Freight Brokerage Market to Cross $90.7 Billion by 2031, Driven by Digital Logistics Revolution

Rise in international trade activities and the growth of the e-commerce industry drives the growth of the global freight brokerage market. Furthermore, the adoption of freight brokerage services for cost-cutting and lead time reduction will open new growth avenues for the global market. Freight brokerage services were severely impacted during the COVID-19 pandemic due to the lockdown and temporary closure of various firms.

According to the report published by Allied Market Research, the global freight brokerage market amassed revenue of $48.1 billion in 2021, and is expected to hit $90.7 billion by 2031, registering 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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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.

📊 In-Depth Segmentation Unlocks Future Growth Opportunities

🏭 Manufacturing Leads, But Retail & E-commerce Rise Fast

◾️ Manufacturing emerged as the largest end-use segment in 2021, commanding approximately one-third of the global market share. Its dominance is expected to continue through 2031, owing to its consistent freight demand and global supply chain activity.

◾️ Meanwhile, retail and e-commerce is set to be the fastest-growing end-use segment, recording a CAGR of 8.1%. The surge in online shopping, last-mile delivery, and omnichannel logistics is fueling this unprecedented growth.

👥 B2B Model Dominates and Grows Stronger

◾️ Business-to-Business (B2B) customers accounted for nearly 75% of the market share in 2021 and are projected to maintain this lead through 2031.

◾️ The B2B segment will also witness the fastest growth, with a CAGR of 6.7%, driven by rising freight demand from manufacturers, distributors, and wholesalers.

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🚢 Waterways Dominate, Roadways Accelerate

◾️ Among transportation modes, waterways contributed the largest share in 2021, exceeding two-fifths of the global market. Their dominance stems from the high-volume, low-cost shipping they offer for global trade.

◾️ However, roadways are poised to outpace all other segments in growth, with a CAGR of 7.7% from 2022 to 2031, thanks to increased last-mile delivery, cross-border trucking, and regional freight needs.

🌏 Asia-Pacific: The Freight Powerhouse

◾️ Asia-Pacific took the lead in 2021, accounting for over one-third of the global market revenue, and will continue to dominate in 2031.

◾️ The region is also projected to exhibit the fastest CAGR of 6.9%, bolstered by its manufacturing boom, infrastructure upgrades, rising e-commerce, and cross-border trade corridors.

✔️ 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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Similar Reports We Have on Freight/ Logistics Industry:

https://www.alliedmarketresearch.com/autonomous-last-mile-delivery-market - The global autonomous last mile delivery market size was valued at $18.7 billion in 2023, and is projected to reach $144.2 billion by 2033, growing at a CAGR of 23.1% from 2024 to 2033.

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https://www.alliedmarketresearch.com/freight-trucking-market-A07132 - The global freight trucking market was valued at $2,732 billion in 2021, and is projected to reach $4,457.4 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

https://www.alliedmarketresearch.com/digital-freight-forwarding-market-A11518 - The global digital freight forwarding market size was valued at USD 2.92 billion in 2020, and is projected to reach USD 22.92 billion in 2030, registering a CAGR of 23.1%.

https://www.alliedmarketresearch.com/rail-logistics-market - The global rail logistics market was valued at $1,995 billion in 2021, and is projected to reach $3,579.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

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