The report tracks the global ITM market through one of the most volatile cycles in modern freight forwarding history — a surge from $274 billion in 2019 to a peak of $533 billion in 2022, followed by a 46.5% collapse to $285 billion in 2023, and a recovery to $329.0 billion in 2025, up 8.0% year over year. A&A projects continued growth of 5.5% to $347.1 billion in 2026 and 4.2% to $361.6 billion in 2027.
The 2026 Recovery, Reshaped by an Unusual Set of Forces
The ITM market’s recovery is being shaped by a confluence of geopolitical, regulatory, and supply-side dynamics not seen in prior cycles:
- Tariff policy disruption: The U.S. Supreme Court’s decision striking down the IEEPA-based tariff regime, replaced by a 10% Section 122 global tariff, and the elimination of the de minimis exemption for China-origin imports.
- Middle East conflict and the Cape of Good Hope reroute: Asia–Europe and Asia–U.S. East Coast ocean traffic redirected around southern Africa, extending transits 10–14 days, with approximately 8–10% of global container capacity temporarily sidelined in or near the Persian Gulf.
- Importer frontloading and inventory volatility ahead of expected further tariff changes.
- Structural reshaping of the Top 25 global freight forwarders following the DSV–DB Schenker combination and CMA CGM/CEVA’s integration of Bolloré Logistics.
A&A’s Top 25 Global Freight Forwarders – 2026
Ranked by combined score across 2025 gross logistics revenue, ocean TEUs, and air metric tons.
| Rank | Provider | HQ | Gross Rev ($M) | Ocean TEUs | Air Met Tons |
|---|---|---|---|---|---|
| 1 | Kuehne + Nagel | Switzerland | $33,836 | 4,325,000 | 2,030,280 |
| 1 | DSV | Denmark | $37,379 | 3,695,424 | 2,013,127 |
| 2 | DHL Supply Chain & Global Forwarding | Germany | $35,538 | 3,274,000 | 1,767,000 |
| 3 | Sinotrans | China | $13,580 | 4,925,154 | 912,000 |
| 4 | NIPPON EXPRESS | Japan | $17,199 | 1,806,197 | 933,201 |
| 5 | CEVA Logistics | France | $18,300 | 1,730,000 | 680,000 |
| 6 | Expeditors | United States | $11,069 | 855,200 | 928,000 |
| 7 | C.H. Robinson | United States | $14,768 | 1,256,000 | 280,000 |
| 7 | KLN | Hong Kong, SAR | $7,471 | 1,149,956 | 840,508 |
| 8 | GEODIS | France | $11,700 | 962,000 | 267,056 |
| 9 | Cosco Shipping Logistics | China | $8,989 | 1,961,791 | 207,656 |
| 10 | Maersk Logistics | Denmark | $15,103 | 635,000 | 318,000 |
| 11 | Hellmann Worldwide Logistics | Germany | $3,952 | 955,000 | 595,000 |
| 12 | Kintetsu World Express | Japan | $5,018 | 738,003 | 546,095 |
| 13 | UPS Supply Chain Solutions | United States | $8,771 | 530,000 | 790,000 |
| 14 | Yusen Logistics | Japan | $5,157 | 632,000 | 280,320 |
| 15 | LX Pantos | South Korea | $5,624 | 1,633,000 | 126,000 |
| 16 | DACHSER | Germany | $9,349 | 544,196 | 238,613 |
| 17 | CTS International Logistics | China | $2,401 | 842,700 | 331,900 |
| 18 | AWOT Group | China | $3,350 | 402,000 | 785,000 |
| 19 | CIMC Wetrans Logistics | China | $3,808 | 961,197 | 114,000 |
| 19 | Scan Global Logistics | Denmark | $2,851 | 691,000 | 212,000 |
| 20 | Rhenus Logistics | Germany | $8,869 | 567,089 | 110,595 |
| 21 | Logwin | Luxembourg | $1,530 | 685,000 | 188,000 |
| 21 | Savino Del Bene | Italy | $3,500 | 852,000 | 93,000 |
Summary of Key Findings in the Report
- North America has been the structural winner from the 2017–2025 cycle;
- Asia Pacific remains the largest regional ITM market at $122.0 billion in 2025 (37.1% global share);
- Europe’s ITM share has eroded from 19.1% in 2017 to 17.1% in 2025;
- The Top 5 global freight forwarders — Kuehne + Nagel, DSV, DHL Supply Chain & Global Forwarding, Sinotrans, and NIPPON EXPRESS — together generate approximately $137.5 billion in gross logistics revenue and handle approximately 9–10% of global containerized ocean freight movements and 11–12% of global air cargo;
- Buy-side global 3PL M&A remained intense through 2025 with 23 transactions over $100 million (six over $1 billion).
“Cape of Good Hope: Global International Transportation Management (ITM) Market Analysis” is available for purchase at Market Research Reports – Armstrong & Associates. The report’s contents and a sample of the report are available at Cape of Good Hope: Global International Transportation Management (ITM) Market Analysis – 2026. The report is also included as a standard download in all four tiers of A&A’s Expert Information Service (EIS) subscription.
ABOUT ARMSTRONG & ASSOCIATES, INC.
Armstrong & Associates, Inc. (A&A), founded in 1980, is a leader in Third-Party Logistics (3PL) market research, consulting, and M&A advisory services. A&A has become an internationally recognized key resource for information and consulting in the 3PL market.
A&A’s mission is to possess leading proprietary knowledge in supply chain management and market research that is not available anywhere else. Our ongoing commitment to this mission is demonstrated by the frequent citations of A&A’s 3PL market research in media articles, publications, and the securities filings of publicly traded 3PL companies. Additionally, A&A’s email newsletter currently has over 88,000 subscribers worldwide.
A&A’s market research enhances its consulting services by providing continuously updated data for analysis. Leveraging its extensive knowledge of the third-party logistics (3PL) market and the operations of top 3PL providers, A&A has delivered strategic planning consulting to more than 50 3PL companies. Additionally, it has supported 26 completed investment transactions and offered advice to numerous organizations seeking to benchmark their current 3PL operations or outsource logistics functions.
For more information, please contact: Amy St. Peter at +1-414-545-3838 or email Amy@3PLogistics.com.
Source:
Armstrong & Associates, Inc.
13400 Bishops Lane | Suite 70
Brookfield, WI 53005 USA
Phone: +1-414-545-3838 Fax: +1-414-545-3906
Website: www.3PLogistics.com
