Global freight brokerage market to reach $91 billion by 2031

World freight brokerage market to achieve $91 billion by 2031

The worldwide freight brokerage market is predicted to develop from $48 billion in 2021 to greater than $90 billion in 2031, in line with knowledge from Allied Market Analysis, launched this week.

The anticipated improve quantities to a 6.3% compound annual progress charge (CAGR), following hampered progress the business skilled throughout the Covid-19 pandemic, in line with the information.

The analysis factors to an increase in worldwide commerce actions and the expansion of e-commerce as key enterprise drivers. Greater adoption of brokerage providers for cost-cutting and lead time discount may even spur progress, the corporate stated.

By mode of transport, waterways held the most important share of the market in 2021—contributing to greater than two-fifths of the worldwide freight brokerage market share—and is predicted to stay the best shareholder in 2031. The roadways phase is predicted to expertise the best CAGR, reaching 7.7% progress yearly.

Based mostly on area, Asia-Pacific had the best market share in 2021, accounting for greater than a 3rd of the market, and is predicted to develop on the quickest charge throughout the forecast interval, 6.9%.

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