Freight Brokerage Market Size Is Projected To Reach USD 85660 Million By 2026 At A Cagr Of 5.2% - Valuates Reports
BANGALORE, India, June 30, 2021 /PRNewswire/ -- Freight Brokerage Market is segmented by Product-Type: Truckload, LTL, Other, Application: Food and Beverage, Manufacturing, Retail, Auto and Industrial, Chemical, Other. This report is published on Valuates Reports in the Freight & Trucking Category.
The global Freight Brokerage market size is projected to reach USD 85660 Million by 2026, from USD 60070 Million in 2019, at a CAGR of 5.2% during 2021-2026.
Major factors driving the Freight Brokerage Market are:
- Rise in usage of smartphones, improved wireless connectivity, and advantages given by digital platforms such as accuracy, better efficiency, less time consuming, reduced costs, and permits transparent business is expected to drive the freight brokerage market.
- The increasing demand for shipping transportation across the globe is expected to boost the freight brokerage market.
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TRENDS INFLUENCING THE GROWTH OF FREIGHT BROKERAGE MARKET:
Integration of technology and growth in licensed brokers is expected to drive the growth of the freight brokerage market. Freight transactions create an immense amount of data that a digital freight brokerage will process daily. By integrating technology, it can automate tasks, and improve efficiency.
Freight brokers assist carriers in maximising the efficiency of their resources. In other words, by arranging back-hauls and creating more efficient routes, each vehicle is able to accomplish more work for less money. Your bottom line will benefit as a result of this. This advantage is expected to drive the freight brokerage market during the forecast period.
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FREIGHT BROKERAGE MARKET SHARE ANALYSIS
Based on region, North America is expected to be the most lucrative segment during the forecast period.
Based on application, the Manufacture and Automotive segments are expected to be the most lucrative during the forecast period.
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TOP COMPANIES IN THE FREIGHT BROKERAGE MARKET
Freight brokerage market is moderately fragmented with major players dominating the market.
C.H. Robinson is the largest company with a revenue of 29% in 2017. Other top companies in the freight brokerage market are:
Expeditors, Landstar System, TQL, Coyote Logistics, XPO Logistics, Yusen Logistics, Echo Global Logistics, JB Hunt Transport, Worldwide Express, and Hub Group
Freight Brokerage Market By Type
- Truckload
- LTL
- Other
Freight Brokerage Market By Application
- Food & Beverage
- Manufacturing
- Retail
- Auto & Industrial
- Chemical
- Other
Freight Brokerage Market By Region
- North America
- United States
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Nordic
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
BY COMPANY
- C.H. Robinson
- Expeditors
- Landstar System
- TQL
- Coyote Logistics
- XPO Logistics
- Yusen Logistics
- Echo Global Logistics
- JB Hunt Transport
- Worldwide Express
- Hub Group
- GlobalTranz Enterprises
- Allen Lund
- Transplace
- Werner Logistics
- BNSF Logistics
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SIMILAR REPORTS:
- Freight Transport Brokerage Market is segmented by Product-Type: Truckload, LTL, Other, Application: Food and Beverage, Manufacturing, Retail, Auto and Industrial, Chemical, Other.
- The Freight Brokerage Services Market report makes a brilliant attempt to unveil key opportunities available in the global Freight Brokerage Services market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Freight Brokerage Services market in terms of revenue.
- The global Digital Freight Brokerage market size is projected to reach USD 2395.7 million by 2026, from USD 555.5 million in 2019, at a CAGR of 22.7% during 2021-2026.
- Freight forwarding market is projected to reach USD 207 Billion by 2026, from USD 170 Billion in 2019, at a CAGR of 2.8% during 2020-2026.
- Sea Freight Forwarding market size is projected to reach USD 85200 million by 2026, from USD 71670 million in 2019, at a CAGR of 2.5% during 2021-2026.
- The 3PL Market was valued at USD 1.02771 Billion in 2019, and is projected to reach USD 1.78994 Billion by 2027, registering a CAGR of 7.1% from 2020 to 2027. In 2019, the Asia-Pacific region garnered the highest share in the global 3PL market.
- Digital Logistics market size is projected to reach USD 22170 Million by 2026, from USD 10230 Million in 2019, at a CAGR of 11.5% during 2021-2026.
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