Freight Brokerage Market Growth Expected to Reach $90.7 billion by 2031

The global freight brokerage market was valued at $48.1 billion in 2021, and is projected to reach $90.7 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.

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Asia-Pacific dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the freight brokerage market in 2021, whereas India is expected to grow at a significant rate during the forecast period. The booming e-commerce industry in these economies is expected to fuel the growth of automotive aftermaket. In addition, increased adoption of outsourced logistics services in the region drives the growth of the freight brokerage market in Asia-Pacific. Moreover, high government support for development of logistics infrastructure in the region fosters the market growth.

Prominent key factors that drive the growth of the freight brokerage market are increase in international trade activities, growth of e-commerce industry, and rise in popularity of consolidated air freight service. The market economy is responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the logistics sector witnessed prominent growth in these countries, which is expected to provide lucrative opportunities for the market. Moreover, in some undeveloped countries, there is an increase in the freight forwarding services, which is expected to boost the freight brokerage market.

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The report offers detailed segmentation of the global freight brokerage market based on end-use industry, customer type, services, mode of transport, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.

The key players profiled in this report include

Key participants in the global freight brokerage market examined in the research include Allen Lund Companies, Kenan Advantage Group, Inc. (KAG), ArcBest Corporation, Landstar System, Inc., Yusen Logistics co., Ltd., BNSF Logistics, C.H. Robinson Worldwide, Inc., Coyote Logistics LLC, Echo Global Logistics, Worldwide Express, Transplace, England Logistics, Inc., Hub Group, Inc., GlobalTranz, J.B. Hunt Transport, Inc., Schneider National, Inc., MODE Transportation, Redwood Logistics, Total Quality Logistics, and XPO Logistics, Inc.

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Based on the mode of transport, the waterways segment held the largest share in 2021, contributing to more than two-fifths of the global freight brokerage market share. Moreover, this segment is predicted to account for the highest market share by 2031. However, the roadways segment is expected to register the highest CAGR of 7.7% during the forecast period.

On basis of the customer type, the B2B segment held the largest share in 2021, contributing to nearly three-fourths of the overall freight brokerage market. Moreover, this segment is predicted to account for the highest market share by 2031. Furthermore, the B2B segment is also anticipated to record the fastest CAGR of 6.7% during the forecast timeframe. The report also includes segments such as the B2C segment.

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KEY FINDINGS OF THE STUDY

By end use industry, the retail and e-commerce segment is expected to register a significant growth during the forecast period.

By customer type, the b2b segment is projected to lead the global freight brokerage market

By services, the intermodal segment is projected to lead the global freight brokerage market

By mode of transport, the roadways segment is projected to lead the global freight brokerage market

Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Regional Analysis:

Based on region, the Asia-Pacific contributed toward the highest market share in 2021, accounting for more than one-third of the global freight brokerage market share. Furthermore, the Asia-Pacific region is set to contribute majorly toward the global market share in 2031. In addition, the region is predicted to register the fastest CAGR of 6.9% during the forecast timespan. The research also analyzes regions including LAMEA, North America, and Europe.

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