USD 48.1 billion
Report ID: SQMIG20R2028 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 119 | Figures: 77
Freight Brokerage Market size was valued at USD 48.1 billion in 2021 and is poised to grow from USD 51.13 billion in 2022 to USD 88.61 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).
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.
Global Market Size
USD 48.1 billion
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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.
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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.
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Freight Brokerage Market Drivers
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
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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
Freight Brokerage Market Recent Developments
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.
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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.
|Market size value in 2021||USD 48.1 billion|
|Market size value in 2030||USD 88.61 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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