Freight Brokerage Market Size & Share 2024 - 2032
Market Size by Services (Intermodal, Truckload, less than Truckload), Customer Type (B2B, B2C), Mode of Transport (Waterways, Roadways), Industry Vertical (Retail and E-commerce, Manufacturing, Healthcare, Automotive) & Forecast.
Report ID: GMI8036
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Published Date: February 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Freight Brokerage Market Size
Freight Brokerage Market size was valued at USD 51.7 billion in 2023 and is estimated to register a CAGR of 6% between 2024 and 2032. The rise of e-commerce has led to an increased demand for efficient and flexible freight solutions. E-commerce businesses often require on-demand and scalable transportation services, and freight brokers play a crucial role in connecting shippers with carriers to meet these dynamic demands. The growth of online retail has contributed to the expansion of the market as companies seek agile and cost-effective logistics solutions.
Freight Brokerage Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
According to Forbes, in 2020, worldwide e-commerce transactions exceeded USD 4.2 trillion, and forecasts suggest a continuous upward trend in this figure. Similarly, estimations from the National Retail Federation suggest that in the Cyber Monday of 2022, 77 million consumers engaged in online shopping, marking a historic occasion as 59% of these shoppers utilized their mobile devices, depicting an increase from the 52% recorded in 2021.
Technological innovations and automation will gradually shape the freight brokerage market outlook through 2032. The freight brokerage industry has witnessed significant technological breakthroughs, including the use of digital platforms, automation, and data analytics. These technologies enhance efficiency, reduce costs, and provide real-time visibility into supply chain operations.
Quoting an instance, in November 2023, logistics platform provider Flexport announced resuming its acquisition strategy, seizing the opportunity to acquire the technology assets of the unsuccessful digital freight matching (DFM) company Convoy. This move not only includes obtaining Convoy's digital freight brokerage technology but also involves retaining a select group of individuals from their central product and engineering team. Furthermore, Flexport may relaunch its full-truckload service in the upcoming weeks.
Compliance with regulations, such as licensing requirements, safety standards, and insurance obligations, can be complex and costly. Changes in regulatory environments or the introduction of new regulations can impact brokerage operations, leading to increased compliance costs. Navigating these regulatory challenges requires ongoing efforts and resources, and non-compliance can result in penalties, affecting the financial health of brokerage firms.
Freight Brokerage Market Trends
The freight brokerage industry is likely to see a growing integration of AI and ML technologies. These advancements can enhance operational efficiency by optimizing route planning, predicting demand patterns, and automating various processes in the logistics chain. AI and ML applications can also improve decision-making by providing real-time insights, enabling more responsive and data-driven freight brokerage services.
Against this backdrop, in October 2023, Uber Freight expanded its scope beyond digital freight brokerage and transport management, unveiling a range of new products and services that position it as a Software as a Service (SaaS) provider. The company has invested $120 million in various developments, with a significant emphasis on technology. Management highlights a strong focus on scaling enterprise applications, encompassing logistics software solutions, generative AI, data-enabled insights tools, and pioneering capacity and mode expansions.
Freight Brokerage Market Analysis
Based on customer type, the B2B segment held around 58% of the market share in 2023. Businesses seek the flexibility and cost-effectiveness offered by freight brokers in navigating complex supply chains. The ability to connect with a diverse network of carriers, optimize routes, and ensure timely deliveries enhances operational agility. Besides, as global trade expands, B2B customers rely on freight brokers to provide expertise in managing cross-border shipments, handling documentation, and ensuring compliance. The dynamic nature of the market and the technological innovations introduced by freight brokers further contribute to heightened demand in the B2B sector.
Based on the industry vertical, the freight brokerage market from manufacturing segment is expected to expand at a CAGR of 8% during the forecasted timespan. The manufacturing industry widely adopts freight brokerage services due to the inherent advantages they bring to supply chain management. Freight brokers offer manufacturing businesses the flexibility to adapt to fluctuating production demands by efficiently matching them with suitable carriers. This dynamic approach helps optimize transportation costs and ensures timely delivery of raw materials and finished goods.
The expertise of freight brokers in navigating complex logistics networks, coupled with their ability to leverage technology for real-time tracking and data analytics, enhances visibility and responsiveness within the manufacturing supply chain, making freight brokerage services a favorable choice for the industry.
North America freight brokerage market accounted for 32% of the revenue share in 2023. The surge in online retail activities has led to an increased demand for efficient and flexible logistics solutions. Freight brokers play a pivotal role in optimizing the movement of goods, ensuring timely deliveries, and navigating complex supply chain networks. The e-commerce boom, coupled with the need for streamlined and cost-effective freight management, positions North America as a dynamic market where freight brokers thrive by offering tailored solutions to diverse industry sectors.
Freight Brokerage Market Share
C.H. Robinson Worldwide, Inc., Total Quality Logistics, LLC and XPO, Inc. hold a significant market share of over 10% in the freight brokerage industry. Companies in the freight brokerage industry employ diverse strategies to fortify their positions. Technological integration plays a pivotal role, with firms investing in advanced digital platforms, automation, and data analytics to enhance operational efficiency and provide real-time visibility. Establishing extensive networks is another crucial strategy, enabling companies to connect shippers with a broad range of carriers, thereby expanding service offerings.
Many also focus on scalability, adapting to market dynamics, and accommodating the evolving needs of clients. Moreover, strategic partnerships and acquisitions are common, fostering growth and diversification. Additionally, a commitment to sustainability and compliance with regulations ensures long-term resilience and fosters customer trust, contributing to the overall strengthening of companies' positions in the competitive freight brokerage landscape.
Freight Brokerage Market Companies
Major companies operating in the freight brokerage industry are:
Freight Brokerage Industry News
The freight brokerage market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 - 2032, for the following segments:
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Market, By Services
Market, By Customer Type
Market, By Mode of Transport
Market, By Industry Vertical
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →