PUBLISHER: SkyQuest | PRODUCT CODE: 1189218
PUBLISHER: SkyQuest | PRODUCT CODE: 1189218
Global freight brokerage market was valued to be USD 56.27 billion in 2021, and it is expected to reach USD 85.66 billion by 2028 at a CAGR of 5.2% over the forecast period (2022-2028).
The transportation and logistics industry is slowly undergoing a digital transformation as more businesses use digital technologies to enhance different parts of the value chain. Due to the continual replenishment of corporate stocks, there has been a significant increase in the amount of container shipping and air freight, which has contributed to the global growth of logistics. This growth is therefore anticipated to affect the global freight brokerage market directly. As air freight businesses continue to concentrate on enhancing their service and tackling the complications associated with air freight management, it is anticipated that air freight volumes will continue to increase steadily in the future years.
Top-down and bottom-up approaches were used to estimate and validate the size of the global freight brokerage market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Freight Brokerage Market is segmented based on customer type, services, mode of transport, end use industry and region. Based on Customer Type, it is categorized into Business to Business (B2B), and Business to Customer (B2C). Based on Services, it is categorized into Intermodal, Full Truckload, and Less Than Truckload. Based on Mode of Transport, it is categorized into Waterways, Roadways, and Others. Based on End Use Industry, it is categorized into Retail and E-Commerce, Manufacturing, Healthcare, Automotive, and Others. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Driver
One notable element that is predicted to drive the industry's growth over the projected period is the large inflow of venture capital into the landscape of the global freight brokerage market. Because technology is being used increasingly frequently to automate and expedite the process of working with a broker, the demand for freight brokerage is expanding. The need for freight brokerage platforms has been steadily expanding as more businesses work to reduce transportation costs and enhance customer services.
Restraint
DTC e-commerce boosts the effectiveness of shipping and other services in numerous ways. Utilizing domestic freight forwarders makes communication easier overall. On-demand tracking, which enables freight forwarders to track shipments in real-time, improves visibility for shippers throughout the shipping process. Real-time data monitoring has made it possible to obtain data at every stage of the transportation process, potentially averting thousands of errors before they even happen. DTC logistics services, on the other hand, do away with the need for an intermediary like freight brokers, allowing firms to connect with customers directly. Therefore, it is projected that DTC logistics will limit the growth of the global freight brokerage market over the forecast period.
Market Trends
The usage of digital freight brokerage systems appears to be shifting noticeably, and this trend is expected to continue during the projected period. Because of the growing financial assistance from venture capitalists, a variety of small- to large-scale freight brokerage players have entered the industry. Many businesses, especially in developed nations like North America and Europe, are spending a lot of money on technology in an effort to change their brokerage operations and take advantage of its advantages.