Global Freight Brokerage Market Size, Share, Growth Analysis, By Customer Type(Business to Business, Business to Customer ), By Services, By Mode of Transport, By End Use Industry - Industry Forecast 2022-2028

Freight brokerage market was valued to be USD 56.27 billion in 2021, and it is expected to reach USD 85.66 billion by 2028 at a CAGR of 5.2% over the forecast period (2022-2028).

The process of arranging transportation services between shippers and carriers is known as freight brokerage. As a mediator between shippers and carriers, freight brokers negotiate rates and supervise for timely and effective delivery of cargo. The expansion of the e-commerce sector, rising demand for transportation services, and the acceleration of globalisation are the primary drivers of the worldwide freight brokerage market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Freight brokerage market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Freight Brokerage Market is segmented based on customer type, services, mode of transport, end use industry and region. Based on Customer Type, Freight Brokerage Market is categorized into Business to Business (B2B), and Business to Customer (B2C). Based on Services, Freight Brokerage Market is categorized into Intermodal, Full Truckload, and Less Than Truckload. Based on Mode of Transport, Freight Brokerage Market is categorized into Waterways, Roadways, and Others. Based on End Use Industry, Freight Brokerage Market is categorized into Retail and E-Commerce, Manufacturing, Healthcare, Automotive, and Others. Based on region, Freight Brokerage Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Driver

The growth of the e-commerce industry is driving the demand for transportation services. Freight brokers play a crucial role in the e-commerce industry by connecting shippers with carriers and ensuring that shipments are delivered on time and at a competitive rate. The demand for transportation services is increasing due to the rise in global trade and the growth of various industries such as retail, manufacturing, and healthcare. Freight brokers provide a cost-effective and efficient solution for transportation services, which is driving the growth of the freight brokerage market. The rise in globalization has led to increased trade and the need for transportation services. Freight brokers play a vital role in facilitating global trade by providing transportation services and ensuring that shipments are transported efficiently and on time.

Restraint

The freight brokerage market is highly competitive, with several players offering similar services. The intense competition can be a restraint for the growth of the market as it can lead to price wars and a decrease in profit margins.

Market Trends

The freight brokerage market is the adoption of technology. The use of digital platforms and tools has made it easier for shippers and carriers to connect and has increased the efficiency of the transportation process. Another trend is the growing focus on sustainability, with companies looking to reduce their carbon footprint by using more eco-friendly transportation methods. Finally, there is a trend towards consolidation in the market, with larger companies acquiring smaller players to increase their market share and gain a competitive edge.