Freight Brokerage Market Outlook
According to a new report by Expert Market Research titled, “Freight Brokerage Market Growth, Share, Analysis, Report and Forecast 2023-2028″, the freight brokerage market reached a value of approximately USD 56.3 billion in 2022. Aided by the increasing need for efficient and reliable freight services and the expanding applications of freight brokerage across numerous industries, the market is projected to further grow at a CAGR of 5.90% between 2023 and 2028 to reach a value of USD 79.33 billion by 2028.
Freight brokerage involves intermediaries who connect shippers with freight carriers, facilitating efficient and cost-effective transportation of goods. As global trade intensifies and supply chains become more complex, freight brokers play a pivotal role in ensuring smooth operations, streamlined logistics, and timely delivery of goods. In addition to freight matching services, brokers also provide crucial logistics services, including freight tracking, documentation, and customs clearance, adding significant value to the supply chain management.
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The global freight brokerage market growth is largely driven by the increasing demand for efficient logistics services. As businesses expand globally, the need for reliable, fast, and cost-effective freight services becomes crucial. This necessity has led to a surge in demand for freight brokerage services, with a marked preference for brokers who can offer comprehensive services, including freight management, freight payment, and audit services, as well as logistics consulting.
Additionally, the proliferation of e-commerce has given a substantial boost to the freight brokerage market expansion. The e-commerce boom has led to a significant increase in goods being transported worldwide, driving the need for robust freight services. Freight brokers, with their extensive network of carriers and their expertise in navigating complex logistics landscapes, are ideally placed to meet this growing demand.
Moreover, the advent of digital freight brokerage solutions has also spurred the freight brokerage market development. Digital freight brokers leverage advanced technologies like artificial intelligence, machine learning, and blockchain to automate processes, improve service efficiency, and provide real-time tracking and updates. This digital transformation has not only increased operational efficiency but has also enhanced transparency in freight brokerage, thereby fuelling the freight brokerage market growth.
The freight brokerage market’s expansion also benefits from the rising trend of outsourcing logistics services. As businesses focus on their core competencies, they are increasingly outsourcing their logistics operations to specialised service providers. This shift allows companies to achieve cost savings, improve operational efficiency, and mitigate risks associated with freight transportation, thereby propelling the freight brokerage market demand.
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Freight Brokerage Market Segmentation
The market can be divided based on services, customer type, mode of transport, end-use industry, and region.
Market Breakup by Services
- Intermodal
- Truckload
- Less than Truckload
Market Breakup by Customer Type
- Business to Business (B2B)
- Business to Consumer (B2C)
Market Breakup by Mode of Transport
- Waterways
- Roadways
- Others
Market Breakup by End-Use Industry
- Retail and E-commerce
- Manufacturing
- Healthcare
- Automotive
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global freight brokerage companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- H. Robinson Worldwide, Inc
- Total Quality Logistics, LLC
- XPO, Inc.
- Echo Global Logistics, Inc.
- Worldwide Express, LLC,
- Coyote Logistics, LLC
- Landstar System Holdings, Inc
- Mode Global, LLC
- GlobalTranz Enterprises, LLC
- Hub Group, Inc
- Others
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