United States Freight Brokerage Market Size (2024 - 2029)

The United States Freight Brokerage Market is experiencing growth, with its market size expanding significantly over the forecast period. The sector's penetration within the total freight market is on the rise, driven by factors such as the US-Mexico-Canada Agreement, which aims to enhance cross-border shipments and supply chain uniformity in North America. However, challenges like the shortage of truck drivers are impacting brokerage businesses, leading to higher prices and increased competition. The less-than-truckload segment, in particular, is witnessing intense rivalry, prompting brokers to innovate for profit improvement.

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Market Size of United States Freight Brokerage Industry

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United States Freight Brokerage Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 17.96 Billion
Market Size (2029) USD 26.82 Billion
CAGR (2024 - 2029) 8.35 %
Market Concentration Low

Major Players

United States Freight Brokerage Market Major Players

*Disclaimer: Major Players sorted in no particular order

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United States Freight Brokerage Market Analysis

The United States Freight Brokerage Market size is estimated at USD 17.96 billion in 2024, and is expected to reach USD 26.82 billion by 2029, growing at a CAGR of 8.35% during the forecast period (2024-2029).

  • As per industry sources, the penetration of the US freight brokerage sector in the total freight market is increasing. The number of entries processed by US market players has grown steadily over the years. The US-Mexico-Canada Agreement (USMCA) is further expected to streamline cross-border shipments and create uniformity for supply chains in North America.
  • The ongoing shortage of truck drivers in the US market has an adverse effect on businesses like brokerages, which heavily depend on carriers. This scenario forces freight brokers to quote higher prices to shippers, leading to an increase in price and competition in the market.
  • The US less-than-truckload (LTL) segment is facing intense competitive rivalry. LTL freight brokers are involved in innovations in North American LTL to drive the next leg of profit improvement.

United States Freight Brokerage Industry Segmentation

Freight brokerage companies facilitate the shipment and delivery of goods across geographical borders for individuals and organizations. Freight brokers provide a service by linking customers with shippers and trucking companies.

The report provides a comprehensive background analysis of the United States freight brokerage market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the competitive landscape of the industry. Additionally, the COVID-19 impact has been incorporated and considered during the study.

The report covers freight brokerage companies, and the market is segmented by service (less than truckload (LTL), full truckload (FTL), and other services) and end user (manufacturing and automotive, oil and gas, mining, and quarrying, agriculture, fishing and forestry, construction, distributive trade (wholesale and retail segments, FMCG included) and other end users (telecommunications, pharmaceutical, etc.)).

The report offers market sizes and forecasts in value (USD) for all the above segments.

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, Pharmaceuticals, etc.)
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United States Freight Brokerage Market Size Summary

The United States freight brokerage market is experiencing significant growth, driven by increasing penetration in the total freight market and the impact of trade agreements like the US-Mexico-Canada Agreement (USMCA). This agreement is expected to enhance cross-border shipments and standardize supply chains across North America. However, the market faces challenges such as a shortage of truck drivers, which affects pricing and competition. The less-than-truckload (LTL) segment is particularly competitive, with brokers innovating to improve profitability. Meanwhile, full truckload (FTL) services are expanding due to rising demand for inland freight movement and cross-border trade, attracting new shippers to the domestic market. Established shippers are focusing on long-term contracts to strengthen their positions in international freight forwarding.

The market is moderately fragmented, with major players like C.H. Robinson, XPO Logistics, and Total Quality Logistics leading the industry. Technological advancements are reshaping the market, with new entrants like Convoy and Uber Freight offering digital solutions to enhance transparency and streamline the freight booking process. The adoption of technologies such as automated pricing and API connectivity is becoming more prevalent. The automotive industry, with its demand for reliable logistics solutions, is a significant driver of growth, influenced by factors like electric vehicle adoption and regulatory standards. The market's evolution is also marked by strategic investments and partnerships, such as Schneider National's investment in self-driving technology and JB Hunt's collaboration with Google to enhance its digital platform.

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United States Freight Brokerage Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Current Market Scenario

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

        1. 1.2.1.1 Growing Construction Across the Country

        2. 1.2.1.2 The Growing Number of Freight Brokers Across the Country

      2. 1.2.2 Restraints

        1. 1.2.2.1 Rerouting of Cargo and Other Factors

        2. 1.2.2.2 Reducing Freight Imports Across the Country

      3. 1.2.3 Opportunities

        1. 1.2.3.1 Growing Demand From the Oil and Gas Industry

        2. 1.2.3.2 Technological Advancements in Freight Brokerage Systems and Logistics

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Industry Value Chain Analysis

    5. 1.5 US Logistics Industry (Overview, Trends, R&D, Key Statistics, etc.)

    6. 1.6 Key Government Regulations and Initiatives

    7. 1.7 Insights on Freight Rates

    8. 1.8 Technology Snapshot (Digital Freight Brokerage, IoT, etc.)

    9. 1.9 Qualitative and Quantitative Insights on the US Customs Clearance Sector

    10. 1.10 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION (Market Size By Value)

    1. 2.1 By Service

      1. 2.1.1 LTL

      2. 2.1.2 FTL

      3. 2.1.3 Other Services

    2. 2.2 By End User

      1. 2.2.1 Manufacturing and Automotive

      2. 2.2.2 Oil and Gas, Mining, and Quarrying

      3. 2.2.3 Agriculture, Fishing, and Forestry

      4. 2.2.4 Construction

      5. 2.2.5 Distributive Trade (Wholesale and Retail Segments, FMCG included)

      6. 2.2.6 Other End Users (Telecommunications, Pharmaceuticals, etc.)

United States Freight Brokerage Market Size FAQs

The United States Freight Brokerage Market size is expected to reach USD 17.96 billion in 2024 and grow at a CAGR of 8.35% to reach USD 26.82 billion by 2029.

In 2024, the United States Freight Brokerage Market size is expected to reach USD 17.96 billion.

United States Freight Brokerage Market Report Snapshots

US Freight Brokerage Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)