Hyderabad, July 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “US Freight Brokerage Market Report (2023-2028),” the market is estimated at USD 16.58 billion in 2023. It is expected to register a CAGR of 8.35% during the forecast period.
The penetration of the US freight brokerage sector is significantly increasing in the entire freight market. Over the years, the number of entries processed by the US players has grown steadily. The US-Mexico-Canada Agreement (USMCA) is additionally expected to facilitate streamlining cross-border shipments and create uniformity for supply chains in North America.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 16.58 billion |
| Market Size (2028) | USD 24.75 billion |
| CAGR (2023-2028) | 8.35% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The US-Mexico-Canada Agreement (USMCA). |
| Integration of tech-enabled services. |
Who are the Top Companies in the United States Freight Brokerage Market?
The US freight brokerage industry is moderately fragmented, with the existence of prominent regional players, global players, and small and medium-sized local companies.
The significant players holding the most market share in the US freight brokerage market are:
- 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
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Key Highlights from the United States Freight Brokerage Market Report:
Integration of Technology Boosting the Market
- The tech-enabled services offer major opportunities for freight brokers to supply transformational value to the market. With digital freight brokerage incorporation, load-matching and real-time pricing are available from both new entrants and incumbents.
- To tap the mounting opportunities in this sector, established players are entering the market with considerable investments in the digital space.
Spotlight on the US Trucking Sector
- Trucks are the foremost transport options for foreign goods arriving at the West Coast ports of Oakland, Los Angeles, and Long Beach. It ensures most of the overland freight movement in the country.
- Nowadays, freight is delivered straight to regional distribution centers rather than stores. Most transporters, in order to keep costs low, use LTL services to consolidate their freight.
What are the Latest Developments in the United States Freight Brokerage Market?
- In May 2022, Supply Chain Solutions declared that Echo Global Logistics Inc. signed an agreement to acquire Roadtex. Echo is a leading provider of supply chain management services and technology-enabled transportation.
- In February 2022, CH Robinson extended its global and Asian reach with the commencement of its new office in Beijing. The office, conveniently located in Chaoyang District, allows easy access to C.H. Robinson’s service coverage to its consumers.
Mordor Intelligence has Segmented the United States Freight Brokerage Market Based on Service and End User:
- By Service
- LTL
- FTL
- Other Services
- By End User
- Manufacturing and Automotive
- Oil and Gas, Mining, and Quarrying
- Agriculture, Fishing, and Forestry
- Construction
- Distributive Trade (Wholesale and Retail Segments, FMCG included)
- Other End Users (Telecommunications, Pharmaceutical, etc.)
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the US Freight Brokerage Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
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- Intra- Asia Freight Forwarding Market Report - Over the next few years, the intra-Asia freight forwarding market is expected to register a CAGR of more than 5%.
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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