LONDON--(BUSINESS WIRE)--The freight brokerage market is poised to grow by USD 41.47 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Freight Brokerage Market Analysis Report by Service (LTL, FTL, Temperature-controlled freight, and Others), Geographic segmentation (APAC, Europe, MEA, North America and South America), and the Segment Forecasts, 2020-2024".
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The market is driven by the presence of FTAs and trade blocs at the global level. In addition, the increased use of IT-enabled solutions is anticipated to boost the growth of the freight brokerage market.
Global trade is gaining momentum as companies are experiencing opportunities to trade due to the openness of trade regimes in Europe, Asia, and North America. For instance, an economic partnership agreement was developed between Japan and the EU in 2017 to eradicate numerous long-standing regulatory trade barriers. Similarly, the Trans-Pacific Partnership (TPP), a multinational trade agreement was signed in March 2018, by 11 countries, viz., Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Such trade regimes are promoting exports and imports in different countries involving numerous global FTAs and trade blocs. As a result, the demand for freight brokerage, offering services such as dry vans and flatbed trailers is increasing. Thus, the presence of FTAs and trade blocs at global level is expected to drive market growth during the forecast period.
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Major Five Freight Brokerage Market Companies:
C.H. Robinson Worldwide Inc.
C.H. Robinson Worldwide Inc. operates the business under various segments such as NAST, Global Forwarding, Robinson Fresh, and All Other and Corporate. The company offers Truckload, Less than truckload, and Ocean.
Echo Global Logistics Inc.
Echo Global Logistics Inc. offers products through the Transportation and supply chain management business unit. The company offers freight brokerage services for LTL, truckload, intermodal, and specialized transportation.
Expeditors International of Washington Inc.
Expeditors International of Washington Inc. operates under various business segments, namely United States, Other North America, North Asia, Europe, and Others. The company offers Customs Brokerage and Ground.
Hub Group Inc.
Hub Group Inc. offers products through the Transportation management business segment. The company offers freight brokerage services through network of contracted trucks and drivers.
J.B. Hunt Transport Services Inc.
J.B. Hunt Transport Services Inc. offers products through the following business segments: JBI, DCS, ICS, and JBT. The company offers freight brokerage services as well as freight forwarding, warehousing, trucking, logistic management, and supply chain management services.
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Freight Brokerage Market Service Outlook (Revenue, USD Billion, 2020-2024)
- LTL
- FTL
- Temperature-controlled freight
- Others
Freight Brokerage Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- APAC
- Europe
- MEA
- North America
- South America
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