The global freight brokerage market is expected to grow from $48 billion in 2021 to more than $90 billion in 2031, according to data from Allied Market Research, released this week.
The expected increase amounts to a 6.3% compound annual growth rate (CAGR), following hampered growth the industry experienced during the Covid-19 pandemic, according to the data.
The research points to a rise in international trade activities and the growth of e-commerce as key business drivers. Higher adoption of brokerage services for cost-cutting and lead time reduction will also spur growth, the company said.
By mode of transport, waterways held the largest share of the market in 2021—contributing to more than two-fifths of the global freight brokerage market share—and is predicted to remain the highest shareholder in 2031. The roadways segment is expected to experience the highest CAGR, reaching 7.7% growth annually.
Based on region, Asia-Pacific had the highest market share in 2021, accounting for more than a third of the market, and is expected to grow at the fastest rate during the forecast period, 6.9%.