Freight Brokerage Market 2023-2027: Size and Consolidation of global shipping industry; growth driven by the Geography, Some of key Companies Positioned Strategically

The freight brokerage market size by Geography (APAC, Europe, North America, Middle East and Africa, and South America), is forecast to increase by USD 15.95 billion. The market is expected to grow at a CAGR of  over 5.45% between 2023 and 2027.

• The global freight brokerage market is characterized by a high degree of fragmentation, with numerous players vying for market share. However, the industry is largely controlled by major players, including Expeditors, KUEHNE+NAGEL, XPO Logistics, and C.H. Robinson Worldwide. The consolidation trend in the shipping and logistics sector, driven by mergers and acquisitions among large shipping carriers and sea-freight forwarders, poses significant challenges for freight brokers. For instance, in May 2021, DSV Panalpina AS completed the acquisition of South African-based Globeflight Worldwide Express. This consolidation trend increases uncertainty in the maritime and transportation business, making it challenging for freight brokers to maintain their operations.
• The freight brokerage market in the Asia-Pacific (APAC) region is experiencing significant growth due to increased connectivity between China and India with neighboring countries, including Nepal, Myanmar, Thailand, Vietnam, Pakistan, Afghanistan, Malaysia, South Korea, and Japan. This regional expansion presents lucrative opportunities for freight brokers to expand their local businesses. Notably, Chinese government initiatives, such as One Belt and One Road (OBOR) or Belt and Road Initiative (BRI) and China Pakistan Economic Corridor (CPEC), are driving market growth. These projects aim to develop railways, highways, and ports, as well as establish warehouses and free trade zones along the trade route to facilitate seamless trade between Europe, Central Asia, South Asia, Southeast Asia, and Africa.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• 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 National Inc.
• Total Quality Logistics LLC
• United Parcel Service Inc.
• Worldwide Express Inc.
• XPO Logistics Inc.

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