Global Freight Brokerage Market to Grow at a CAGR of 5.90% During 2024-2032, Driven by the Growing Volumes of International and National Trade

Freight brokerage is an intermediary between the shipper and the carrier. With the help of a network of regional, national, and international carrier companies, freight brokers providing the required truck and trailer capacity by the shipper. Further, freight brokers also help with arranging pickup, providing in-transit updates, facilitating recovery options, along with working alongside consignees to ensure deliveries. Freight brokers are also sought by shippers as they support the later in managing costs and optimising the procedures throughout the supply chain.

A key selling point of freight brokerage is the advantage of convenience that comes from partnering with these transport industry experts that have a pre-vetted network of carriers. Freight brokerage monitors the transportation market which is subject to price volatility due to large supply and demand fluctuations. Prices for shipment can alter due to changes in seasons. When a certain product is coming into season, the demand for the number of trucks to be equipped to transport that product increases. Freight brokerages can help in avoiding price hikes prevailing in ‘hot zones’- places where the demand is very high.

To minimise freight re-handling, increase cost savings, drive better efficiency and customer service, and expedite deliveries, freight brokerage providers are strategically insourcing third-party linehaul carrier miles. In October 2023, XPO, Inc. (NYSE: XPO) introduced in-house, over-the-road operation to improve linehaul network efficiency. Under the Road Flex Operation, the company is recruiting teams of long-haul drivers to run between XPO facilities in trucks equipped with sleeping quarters along with other amenities. This operation is already underway in Dallas, Texas and Phoenix, Arizona bases, and XPO anticipates further expansion in selected group of additional service centres in 2024.

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Market Analysis by Services, Customer Type, Mode of Transport, End Use Industry, and Region:

• The market on the basis of services can be divided into intermodal, truckload, and less than truckload.

• Based on customer type, the market is segmented into business to business (B2B) and business to consumer (B2C).

• The modes of transport in global freight brokerage market includes waterways, and roadways, among others.

• The different end use industries for freight brokerage encompass retail and e-commerce, manufacturing, healthcare, and automotive, among others.

• The regional markets for freight brokerage include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Driven by the increased globalisation, the volumes of international trade have grown. This is invigorating the global freight brokerage market demand as freight brokers seek to manage the complicated process of international or national logistics, including documentation, customs clearance, and compliance with regulations.

• The technological advancements have improved the freight brokerages to become more efficient and transparent. Digital platforms are being used to have real-time track of shipments along with other data analytics.

• The rise of e-commerce has enhanced the proliferation of online shopping. The goods from across the border are easily available in a different country. These trends have supported the demand for freight brokerage to process an efficient and reliable freight movement and manage logistics.

• Business-to-business (B2B) movement of goods significantly contributes to the demand for freight brokerage. In business-to-business logistics, the shipping methods are more complex than B2C logistics and typically involve multiple modes of transportation.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for freight brokerage for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the services, customer type, mode of transport, end use industry, and regions of freight brokerage.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global freight brokerage market are C.H. Robinson Worldwide, Inc, Total Quality Logistics, LLC, XPO, Inc., Echo Global Logistics, Inc., Worldwide Express, LLC, Coyote Logistics, LLC, Landstar System Holdings, Inc, Mode Global, LLC, GlobalTranz Enterprises, LLC, and Hub Group, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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