Global Customs Brokerage Market to Reach USD 23.78 Billion in 2022, Set for Steady Growth with 7.7% CAGR Through Forecast Period

The global customs brokerage market reached a value of USD 23.78 billion in 2022 and is expected to grow steadily at a compound annual growth rate (CAGR) of 7.7% in the coming years. This growth is fueled by rising international trade, a growing need for compliance and risk management, and the continued focus on improving supply chain efficiency.

The latest research report is dubbed as the first document encompassing the latest information about the Customs Brokerage market that has been gravely affected by the COVID-19 pandemic. The global health crisis poses significant threats to the future growth of the Customs Brokerage industry. The report assesses the profound changes in this business setting caused by the outbreak and considers the prominent market aspects that have been severely disrupted by the pandemic. The report thus expounds on the rapidly changing market scenario in this COVID-19 era, which aims to help businesses involved in this sector overcome the pandemic's gripping effects and formulate new growth strategies to boost the COVID-19 preparedness.

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Customs brokerage services help businesses move goods across international borders by handling necessary documentation and procedures. These services are provided by licensed customs brokers, who can be individuals or business entities such as corporations or partnerships. The growing volume of cross-border trade has led to a rising demand for these services.

One of the main drivers of the market is the steady expansion of global trade. Businesses are increasingly engaging in cross-border transactions, creating a need for expert help in navigating customs regulations. According to the World Trade Organization (WTO), global merchandise trade volumes grew by 3.5% in 2022-slightly higher than earlier projections. Although the forecast for 2023 was revised down to 1.0% due to global economic uncertainties, long-term trade growth continues to support market expansion.

Another factor boosting demand for customs brokerage is the growing importance of emerging markets, streamlined trade policies, and globalization. These factors are encouraging more companies to enter international markets, further increasing the need for reliable customs support.

However, the market also faces challenges. Rising protectionist policies and trade barriers such as tariffs and import restrictions can limit international trade. These actions, often taken by governments to protect local industries, can reduce import and export volumes-leading to a lower demand for customs brokerage services.

By mode of transportation, the sea segment accounted for the largest revenue share in 2022 and is expected to maintain strong growth. Sea freight remains the most cost-effective way to transport goods globally, making it the preferred choice for many suppliers and buyers. The continued expansion of global seaports and increasing international shipping activities are expected to further drive demand for customs brokerage services. For example, Cargo-partner, a logistics provider, expanded its operations by acquiring Associated Customs & Forwarding in Australia, enhancing its air and sea freight and customs services.

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In terms of application, the manufacturing sector held the largest share of the customs brokerage market in 2022. Manufacturers depend heavily on international supply chains and need efficient customs processes to move raw materials and finished goods across borders. Customs brokers help these businesses comply with regulations and streamline logistics operations. Growth in online shopping, rising urbanization, and increased industrial activity are also contributing to the growing demand for customs brokerage services in the manufacturing sector.

As global trade continues to grow, the need for efficient and compliant cross-border logistics solutions is becoming more critical. The customs brokerage market is expected to benefit significantly from these trends, helping businesses overcome regulatory challenges and ensure the smooth flow of goods across borders.

Key Market Competitors Profiled in the Report:

Kuehne+Nagel

United Parcel Service of America, Inc.

CEVA Logistics

APL Logistics Ltd.

Livingston International

GEODIS

Expeditors International of Washington, Inc.

Nippon Express Holdings

A.N. Deringer, Inc.

Deutsche Post DHL Group

FedEx

CJ Logistics Corporation

DB Schenker

C.H. Robinson Worldwide, Inc.

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This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2020 and 2028. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Customs Brokerage market on the basis of product, application, and region:

Customs Brokerage Market Segmentation

For the purpose of this report, Emergen Research has segmented the global customs brokerage market on the basis of mode of transportation, application, and region:

Mode of Transportation Outlook (Revenue, USD Billion; 2019-2032)

Sea

Air

Land

Application Outlook (Revenue, USD Billion; 2019-2032)

Healthcare

Manufacturing

Telecommunication

Government and Public Utilities

Others

Regional Analysis of the Customs Brokerage Market:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Objectives of the Report:

Analysis and estimation of the Customs Brokerage market size and share for the projected period of 2020-2027

Extensive analysis of the key players of the market by SWOT analysis and Porter's Five Forces analysis to impart a clear understanding of the competitive landscape

Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Customs Brokerage market

Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments

Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities

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