Global Freight Brokerage Market

Freight Brokerage Market Size, Share, Growth Analysis, By Customer Type(Business to Business (B2B), Business to Customer (B2C)), By Services(Intermodal, Full Truckload, Less Than Truckload), By Mode of Transport(Waterways, Roadways, Others), By End Use Industry(Retail, E-Commerce, Manufacturing, Healthcare), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20R2028 | Region: Global | Published Date: July, 2001
Pages: 165 |Tables: 119 |Figures: 77

Freight Brokerage Market Insights

Freight Brokerage Market size was valued at USD 48.1 billion in 2019 and is poised to grow from USD 51.13 billion in 2023 to USD 88.61 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

Brokers are employed in the freight brokerage business to act as middlemen in the shipping sector. Due to their ability to connect clients with shippers and trucking firms, freight brokers play a crucial role. With the advent and expansion of digital freight broker companies in recent years, the logistics sector has undergone a shift that has further altered the sector. The freight service develops cutting-edge technical solutions that simplify the transfer of products. Automatic matching is achieved by utilizing cutting-edge AI techniques. Companies such as Transfix, Uber Freight, Loadsmart, and others, for instance, employ various machine learning algorithms to match the carrier with the load depending on the origin, destination, pricing, and other factors. Traditional methods typically cause delays in the transportation. However, this method is quick and simple to observe. The digital freight booking allows for minute-by-minute tracking of the load. These comforts are more important to its acceptability.

The expansion of the consolidated air freight service and the expansion of the e-commerce sector, among other factors, are predicted to fuel the growth of the worldwide freight brokerage market during the forecast period. Additionally, it is anticipated that in the near future, the rise of the digital freight forwarding sector and the acceptance of freight brokerage services for cost and lead time reduction would present opportunities for the freight brokerage sector.

US Freight Brokerage Market is poised to grow at a sustainable CAGR for the next forcast year.

Market Snapshot - 2024-2031

Global Market Size

USD 48.1 billion

Largest Segment

Full Truckload

Fastest Growth

Intermodal

Growth Rate

6.3% CAGR

Global Freight Brokerage Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Freight Brokerage Market Segmental Analysis

The Global Freight Brokerage Market is segmented based on customer type, services, mode of transport, end use industry and region. Based on Customer Type, Freight Brokerage Market is categorized into Business to Business (B2B), and Business to Customer (B2C). Based on Services, Freight Brokerage Market is categorized into Intermodal, Full Truckload, and Less Than Truckload. Based on Mode of Transport, Freight Brokerage Market is categorized into Waterways, Roadways, and Others. Based on End Use Industry, Freight Brokerage Market is categorized into Retail and E-Commerce, Manufacturing, Healthcare, Automotive, and Others. Based on region, Freight Brokerage Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Freight Brokerage Market Analysis by Services

On the basis of services, the full truckload segment is expected to lead the global freight brokerage market over the forecast period. The full truckload (FTL) segment of the transportation broker business is expanding due to the high volume of FTL freight transportation. Because they don't need to be reloaded and unloaded while being transported, FTL is economical. The main on-demand taxi service in this area is Uber. Uber provides on-demand long-haul transportation service by connecting shippers and carriers.

Global Freight Brokerage Market By Services, 2021(%), 2023 (%)

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Freight Brokerage Market Regional Insights

Based on the region, the North American region currently dominates the global freight brokerage market. During the projection period, North America will account for 34% of market share. The region's leading markets for freight brokerage services include the US, Japan, Germany, China, and the UK. Estimates of each region's contribution to the expansion of the freight brokerage market size are given in this research. The majority of foreign commodities arriving at the West Coast ports of Los Angeles, Long Beach, and Oakland are transported primarily by trucks. The majority of overland freight movement in the US is accomplished by trucks. After China, the United States has the second-largest e-commerce market in the world. The American e-commerce market has grown quickly throughout the years. In 2021, e-commerce sales grew by more than 32% as a result of the pandemic's altered customer demand. Between 13% and 16% of growth in e-commerce is anticipated over the following five years. With a growth in e-commerce sales, there was a greater need for quicker order fulfillment. More often occurring, smaller shipments are becoming the norm.

Global Freight Brokerage Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Freight Brokerage Market Dynamics

Freight Brokerage Market Drivers

  • Increasing adoption of freight brokerage services

Delivering goods on schedule and lowering transportation costs present challenges for logistics service providers looking to boost revenue. There are more orders that need to be delivered quickly, which gives logistics companies the chance to adopt a multi-modal transportation system to boost supply chain effectiveness. The companies that offer freight brokerage services have extensive multi-modal transportation networks with expertise in various kinds of machinery. Freight brokers offer their clients the greatest transportation options available when their shipping needs change. Because it combines the most effective set of modes of transportation, multimodal transportation has the benefit of lowering freight costs. As an illustration, APL Logistics offers its clients the ShipMax service. Customers can benefit from increased load utilization and delivery optimization, as well as pairing with relevant trucking partners, allowing them to make the most of their transportation budget. Therefore, the leading players operating in the freight brokerage market have exponential development prospects due to the cost savings and lead time reduction provided by the adoption of a multi-modal system.

Freight Brokerage Market Restraints

  • In many aspects, DTC e-commerce improves the efficiency of shipping and other services. The usage of domestic freight forwarders facilitates communication in general. Shipping process visibility is improved for shippers thanks to on-demand tracking, which enables freight forwarders to monitor shipments in real-time. Data may now be accessed at all stages of the transportation process thanks to real-time data monitoring, potentially preventing thousands of errors from occurring in the first place. However, DTC logistics services do away with the necessity for an intermediary like freight brokers, enabling businesses to deal directly with clients. DTC logistics are therefore anticipated to restrain the expansion of the world market for freight brokerage throughout the forecast period.

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Freight Brokerage Market Competitive Landscape

The market for freight brokerage is highly fragmented. Because there are so many local and foreign vendors, the freight brokerage business is highly fragmented. With regard to features and costs, the many regional suppliers are in fierce competition with the international sellers. The competitive environment among the competitors in the freight broker industry will get even more intense as a result of factors including the rise in product extensions, technical advancements, and M&A. Large freight broker firms are anticipated to concentrate on acquiring regional or local players and experience inorganic growth in the upcoming years.

Freight Brokerage Market Top Players Company Profiles

  • C.H. Robinson Worldwide, Inc.
  • XPO Logistics, Inc.
  • Echo Global Logistics, Inc.
  • Expeditors International of Washington, Inc.
  • J.B. Hunt Transport Services, Inc.
  • TQL
  • UPS Supply Chain Solutions
  • DHL Supply Chain
  • Nippon Express Co., Ltd.
  • DB Schenker
  • Kuehne + Nagel International AG
  • Yusen Logistics Co., Ltd.
  • Panalpina World Transport (Holding) Ltd.
  • CEVA Logistics AG
  • DSV A/S
  • Geodis
  • Agility Logistics Pvt. Ltd.
  • Hellmann Worldwide Logistics SE & Co. KG
  • Damco International A/S (a subsidiary of A.P. Moller-Maersk Group)
  • CHAMP Cargosystems SA.

Freight Brokerage Market Recent Developments

  • In May 2021, in collaboration with Daimler Vehicles North America (DTNA), XPO Logistics Inc. tested battery-electric commercial trucks from Daimler in California under actual driving circumstances.
  • In January 2021, in order to provide more individualized solutions for shippers and carriers using the leading technology in the sector created by and for supply chain specialists, CH Robinson has announced the opening of a new technology center in Cork.

Freight Brokerage Key Market Trends

  • Integration of Technology

Freight brokers have significant opportunities to revolutionize the business thanks to the tech-enabled offerings. Numerous carriers and loads are matched using various algorithms by businesses like Transfix, Convoy, Uber Freight, and Loadsmart based on origin, destination, pricing, kind of load, and timing. Traditional brokerage causes delays or problems with a shipment, but these problems are challenging to diagnose. Load matching and real-time pricing are available from both new entrants and incumbents with the integration of digital freight brokerage. In the near future, 3PLs will be able to address higher-order issues because to the growing adoption of telematics. The purpose of this technology was to find freight. As a result of the multiple devices and apps that visibility solution providers have deployed on trucks, more advanced analytics products are being created. With the use of this information, 3PLs will be able to assist carriers in making the most use of their resources and assist shippers in cost-effective shipment schedule optimization.

Freight Brokerage Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to the analysis, the global freight brokerage market is currently led by countries in the North America region, due to the increasing demand for freight brokerage services in this region. Along with this, the full truckload segment is projected to lead the market over the forecast period due to the high volume of FTL freight transportation. The freight brokerage market is highly fragmented. The freight brokerage industry is highly fragmented due to the large number of local and foreign vendors.

Report Metric Details
Market size value in 2023 USD 48.1 billion
Market size value in 2031 USD 88.61 billion
Growth Rate 6.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Customer Type
    • Business to Business (B2B), Business to Customer (B2C)
  • Services
    • Intermodal, Full Truckload, Less Than Truckload
  • Mode of Transport
    • Waterways, Roadways, Others
  • End Use Industry
    • Retail, E-Commerce, Manufacturing, Healthcare, Automotive, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • C.H. Robinson Worldwide, Inc.
  • XPO Logistics, Inc.
  • Echo Global Logistics, Inc.
  • Expeditors International of Washington, Inc.
  • J.B. Hunt Transport Services, Inc.
  • TQL
  • UPS Supply Chain Solutions
  • DHL Supply Chain
  • Nippon Express Co., Ltd.
  • DB Schenker
  • Kuehne + Nagel International AG
  • Yusen Logistics Co., Ltd.
  • Panalpina World Transport (Holding) Ltd.
  • CEVA Logistics AG
  • DSV A/S
  • Geodis
  • Agility Logistics Pvt. Ltd.
  • Hellmann Worldwide Logistics SE & Co. KG
  • Damco International A/S (a subsidiary of A.P. Moller-Maersk Group)
  • CHAMP Cargosystems SA.
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Freight Brokerage Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Freight Brokerage Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Freight Brokerage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Freight Brokerage Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Freight Brokerage Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Freight Brokerage Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Freight Brokerage Market size was valued at USD 48.1 billion in 2019 and is poised to grow from USD 51.13 billion in 2023 to USD 88.61 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

The market for freight brokerage is highly fragmented. Because there are so many local and foreign vendors, the freight brokerage business is highly fragmented. With regard to features and costs, the many regional suppliers are in fierce competition with the international sellers. The competitive environment among the competitors in the freight broker industry will get even more intense as a result of factors including the rise in product extensions, technical advancements, and M&A. Large freight broker firms are anticipated to concentrate on acquiring regional or local players and experience inorganic growth in the upcoming years. 'C.H. Robinson Worldwide, Inc.', 'XPO Logistics, Inc.', 'Echo Logistics, Inc.', 'Expeditors International of Washington, Inc.', 'J.B. Hunt Transport Services, Inc.', 'TQL', 'UPS Supply Chain Solutions', 'DHL Supply Chain', 'Nippon Express Co., Ltd.', 'DB Schenker', 'Kuehne + Nagel International AG', 'Yusen Logistics Co., Ltd.', 'Panalpina World Transport (Holding) Ltd.', 'CEVA Logistics AG', 'DSV A/S', 'Geodis', 'Agility Logistics Pvt. Ltd.', 'Hellmann Worldwide Logistics SE & Co. KG', 'Damco International A/S (a subsidiary of A.P. Moller-Maersk Group)', 'CHAMP Cargosystems SA.'

Increasing adoption of freight brokerage services

Integration of Technology

Based on the region, the North American region currently dominates the freight brokerage market. During the projection period, North America will account for 34% of market share. The region's leading markets for freight brokerage services include the US, Japan, Germany, China, and the UK. Estimates of each region's contribution to the expansion of the freight brokerage market size are given in this research. The majority of foreign commodities arriving at the West Coast ports of Los Angeles, Long Beach, and Oakland are transported primarily by trucks. The majority of overland freight movement in the US is accomplished by trucks. After China, the United States has the second-largest e-commerce market in the world. The American e-commerce market has grown quickly throughout the years. In 2021, e-commerce sales grew by more than 32% as a result of the pandemic's altered customer demand. Between 13% and 16% of growth in e-commerce is anticipated over the following five years. With a growth in e-commerce sales, there was a greater need for quicker order fulfillment. More often occurring, smaller shipments are becoming the norm.

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Global Freight Brokerage Market

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