The latest market research report by Technavio on the freight brokerage market in the Americas predicts a CAGR of over 4% during the period 2018-2022.
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Technavio has published a new market research report on the freight brokerage market in the Americas from 2018-2022. (Graphic: Business Wire)
The report segments freight brokerage market in the Americas by service type (FTL, LTL, temperature-controlled, and others) and by geography (US, Canada, and others). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the freight brokerage market in the Americas, according to Technavio transportation and logistics researchers:
- Growing demand for outsourced 3PL services in the Americas: a major market driver
- In 2017, the FTL segment dominated the market by occupying over 30% share
- The US dominated the freight brokerage market in Americas with 45% share in 2017
- C.H. Robinson, Echo Global Logistics, Expeditors, Landstar, TQL, and XPO Logistics are the leading players in the market
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Growing demand for outsourced 3PL services in the Americas: a major market driver
Growing demand for outsourced 3PL services in the Americas is one of the major factors driving the freight brokerage market in the Americas. The demand for 3PL services will increase rapidly in South America. Developing countries such as Argentina and Brazil are witnessing growth in their transportation infrastructure, which is expected to boost the demand for contract logistic services in these countries. The growth in demand for these services can be attributed to the underlying benefits of outsourcing such as cost savings and operational efficiency.
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US to dominate the freight brokerage market in the Americas
Technavio researchers anticipate high growth for the freight brokerage market in the Americas to the growing demand for freight transportation in the country. The GROW AMERICA Act initiated by the Department of Transportation focuses on investments in the freight system in the US. It is a six-year bill which allocated more than USD 15 billion in 2016, for the improvement of the freight transportation system in the US.
According to a senior analyst at Technavio for research on logistics, “The freight transportation market in Americas has increased because of a growing population and increase in economic activities. The US population has witnessed a 23% increase between 1990 -2016, while the average household income has increased by 20% during this period.”
Competitive vendor landscape
The freight brokerage market in the Americas is fragmented owing to the presence of numerous international and regional vendors. The diversified regional vendors are competing with the global vendors in terms of features and price. Factors such as the increase in product extensions, technological innovations, and M&A will further intensify the competition among the players in the transportation brokerage market. In the coming years, the large freight broker companies will focus on acquiring the regional or local players and grow inorganically.
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