United States Customs Brokerage Market to Perceive Substantial Growth During 2021 to 2026 | United Parcel Service Inc., FedEx Corporation

Latest research on United States Customs Brokerage Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2021 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the United States Customs Brokerage market. This report included a special section on the Impact of COVID19. Also, United States Customs Brokerage Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the United States Customs Brokerage industry.

United States Customs Brokerage market is growing at a CAGR of 3.5% during the forecast period (2021-2026).

The United States Customs Brokerage market is highly competitive and consists of a number of major players. Top Companies like United Parcel Service Inc., FedEx Corporation, Deutsche Post DHL group, Expeditors International, Livingston International, A.N. Deringer, C.H. Robinson, Carmichael International, Charter Brokerage LLC, CH Powell Company*

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Scope of the Report

- The Market for customs brokerage in United States has been growing steadily and the growth is expected to continue through the forecast period. The number of entries processed by US Customs and Border Protection (CBP) has been increasing steadily with increasing imports.

- In 2019, USD 2.7 trillion of imports were processed, equating to 35.5 million entries and more than 28.7 million imported cargo containers at the US ports of entry.

- The continuously changing trade environment and increasing complexity of compliance are driving the demand for customs brokerage services, especially with section 301.

- The US CBP has collected approximately USD 80.7 billion in duties, taxes, and other fees in 2019, which includes USD 71.9 billion in duties. The total duties collected in 2019 has increased by more than 70% when compared to 2018.

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Key Market Trends

Growth in Imports Driving the US Customs Brokerage Market:

Freight transportation arrangements are more influenced by the volume of imports into the United States, which increases demand for industry services regarding customs regulations for finished consumer goods and semi-finished inputs to domestic production. The growth in imports is a prime driving factor for customs brokerage market. The imports of the country remained steady in 2019 when compared to 2018, while there is growth of more than 9% in 2018. The slowdown in 2019 can be attributed to US-China trade war.

Sea Transportation Dominates the US Customs Brokerage Market:

Maritime freight transport is the major mode of transport of international transport of goods. The number of customs entries by mode is highest in case of Sea transport and so, the revenue of customs brokerage market. The demand for air freight transport is increasing with growing demand for perishables, chemicals & valuables, and the rising demand for just-in-time production of goods. The US Customs Brokerage Market for Air freight transport is expected to witness faster growth over the forecast period when compared to other modes of transport.

The road freight movement of goods is the dominant mode of transportation in the United States and is an important factor for the economic growth. The cross-border land transport, including road, rail, and pipeline transport between US and North American partners Canada and Mexico is increasing steadily and is expected to grow in future driven by USMCA. The customs brokerage services for cross-border land transport is highly fragmented with many number of small brokers operating at each border portof entry.

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: United States Customs Brokerage Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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