Freight Brokerage Services Market by Service Type, Customer Type (B2B, B2C), Mode of Transport, End-User

Description

List of Tables

[190 Pages Report] The Freight Brokerage Services Market size was estimated at USD 57.08 billion in 2023 and expected to reach USD 60.40 billion in 2024, at a CAGR 6.33% to reach USD 87.75 billion by 2030.

The freight brokerage services market involves the facilitation of shipping goods between shippers and carriers without owning any transport vehicles. Economic growth enhances manufacturing and consumer spending, which in turn increases demand for freight services. Innovations in transport logistics, such as GPS tracking and automated freight matching systems, enhance the efficiency of freight brokerage services. Increasing awareness of environmental issues encourages the adoption of greener logistics solutions, which can be coordinated effectively by freight brokers. However, fluctuations in fuel prices can unpredictably affect operational costs. Adherence to various international and local regulations can be complex and restrictive, challenging the market expansion. Moreover, technological integration such as AI and Machine Learning for more predictive freight matching and efficient route planning generates significant potential for market growth. Emerging economies present new opportunities for market expansion due to increasing industrial activities. Developing eco-friendly freight solutions can attract new clients concerned with corporate social responsibility, generating opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 57.08 billion
Estimated Year [2024]	USD 60.40 billion
Forecast Year [2030]	USD 87.75 billion
CAGR (%)	6.33%

Regional Insights

The freight brokerage services market in the Americas region is highly developed and competitive, driven by advanced technological infrastructure and a robust logistics sector. Key consumer needs in the U.S. and Canada include timely delivery, cost efficiency, and scalable logistics solutions, reflecting the fast-paced and high-service standard expectations of American firms. In Canada, there is a strong emphasis on cross-border trade with the U.S. and sustainable transportation methods. Canadian consumers value transparency and reliability due to the vast geographic span and challenging terrains impacting delivery times. In Europe, the freight brokerage market benefits from a unified regulatory environment that simplifies cross-border transportation. European consumers prioritize environmental sustainability, leading to an increased demand for green logistics solutions. The Middle East exhibits a growing demand for freight brokerage services, driven by its strategic position as a transcontinental logistics hub. Investments in infrastructure developments, such as the expansion of port facilities and logistics parks, cater to the extensive trade flows in the Middle East region. Africa's market is emerging with significant potential due to its expanding infrastructure and increasing internet penetration. In the Asia Pacific region, China leads in terms of market volume and technology integration in freight brokerage. Japan focuses on precision and reliability, with significant investments in technology to ensure meticulous transport operations. Meanwhile, India is experiencing rapid growth in e-commerce, which boosts demand for domestic and cross-border freight brokerage services.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Freight Brokerage Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Expanding eCommerce activity and rising demand for efficient logistics
- Enhanced regulatory support for transportation safety and efficiency across economies

Market Restraints
- High cost associated with implementing advanced brokerage solutions and ongoing service fees

Market Opportunities
- Integration of advanced technologies in freight brokerage services
- Collaborative development and public-private partnerships for the development of streamlined logistics solutions

Market Challenges
- Integration and deployment challenges in freight brokerage systems

Market Segmentation Analysis
- Service Type: Continuing enhancements in intermodal brokerage service
- End User: Exploring applications in retail and e-commerce sector

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Freight Brokerage Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Freight Brokerage Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Truckstop Introduces Advanced Carrier Verification and Risk Management Services

Truckstop announced the launch of three innovative services, aimed at enhancing broker confidence in carrier authenticity and risk management. The services include Identity Verification, which cross-references carriers' governmental IDs with real-time photos; Risk Factors, which employs artificial intelligence to evaluate and highlight risk indicators from various carrier data sets; and FreightFriend, a tool that optimizes carrier relationships to boost utilization and profit margins. The company's commitment to evolving broker-specific solutions, underscores a long-standing devotion to innovation in response to broker needs. [Published On: 2024-04-15]

Enhancing Operational Efficiency in Freight Brokerage Through Advanced Carrier Sourcing Tools

Trucker Tools has introduced two innovative features, Lane Search and Carrier Check, as part of its Carrier Sourcing strategy to enhance freight brokerage operations. Lane Search is a dynamic tool designed to assist brokers in effectively managing requests for proposals and sourcing carriers for new lanes. These tools collectively offer a streamlined approach for sourcing and vetting carriers, utilizing data from over 350,000 pre-vetted carriers, thereby elevating the standards and efficiency of carrier management in the freight brokerage industry. [Published On: 2024-04-11]

Flexport Launches the Convoy Platform, Advancing Freight Brokerage Innovation

Flexport, has officially launched the Convoy Platform, approximately four months post-acquisition of the technology and intellectual property of the now-defunct digital truck brokerage, Convoy platform is designed to simplify and enhance the logistics experience by providing small carriers with better access to freight and offering shippers and brokers dynamically competitive rates, increased shipment visibility, and improved on-time delivery performance. [Published On: 2024-02-22]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Freight Brokerage Services Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Freight Brokerage Services Market, highlighting leading vendors and their innovative profiles. These include Agility Logistics Pvt. Ltd., ArcBest Corporation, C.H. Robinson Worldwide, Inc., CEVA Logistics AG, Coyote Logistics by UPS, Inc., Damco International A/S, DHL Supply Chain, Echo Global Logistics, Inc., England Logistics, GlobalTranz Enterprises LLC, Hellmann Worldwide Logistics SE & Co. KG, Hub Group, Inc., J.B. Hunt Transport, Inc., Kenan Advantage Group, Kuehne + Nagel International AG, Landstar System, Inc., Mode Transportation, Nippon Express Co., Ltd., Schneider National, Inc., Total Quality Logistics, LLC, Uber Technologies, Inc., Worldwide Express, Inc., XPO, Inc., and Yusen Logistics (Americas) Inc..

Market Segmentation & Coverage

This research report categorizes the Freight Brokerage Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Service Type
- Expedited Freight Brokerage
- Flatbed Brokerage
- Intermodal Brokerage
- Less Than Truckload Brokerage
- Refrigerated Brokerage
- Specialized Freight Brokerage
- Truckload Brokerage

Customer Type
- B2B
- B2C

Mode of Transport
- Roadways
- Waterways

End-User
- Automotive
- Healthcare
- Manufacturing
- Retail & E-Commerce

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-5D693B46BAB5

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Expanding eCommerce activity and rising demand for efficient logistics
  - 5.1.1.2. Enhanced regulatory support for transportation safety and efficiency across economies
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with implementing advanced brokerage solutions and ongoing service fees
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of advanced technologies in freight brokerage services
  - 5.1.3.2. Collaborative development and public-private partnerships for the development of streamlined logistics solutions
- 5.1.4. Challenges
  - 5.1.4.1. Integration and deployment challenges in freight brokerage systems
5.2. Market Segmentation Analysis
- 5.2.1. Service Type: Continuing enhancements in intermodal brokerage service
- 5.2.2. End User: Exploring applications in retail and e-commerce sector
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Freight Brokerage Services Market, by Service Type

6.1. Introduction
6.2. Expedited Freight Brokerage
6.3. Flatbed Brokerage
6.4. Intermodal Brokerage
6.5. Less Than Truckload Brokerage
6.6. Refrigerated Brokerage
6.7. Specialized Freight Brokerage
6.8. Truckload Brokerage

7. Freight Brokerage Services Market, by Customer Type

7.1. Introduction
7.2. B2B
7.3. B2C

8. Freight Brokerage Services Market, by Mode of Transport

8.1. Introduction
8.2. Roadways
8.3. Waterways

9. Freight Brokerage Services Market, by End-User

9.1. Introduction
9.2. Automotive
9.3. Healthcare
9.4. Manufacturing
9.5. Retail & E-Commerce

10. Americas Freight Brokerage Services Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Freight Brokerage Services Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Freight Brokerage Services Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Truckstop Introduces Advanced Carrier Verification and Risk Management Services
- 13.3.2. Enhancing Operational Efficiency in Freight Brokerage Through Advanced Carrier Sourcing Tools
- 13.3.3. Flexport Launches the Convoy Platform, Advancing Freight Brokerage Innovation
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio