What is the global market size of Freight Brokerage Market ?

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).

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

Report ID: SQMIG20R2028 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 119 | Figures: 77

Global 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.

Global Freight Brokerage Market Report Snapshots

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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. '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.'

Increasing adoption of freight brokerage services

Integration of Technology

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

Global Freight Brokerage Market Insights

Global Freight Brokerage Market Report Snapshots

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