Freight Brokerage Market Research Report By Service Type (Full Truckload Brokerage, Less-than-Truckload Brokerage, Intermodal Brokerage, Specialized Brokerage, Third-Party Logistics Brokerage), By Industry Vertical (Manufacturing, Retail and Consumer Goods, Automotive, Agriculture, Healthcare, Construction), By Shipment Size (Small Shipments (Less than 1,000 pounds), Medium Shipments (1,000 to 5,000 pounds), Large Shipments (Over 5,000 pounds)), By Business Model (Asset-Based Brokerage, Non-Asset-Based Brokerage, Technology-Enabled Brokerag

Global Freight Brokerage Market Overview:

As per MRFR analysis, the Freight Brokerage Market Size was estimated at 284.91 (USD Billion) in 2022. The Freight Brokerage Market Industry is expected to grow from 300.67(USD Billion) in 2023 to 488.07 (USD Billion) by 2032. The Freight Brokerage Market CAGR (growth rate) is expected to be around 5.53% during the forecast period (2024 - 2032).

Key Freight Brokerage Market Trends Highlighted

The Freight Brokerage Market is exhibiting a significant growth trajectory, driven by the expanding e-commerce industry and the increasing demand for efficient supply chain management. With the proliferation of online shopping, the need for reliable and cost-effective freight services has surged, leading to a rise in the demand for freight brokers to facilitate the seamless movement of goods.Opportunities abound in the freight brokerage market as businesses seek innovative solutions to optimize their logistics operations. Brokers are leveraging technology to streamline processes, improve visibility, and enhance efficiency. The adoption of AI and data analytics enables brokers to provide customized and data-driven insights that help shippers reduce costs and improve decision-making.Recent trends in the freight brokerage market include the emergence of digital platforms that connect shippers and carriers directly, reducing the need for traditional broker intermediaries. Additionally, the growing focus on sustainability is prompting brokers to adopt eco-friendly practices, such as partnering with carriers that offer sustainable transportation options. As the market continues to evolve, freight brokers are adapting to meet the changing needs of the industry, providing value-added services and leveraging technology to optimize the freight shipping process.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Freight Brokerage Market Drivers

Increased Demand for Efficient Logistics Solutions

The defined reasons contribute to the fact that the mentioned market is driven by the rapidly expanding demand for effective logistics solutions. A variety of organizations in different fields want to concentrate on their core processes and reduce the associated risks to benefit from increasingly more cost-effective ways to organize distribution. Therefore, brokers must select optimal carriers, undertake shipping negotiations aimed at reaching the most competitive rates, and ensure timely deliveries.Given the modern supply chain complexity and the necessity for constant monitoring, the sector is likely to continue acting as a rapidly developing one.

Growth of E-commerce and Online Retail

A notable factor that fosters the growth of the Market is the fast-developing sphere of e-commerce and internet retail. The active surge in the number of online purchases directly entails a significant increase in the amount of goods carried. As such, an expanding need for reliable and efficient help in carrying and shipping products is associated with a growth factor causing the expansion of the Market. Hence, it appears that the key service provided by freight brokers is helping e-commerce manage the shipping and logistics of their products.

Expansion of Global Trade and Globalization

The growing tendency of globalization of trade and the emergence of global supply chains raise demand for a freight brokerage. Today, international trade is taking place more actively, with companies acquiring goods and materials in various countries around the world. Freight brokers have a key role in the globalization of trade as these agents have the strongest knowledge and expertise in international shipping regulations, customs procedures, and cross-border logistics.

Freight Brokerage Market Segment Insights:

Freight Brokerage Market Service Type Insights

The Freight Brokerage Market is segmented by Service Type into Full Truckload Brokerage, Less-than-Truckload Brokerage, Intermodal Brokerage, Specialized Brokerage, and Third-Party Logistics Brokerage. Full Truckload Brokerage: Full Truckload Brokerage is the largest segment in the Freight Brokerage Market, accounting for over 50% of the market revenue in 2023. The segment is driven by the growing demand for efficient and cost-effective transportation of large volumes of goods. Full Truckload Brokerage is expected to continue to grow at a steady pace, with a CAGR of 5.2% during the forecast period (2023-2032).Less-than-Truckload Brokerage: Less-than-Truckload Brokerage is the second-largest segment in the Freight Brokerage Market, accounting for around 25% of the market revenue in 2023. The segment is growing due to the increasing demand for flexible and cost-effective transportation of smaller shipments. Less-than-Truckload Brokerage is expected to grow at a CAGR of 5.8% during the forecast period. Intermodal Brokerage: Intermodal Brokerage is a growing segment in the Freight Brokerage Market, accounting for around 15% of the market revenue in 2023.The segment is driven by the increasing demand for intermodal transportation, which combines different modes of transportation (such as rail, truck, and ship) to provide a cost-effective and efficient way to transport goods. Intermodal Brokerage is expected to grow at a CAGR of 6.1% during the forecast period. Specialized Brokerage: Specialized Brokerage is a niche segment in the Freight Brokerage Market, accounting for around 5% of the market revenue in 2023. The segment is growing due to the increasing demand for specialized transportation services, such as temperature-controlled transportation, hazardous materials transportation, and oversized load transportation.Specialized Brokerage is expected to grow at a CAGR of 6.5% during the forecast period. Third-Party Logistics Brokerage: Third-Party Logistics Brokerage is a growing segment in the Freight Brokerage Market, accounting for around 5% of the market revenue in 2023. The segment is driven by the increasing demand for outsourced logistics services, such as warehousing, inventory management, and transportation management. The growth of the market is driven by the increasing demand for efficient and cost-effective transportation services, the growth of e-commerce, and the increasing globalization of trade.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Freight Brokerage Market Industry Vertical Insights

The Freight Brokerage Market segmentation by Industry Vertical comprises Manufacturing, Retail and Consumer Goods, Automotive, Agriculture, Healthcare, and Construction. In 2023, the Manufacturing segment held the largest revenue share of 28.57%, owing to the increasing demand for freight brokerage services from manufacturers to optimize their supply chains and reduce transportation costs. The Retail and Consumer Goods segment is projected to exhibit a significant CAGR of 6.8% during the forecast period, driven by the growth of e-commerce and the need for efficient and cost-effective delivery of goods to consumers.The Automotive segment is expected to contribute a notable revenue share, owing to the increasing production and demand for automobiles globally. The Agriculture segment is anticipated to witness steady growth, supported by the rising demand for food and agricultural products. The healthcare segment is projected to expand at a moderate pace, driven by the increasing need for medical supplies, pharmaceuticals, and equipment transportation. The construction segment is expected to contribute a significant revenue share, which is supported by the increasing construction activities worldwide.

Freight Brokerage Market Shipment Size Insights

The Freight Brokerage Market is segmented by shipment size into small shipments (less than 1,000 pounds), medium shipments (1,000 to 5,000 pounds), and large shipments (over 5,000 pounds). Small shipments are expected to account for the largest share of the market in 2023, with a market value of 120.43 billion U.S. dollars. Medium shipments are expected to follow with a market value of 98.32 billion U.S. dollars, and large shipments are expected to have a market value of 81.92 billion U.S. dollars. The growth of e-commerce and the increasing demand for last-mile delivery services are major factors driving the growth of the small shipment segment.The medium shipment segment is expected to grow due to the increasing demand for intermodal transportation and the growing popularity of less-than-truckload (LTL) shipping. The large shipment segment is expected to grow due to the increasing demand for bulk commodities and the growing popularity of container shipping.

Freight Brokerage Market Business Model Insights

The Freight Brokerage Market segmentation by Business Model comprises Asset-Based Brokerage, Non-Asset-Based Brokerage, and Technology-Enabled Brokerage. Asset-Based Brokerage held the largest Freight Brokerage Market revenue share in 2023 due to the ownership and operation of their own fleet of trucks or other transportation assets. Non-asset-based brokerage is expected to grow at the highest CAGR during the forecast period, owing to its ability to offer flexibility, cost-effectiveness, and access to a wider network of carriers. Technology-enabled brokerage is gaining traction due to the increasing adoption of digital platforms for freight management and logistics optimization.These platforms offer real-time visibility, predictive analytics, and automated processes, which enhance efficiency and reduce operating costs. The Freight Brokerage Market data indicates that the market is highly competitive, with numerous established players and emerging startups vying for market share.

Freight Brokerage Market Regional Insights

The Freight Brokerage Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023, accounting for over 30% of the global market. The region is home to some of the world's largest freight brokerage companies, such as C.H. Robinson Worldwide and J.B. Hunt Transport Services. Europe is the second-largest market for freight brokerage, with a market share of over 25%. The region is home to a number of large freight forwarders, such as Kuehne+Nagel and DHL. APAC is the third-largest market for freight brokerage, with a market share of over 20%.The region is expected to witness significant growth in the coming years due to the increasing demand for freight services from China and other emerging economies. South America and MEA are the smallest markets for freight brokerage, with market shares of less than 10% each. However, these regions are expected to witness moderate growth in the coming years due to the increasing demand for freight services from these regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Freight Brokerage Market Key Players and Competitive Insights:

The freight brokerage market players are investing heavily in digitalization and technological advances. Leading players in the freight brokerage market are emerging with innovative technologies or solutions to streamline the process, reduce operational costs, provide real-time visibility of the operations to the customers where the customer receives an update of the operation in real-time, and enhance the service range. The freight brokerage market is highly competitive, and both established players and startups are present in the market. Players are active and adapting to changing market conditions and customer needs. Moreover, the players are continuously trying to make strategic decisions. Most of these players focus on the inorganic growth of a company, that is, mergers and acquisitions that enable them to enhance the footprint and service provision scope. The freight brokerage market will continue to remain dynamic due to the existence of players adding to the business and innovative solutions entering the market space. C.H. Robinson Worldwide, Inc. is a key player in the freight brokerage market space. The company offers a wide range of freight brokerage services, including full truckload, less-than-truckload, air, and ocean freight. C.H. Robinson is a truly global player with a network of more than 300 offices in 109 countries. The company has a significant focus on technology. It continuously invests in digital solutions that improve the customer experience and optimize operations. The company is an expert in orchestrating the most complex supply chain and hence delivers tailored solutions to the customer. XPO Logistics, Inc. is another prominent player in the freight brokerage market space. The company is an integrated logistics provider and offers a diverse range of transportation and truck brokerage, intermodal, and NVOCC. The company has a well-established network in the North American and European regions and has a growing presence in other regions. XPO is expanding both organically and inorganically while providing customers with the most cost-effective and reliable transportation solutions using its scale and network.

Key Companies in the Freight Brokerage Market Include:

• BDP International


• AIT Worldwide Logistics


• Expeditors International


• DSV


• Kuehne+Nagel


• Nippon Express


• Flexport


• Kerry Logistics


• DB Schenker


• XPO Logistics


• Markline


• Hellmann Worldwide Logistics


• Hoyer Group


• H. Robinson Worldwide


• Sinotrans

Freight Brokerage Market Industry Developments

The Freight Brokerage Market is anticipated to reach a valuation of USD 300.67 billion by 2023, expanding at a CAGR of 5.53% from 2024 to 2032. This growth is driven by factors such as the increasing demand for efficient and cost-effective logistics solutions, the rise of e-commerce, and globalization. Recent developments in the market include the adoption of digital platforms and technologies to streamline operations and improve efficiency. Key players are also focusing on expanding their global reach and offering value-added services to meet the evolving needs of customers.

Freight Brokerage Market Segmentation Insights

Freight Brokerage Market Service Type Outlook

• Full Truckload Brokerage


• Less-than-Truckload Brokerage


• Intermodal Brokerage


• Specialized Brokerage


• Third-Party Logistics Brokerage

Freight Brokerage Market Industry Vertical Outlook

• Manufacturing


• Retail and Consumer Goods


• Automotive


• Agriculture


• Healthcare


• Construction

Freight Brokerage Market Shipment Size Outlook

• Small Shipments (Less than 1,000 pounds)


• Medium Shipments (1,000 to 5,000 pounds)


• Large Shipments (Over 5,000 pounds)

Freight Brokerage Market Business Model Outlook

• Asset-Based Brokerage


• Non-Asset-Based Brokerage


• Technology-Enabled Brokerage

Freight Brokerage Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa