Freight Brokerage Market Size - By Services, Customer Type, Mode of Transport, Industry Vertical & Forecast, 2024 - 2032

Freight brokerage market is anticipated to grow at a 6% CAGR between 2024 and 2032, driven by rapid globalization leading to an increase in international trade along with the growing necessity of efficient transportation and logistics solutions. Freight brokers help in facilitating the movement of goods by connecting shippers with carriers, optimizing routes, and ensuring timely deliveries. Additionally, the rise of e-commerce has fueled the demand for freight brokerage services, as online retailers require flexible and scalable transportation solutions to meet the customer expectations for fast and reliable shipping.

With numerous carriers operating independently, shippers often rely on freight brokers to consolidate shipments, negotiate rates, and manage the complexities of logistics. For instance, in October 2023, Relay Payments, a fintech firm for logistics and trucking industries, unveiled a freight payment solution for brokers, stating that it would replace slow, manual purchases with secure, electronic exchanges like those many consumers already used for retail shopping. Additionally, fluctuating fuel prices and capacity constraints in the trucking sector are emphasizing the importance of freight brokerage services in optimizing supply chain operations and mitigating risks. The rising regulatory changes and compliance requirements, such as electronic logging device (ELD) mandates and hours of service (HOS) regulations will also add to the industry growth.

The freight brokerage industry is classified into services, customer type, mode of transport, industry vertical and region.

Based on service, the market size from the intermodal segment is expected to observe a significant CAGR during 2024 and 2032, due to the pressing need to offer versatile and cost-effective transportation solutions. Intermodal transportation involves the use of multiple modes of transportation, such as rail, truck, and ship, to move goods seamlessly across various geographic regions. Freight brokers help in coordinating and optimizing intermodal shipments whilst leveraging different modes of transport to ensure efficient and timely deliveries. Additionally, intermodal services offer greater flexibility and reliability, enabling freight brokers to meet the evolving needs of their clients while expanding their market reach.

In terms of mode of transport, the freight brokerage market size from the waterways segment is anticipated to witness substantial growth by 2032, due to inherent advantages like cost-effectiveness, environmental sustainability, and capacity. Waterway transportation, including rivers, canals, and oceans, offer a highly efficient mode for moving bulk commodities over long distances. Moreover, waterway transportation is eco -friendly, emitting fewer greenhouse gases compared to other modes of transport, further aligning with the growing demand for sustainable shipping solutions.

Europe freight brokerage industry size will grow substantially between 2024 and 2032. European Union (EU)'s Single Market initiative has facilitated seamless trade across borders, increasing the demand for efficient transportation and logistics services. Freight brokers help in navigating complex regulatory frameworks and facilitating cross-border shipments. Additionally, the emergence of e-commerce platforms and the growing popularity of online retailing have spurred the demand for freight brokerage services, as businesses seek flexible and scalable transportation solutions to meet customer expectations for fast and reliable shipping.