Freight Brokerage Market Growth Driven by Rising Global Trade and Tech Integration 2024-2028

The freight brokerage market is projected to grow by USD 17.6 billion from 2024 to 2028, at a CAGR of 5.69%. This expansion is fueled by global economic trends, trade agreements, and advancements in AI, machine learning (ML), and IoT in logistics

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Market Segmentation

By Service

• Less-Than-Truckload (LTL)
• Full Truckload (FTL)
• Temperature-Controlled Freight
• Others

The LTL segment is expected to witness substantial growth due to increased e-commerce activity and the adoption of AI-driven logistics solutions to enhance pricing, routing, and efficiency.

By Mode of Transportation

• Road
• Inland Waterways and Coastal Shipping
• Others

Regional Market Trends

APAC (47% Market Contribution)

• Major growth driven by increased regional connectivity between China, India, Nepal, Myanmar, Thailand, Vietnam, Pakistan, Afghanistan, Malaysia, South Korea, and Japan.
• Infrastructure projects like One Belt, One Road (OBOR) and China-Pakistan Economic Corridor (CPEC) enhance trade opportunities.

Europe

• Germany, France among the key players in logistics and freight brokerage.
• The EU-Japan Economic Partnership Agreement facilitates over USD 64 billion in annual exports, presenting new opportunities.

North America

• US is a major player, witnessing increased adoption of digital platforms, AI, and ML in freight brokerage.
• Data analytics is optimizing shipping patterns, customer preferences, and market trends.

Middle East and Africa

South America

Market Drivers

• Presence of FTAs and Trade Blocs: Global trade agreements promote cross-border logistics and drive demand for freight brokerage.
• Adoption of AI & Digital Platforms: Automation, data analytics, and ML-based pricing models are enhancing efficiency and transparency in the industry.
• Booming E-commerce Sector: The need for cost-effective and efficient freight solutions is surging, boosting demand for brokerage services.

Market Trends

• Growth in Demand for Transportation & Logistics Services: Industries like pharmaceuticals, FMCG, automotive, and manufacturing are increasingly relying on freight brokers to cut costs and optimize supply chains.
• Tech-Driven Transformation: The rise of reverse logistics and direct-to-consumer (DTC) logistics is reshaping freight brokerage.

Market Challenges

• Consolidation in the Shipping Industry: Mergers and acquisitions, such as DSV Panalpina AS acquiring Panalpina Welttransport Holding AG (April 2023), create uncertainty and competition in the freight brokerage market.
• Infrastructure & Logistics Costs: Poor transportation networks and high operational expenses remain barriers to growth.

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Key Players in the Market

• BNSF Logistics
• C H Robinson Worldwide Inc.
• DSV AS
• Echo Global Logistics Inc.
• Expeditors International of Washington Inc.
• GlobalTranz Enterprises LLC
• Hub Group Inc.
• ITS Logistics LLC
• J B Hunt Transport Services Inc.
• Kuehne Nagel Management AG
• Landstar System Inc.
• MODE Transportation LLC
• Nippon Yusen Kabushiki Kaisha
• Nolan Transportation Group LLC
• Penske Truck Leasing Co. L.P.
• Schneider Electric SE
• Total Quality Logistics LLC
• United Parcel Service Inc.
• Worldwide Express Inc.
• XPO Inc.