The global freight brokerage market revenue was around US$ 51.1 billion in 2022 and is estimated to reach US$ 88.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2023 to 2031.
Freight brokerage is a branch of business, working as an intermediate between the carrier and shipper. It also promotes communication between the carrier and the shipper. The role of a freight broker is to check shippers with appropriate carriers to fulfill their transportation needs and to offer the most efficient and price-effective shipping solutions for their customers.
Market Driving Factors
The growth of the e-commerce industry is estimated to propel the market expansion. E-commerce is a virtual store where services & products do not need any physical space and are sold via websites. The e-commerce industry uses logistics services to handle and oversee the supply chain of e-commerce firms, thus allowing these companies to concentrate on marketing and other business processes. Furthermore, convenient shopping experiences, easy accessibility, and heavy offers & discounts make e-commerce a famous medium for the purchase of a broad variety of products. Thus, these elements have collectively contributed to the market growth for e-commerce services.
An increase in the adoption of direct-to-consumer (DTC) logistics is predicted to boost the market. In the developing sector of freight forwarding, direct-to-consumer (DTC) logistics plays a vital role. Rising demand for international and domestic products drives the growth of logistics. Additionally, the purpose of digital freight forwarding is to obtain those products to their final destination as fast as possible, while aiding in the creation of improved consumer experiences. Furthermore, freight forwarding digitization further assists the modern supply chain by automating various activities for business owners. As a result, DTC e-commerce aids streamline shipping and other services in several ways.
The adoption of freight brokerage services for price cutting and lead time decrease is estimated to propel the market growth. Reduction in the price of transportation and timely delivery of products pose a challenge to logistics service providers to raise profitability. Several orders to be delivered in a fixed time are growing, as a result of which logistics enterprises can utilize multi-modal transportation systems to raise supply chain efficiency. As a result, the freight brokerage service providers have huge networks of multi-modal transportation systems that specialize across all equipment kinds.
The increase in adoption of direct-to-consumer (DTC) logistics poor infrastructure, and higher logistics prices are estimated to restrict the market growth.
Regional Analysis
Asia-Pacific dominated the market in terms of revenue and is estimated to maintain its dominance. This can be attributed to the increased e-commerce industry in the economies. Additionally, the surged adoption of outsourced logistics services in the region propels the market growth in the region. Moreover, high government support for the growth of logistics infrastructure boosts the market growth in the region.
North America is estimated to dominate the market in terms of revenue shares. This is mainly owing to the increase in online retail activities has led to a surge in demand for flexible and efficient logistics solutions. As a result, freight brokers play a key role in optimizing the movement of products, ensuring timely deliveries, and navigating complicated supply chain networks.
Segmentation Insights
End Use Industry Insight
The manufacturing segment dominates the market in terms of the rate. This is due to the industry broadly adopting freight brokerage services owing to the inherent benefits they bring to supply chain management. Freight brokers provide manufacturing businesses the flexibility to adapt to inconsistent production demands by efficiently matching them with appropriate carriers. This dynamic approach aids optimize transportation prices and confirms the timely delivery of raw materials and finished products.
Customer Type Insight
The B2B segment dominates the market in terms of shares. Businesses seek the flexibility and price effectiveness provided by freight brokers in navigating complicated supply chains. The ability to link with a various network of optimized routes, and carriers, and ensure timely deliveries improves operational agility. Moreover, as international trade expands, B2B customers depend on freight brokers to offer expertise in handling documentation, handling cross-border shipments, and ensuring compliance.
Prominent Companies
Segmentation Outline
The global freight brokerage market segmentation focuses on End Use Industry, Customer Type, Services, Mode of Transport, and Region.
By End Use Industry
By Customer Type
By Services
By Mode of Transport
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL FREIGHT BROKERAGE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: FREIGHT BROKERAGE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL FREIGHT BROKERAGE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL FREIGHT BROKERAGE MARKET, BY END USE INDUSTRY
5.1 OVERVIEW
5.2 RETAIL AND E-COMMERCE
5.3 MANUFACTURING
5.4 HEALTHCARE
5.5 AUTOMOTIVE
5.6 OTHERS
6 GLOBAL FREIGHT BROKERAGE MARKET, BY CUSTOMER TYPE
6.1 OVERVIEW
6.2 B2B
6.3 B2C
7 GLOBAL FREIGHT BROKERAGE MARKET, BY SERVICES
7.1 OVERVIEW
7.2 INTERMODAL
7.3 TRUCKLOAD
7.4 LESS THAN TRUCKLOAD
8 GLOBAL FREIGHT BROKERAGE MARKET, BY MODE OF TRANSPORT
8.1 OVERVIEW
8.2 WATERWAYS
8.3 ROADWAYS
8.4 OTHERS
9 GLOBAL FREIGHT BROKERAGE MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL FREIGHT BROKERAGE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 SCHNEIDER
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 KAG LOGISTICS
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ENGLAND LOGISTICS
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 MODE TRANSPORTATION
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 GLOBALTRANZ ENTERPRISES
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 YUSEN LOGISTICS INC.
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 LANDSTAR SYSTEM
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ECHO GLOBAL LOGISTICS
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 ARCBEST CORPORATION
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 WORLDWIDE EXPRESS
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 COYOTE LOGISTICS
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 CH ROBINSON
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 REDWOOD LOGISTICS
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 JB HUNT INTEGRATED CAPACITY SOLUTIONS
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 ALLEN LUND COMPANIES
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 HUB GROUP
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 XPO LOGISTICS
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.18 BNSF LOGISTICS
11.18.1 OVERVIEW
11.18.2 FINANCIAL PERFORMANCE
11.18.3 PRODUCT OUTLOOK
11.18.4 KEY DEVELOPMENTS
11.18.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.19 TRANSPLACE
11.19.1 OVERVIEW
11.19.2 FINANCIAL PERFORMANCE
11.19.3 PRODUCT OUTLOOK
11.19.4 KEY DEVELOPMENTS
11.19.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.20 TOTAL QUALITY LOGISTICS
11.20.1 OVERVIEW
11.20.2 FINANCIAL PERFORMANCE
11.20.3 PRODUCT OUTLOOK
11.20.4 KEY DEVELOPMENTS
11.20.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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