United States Freight Brokerage Market Trends, Share, Size, Revenue, Demand and Future Outlook
United States Freight Brokerage Market Growth, Size, Trend Analysis- By Commute, By Service, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Oct-2024 | Report ID: AMIN24230 | Pages: 1 - 108 | Formats*: |
| Category : Automotive & Transportation | |||
United States Freight Brokerage Market Introduction and Overview
According to SPER Market Research, the United States Freight Brokerage Market is estimated to reach USD 37.31 billion by 2033 with a CAGR 8.6%.
The report includes an in-depth analysis of the United States Freight Brokerage Market, including market size and trends, product mix, applications, and supplier analysis. A freight broker is a person or an organisation that mediates disputes between motor carriers and shippers. The Shipper is the one who hires them. Their job is to make it easier for products to travel from point of origin to point of destination via intricate networks. Their income comes from settling disputes between the carrier invoice rate and the shipper's billing rate.
- August 2023: Convoy, a digital logistics provider and freight broking, launched a just-in-time (JIT) trucking service with a promise to deliver within 15 minutes of the scheduled arrival time. Convoy saw an opportunity for a more flexible service that allows shippers to scale up and down in response to rapidly changing conditions. Its new JIT service uses a network of over 400,000 trucks and IT infrastructure to discover carriers that satisfy specific shipper needs.
- Echo Global Logistics Inc. (Echo), a leading provider of technology-enabled transportation and supply chain management services, has announced EchoInsure+, a new and integrated full-coverage cargo insurance product available only to Echo clients. EchoInsure+, in collaboration with insurance group Falvey, provides clients with an easy way to receive best-in-class protection for their LTL shipments via EchoShip, Echo's unique online shipping platform, and Echo's representatives.
Market Opportunities and Challenges
Opportunities- The need for effective and adaptable freight solutions has grown as e-commerce has grown. In order to satisfy the ever-changing needs of e-commerce enterprises, freight brokers are essential in facilitating the connection between shippers and carriers. On-demand and scalable transportation services are frequently required. The market has grown as a result of the rise of online retail as businesses look for flexible and affordable logistics options. Additionally, the freight broking industry picture through 2032 will be increasingly shaped by automation and technology advancements. Considerable technological advancements in the freight broking sector have included the use of digital platforms, automation, and data analytics. These innovations improve productivity, cut expenses, and offer real-time visibility into supply chain activities.
Challenges- Regulation adherence, including insurance commitments, safety standards, and licensing requirements, can be difficult and expensive. Broking operations may be impacted by new rules or changes to existing ones, which could result in higher compliance expenses. It takes constant work and resources to navigate these regulatory obstacles, and non-compliance can result in fines that negatively impact broking firms' financial stability. Furthermore, the increase in direct-to-consumer (DTC) logistics usage, inadequate infrastructure, and increased logistics expenses are anticipated to impede the market's expansion throughout the projected period.
Market Competitive Landscape
The US freight broking market is moderately fragmented, with large regional firms, worldwide players, small and medium-sized local players, and a few market participants. C.H. Robinson leads the industry, followed by XPO Logistics and Hub Group/Mode Transportation.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Commute, By Service, By End-User. |
| Regions covered | Midwest Region, Northeast Region, Southwest Region, and West Region. |
| Companies Covered | CH Robinson, Total Quality Logistics, XPO Logistics Inc, Echo Global Logistics, Worldwide Express, Coyote Logistics, Landstar System Inc, Schneider, SunteckTTS, GlobalTranz, J.B. Hunt Transport Inc, Hub Group, BNSF Logistics LLC, KAG Logistics Inc, Uber Freight. |
COVID-19 Impact on United States Freight Brokerage Market
The transportation industry between nations has suffered greatly as a result of COVID-19. Many nations confined their borders to reduce the possibility of illness spreading. Imports of goods have been halted from other nations. This explains the decline in exports across numerous industries. That meant that the goods industry was at risk. But this is only a short-term situation, and markets have attempted to pick up steam in 2021. Large-scale immunisation campaigns could lower the likelihood of future transmission.
End User Insights
The manufacturing and automotive segment will drive the market in the future. The thriving automotive industry in the United States necessitates automotive logistics systems that provide optimum availability and dependability for port-to-port transportation, just-in-time (JIT) deliveries, and just-in-sequence (JIS) deliveries. The expansion of this market is primarily driven by factors such as rising automobile production in emerging markets and stringent regulatory standards set by governments on the automotive sector.
Key Target Audience:
- Shippers and Manufacturers
- Retailers and E-commerce Companies
- Logistics and Supply Chain Managers
- Third-Party Logistics (3PL) Providers
- Freight Forwarders
- Transportation Companies
- Small and Medium Enterprises (SMEs)
- Government Agencies and Contractors
- Construction and Infrastructure Companies
- Agriculture and Food Processing Companies
Our in-depth analysis of the United States Freight Brokerage Market includes the following segments:
| By Commute: | |
| By Service: | |
| By End User: |
Key Topics Covered in the Report:
- United States Freight Brokerage Market Size (FY’2024-FY’2033)
- Overview of United States Freight Brokerage Market
- Segmentation of United States Freight Brokerage Market By Commute (Air, Truck, Rail, Water, Others)
- Segmentation of United States Freight Brokerage Market by Service (FTL, LTL)
- Segmentation of United States Freight Brokerage Market by End User (Manufacture and Automotive, Oil and Gas, Mining, Agriculture, Fishing, and Forestry, Construction, Others)
- Statistical Snap of United States Freight Brokerage Market
- Expansion Analysis of United States Freight Brokerage Market
- Problems and Obstacles in United States Freight Brokerage Market
- Competitive Landscape in the United States Freight Brokerage Market
- Impact of COVID-19 and Demonetization on United States Freight Brokerage Market
- Details on Current Investment in United States Freight Brokerage Market
- Competitive Analysis of United States Freight Brokerage Market
- Prominent Players in the United States Freight Brokerage Market
- SWOT Analysis of United States Freight Brokerage Market
- United States Freight Brokerage Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPERs internal database2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the United States Freight Brokerage Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United States Freight Brokerage Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United States Freight Brokerage Market
7. United States Freight Brokerage Market, By Commute (USD Million) 2020-2033
7.1. United States Freight Brokerage Market Size, Share and Forecast, By Commute, 2020-20267.2. United States Freight Brokerage Market Size, Share and Forecast, By Commute, 2027-20337.3. Air7.4. Truck7.5. Rail7.6. Water7.7. Others
8. United States Freight Brokerage Market, By Service (USD Million) 2020-2033
8.1. United States Freight Brokerage Market Size, Share and Forecast, By Service, 2020-20268.2. United States Freight Brokerage Market Size, Share and Forecast, By Service, 2027-20338.3. FTL8.4. LTL
9. United States Freight Brokerage Market, By End User (USD Million) 2020-2033
9.1. United States Freight Brokerage Market Size, Share and Forecast, By End User, 2020-20269.2. United States Freight Brokerage Market Size, Share and Forecast, By End User, 2027-20339.3. Manufacture and Automotive9.4. Oil and Gas9.5. Mining9.6. Agriculture9.7. Fishing and Forestry9.8. Construction9.9. Others
10. United States Freight Brokerage Market Forecast, 2020-2033 (USD Million)
10.1. United States Freight Brokerage Market Size and Market Share
11. United States Freight Brokerage Market, By Region, 2020-2033 (USD Million)
11.1. United States Freight Brokerage Market Size and Market Share By Region (2020-2026)11.2. United States Freight Brokerage Market Size and Market Share By Region (2027-2033)11.3. Midwest Region11.4. Northeast Region11.5. Southwest Region11.6. West Region
12. Company Profile
12.1. CH Robinson
12.1.1. Company details12.1.2. Financial outlook12.1.3. Product summary12.1.4. Recent developments
12.2. Total Quality Logistics
12.2.1. Company details12.2.2. Financial outlook12.2.3. Product summary12.2.4. Recent developments
12.3. XPO Logistics Inc
12.3.1. Company details12.3.2. Financial outlook12.3.3. Product summary12.3.4. Recent developments
12.4. Echo Global Logistics
12.4.1. Company details12.4.2. Financial outlook12.4.3. Product summary12.4.4. Recent developments
12.5. Worldwide Express
12.5.1. Company details12.5.2. Financial outlook12.5.3. Product summary12.5.4. Recent developments
12.6. Coyote Logistics
12.6.1. Company details12.6.2. Financial outlook12.6.3. Product summary12.6.4. Recent developments
12.7. Landstar System Inc
12.7.1. Company details12.7.2. Financial outlook12.7.3. Product summary12.7.4. Recent developments
12.8. Schneider
12.8.1. Company details12.8.2. Financial outlook12.8.3. Product summary12.8.4. Recent developments
12.9. SunteckTTS
12.9.1. Company details12.9.2. Financial outlook12.9.3. Product summary12.9.4. Recent developments
12.10. GlobalTranz
12.10.1. Company details12.10.2. Financial outlook12.10.3. Product summary12.10.4. Recent developments
12.11. J.B. Hunt Transport Inc
12.11.1. Company details12.11.2. Financial outlook12.11.3. Product summary12.11.4. Recent developments
12.12. Hub Group
12.12.1. Company details12.12.2. Financial outlook12.12.3. Product summary12.12.4. Recent developments
12.13. BNSF Logistics LLC
12.13.1. Company details12.13.2. Financial outlook12.13.3. Product summary12.13.4. Recent developments
12.14. KAG Logistics Inc
12.14.1. Company details12.14.2. Financial outlook12.14.3. Product summary12.14.4. Recent developments
12.15. Uber Freight
12.15.1. Company details12.15.2. Financial outlook12.15.3. Product summary12.15.4. Recent developments
12.16. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
United States Freight Brokerage Market is projected to reach USD 37.31 billion by 2033, growing at a CAGR of 8.6% during the forecast period.
United States Freight Brokerage Market grew in Market size from 2024. The Market is expected to reach USD 37.31 billion by 2033, at a CAGR of 8.6% during the forecast period.
United States Freight Brokerage Market CAGR of 8.6% during the forecast period.
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United States Freight Brokerage Market size is USD 37.31 billion from 2024 to 2033.
United States Freight Brokerage Market is covered By Commute, By Service, By End-User.
The North America is anticipated to have the highest Market share in the United States Freight Brokerage Market.
The key players in the Market include Companies Covered CH Robinson, Total Quality Logistics, XPO Logistics Inc, Echo Global Logistics, Worldwide Express, Coyote Logistics, Landstar System Inc, Schneider, SunteckTTS, GlobalTranz, J.B. Hunt Transport Inc, Hub Group, BNSF Logistics LLC, KAG Logistics Inc, Uber Freight.
A freight broker is a person or an organisation that mediates disputes between motor carriers and shippers. The Shipper is the one who hires them. Their job is to make it easier for products to travel from point of origin to point of destination via intricate networks.
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