US FTL Freight Brokerage Market Size (2024 - 2029)

US FTL Freight Brokerage Market Analysis

The US FTL Freight Brokerage Market size is estimated at USD 15.68 billion in 2024, and is expected to reach USD 22.90 billion by 2029, growing at a CAGR of 7.86% during the forecast period (2024-2029).

• The full truckload freight brokerage market in the United States experienced a strong hit by the pandemic, as the freight transportation and logistics industry slowed down in the country due to pandemic restrictions and the closing of cross-border shipments. The impact of the pandemic has created massive challenges in freight yards and warehouses, where many facilities struggling with COVID-19 conditions have cut their staffing levels and reduced operating hours at loading and receiving docks.
• In recent years, the US has experienced substantial growth in full-truckload (FTL) services owing to the demand from inland freight movement and cross-border trade between the United States, Canada, and Mexico. The increase in year-on-year growth of the United States exports and imports also supports the development of the freight brokerage industry in the nation. The significance of freight brokers is growing owing to their role as intermediaries and facilitating the business of both shippers and carriers. Transport and freight forwarding services are on the rise in the United States due to the number of e-commerce companies emerging globally.
• Full truckload freight brokerage is still in a growth phase and is a major attraction for new shippers looking to penetrate the domestic market. However, established shippers seek long-term contracts with brokerage firms and carriers to gain a leading position in the international freight forwarding industry. FTL brokers facilitate the shipping service for shippers and monitor carriers' shipments. Many freight brokerage firms are strengthening their digital marketplace and are adopting technology, such as automated pricing, application programming interface (API) connectivity, data science, and internally facing technology. Companies are increasing their investments and spending on technologies and innovations as consumer preferences are also changing. With the increasing technological advancements, traditional players face intense competition from startups. For instance, C.H. Robinson, one of the largest freight brokers in North America, announced in 2019 that it would double its technology spending through 2024 to compete with digital startups.
• The market has seen one scenario play out repeatedly. Shippers with less-than-truckload-size loads are paying for full truckload (FTL) service to ensure faster delivery of goods, resulting in space and inefficiencies. Startups have mostly attacked this sector. This is because it is less complex than LTL and parcel and contains a larger piece of the pie. The most funded startups, like Transfix, Convoy, and Uber Freight, focus on freight matching. They are replacing traditional brokers by utilizing mobile technology and automating manual operations.

US FTL Freight Brokerage Industry Segmentation

An FTL freight brokerage serves as the intermediary between the shipper, who needs to move their cargo, and the carrier (trucking company) that has the means to do so.

The report covers United States FTL trucking companies, and it is segmented by End User (Manufacturing and Automotive; Oil and Gas, Mining and Quarrying; Agriculture, Fishing and Forestry; Construction; Distributive Trade; and Other End-users). The report offers the market size in value terms in USD for all the abovementioned segments.