Global Custom Brokerage Market

Global Custom Brokerage Market

The global Custom Brokerage market size was valued at $20.16 Billion in 2020 growing at the CAGR of 4.1% from 2021 to 2028. This growth is attributed to several macros and microeconomic factors such as

Growth in Imports of a product by various countries

The rise in product imports by various countries has fueled the demand for custom brokerage services. Imports of products into the market were not as high a few years ago as they are now. The market was low at the moment, but it has recently picked up speed. The customs brokerage industry is made up of companies that deal with a crucial aspect of international trade: the processing of customs-related paperwork. A customs broker's job is to help importers and exporters move cargo through the customs system. Customs brokers provide a variety of customs clearing services in exchange for a fee, including the preparation of papers and payment of duties and taxes. The need for a customs brokerage market has been driven by the growth in the economy and high demand in the market.

Further several factors restraining the market growth include

Stringent government regulations regarding cross-border imports, and exports

The government has enacted highly severe restrictions governing the movement of products across borders, and its role in customs regulation has grown. This is because of the high rate of crime in the customs brokerage sector. The government has devised new strategies to reduce the number of crimes committed as a result of the customs brokerage industry. To avoid unlawful activity such as counterfeiting, the government has imposed some limitations. Large companies utilize a lot of resources and other materials to make their products. As a result, they have a strong demand for the global transportation of their materials. To accomplish this, a customs agency or a customs brokerage is required. Customs authorities are in charge of both enterprises' import and export operations. As a result, they must have a thorough awareness of international trade norms and agreements. Violations of these prohibitions will result in severe consequences. There is also a slew of regulations governing what materials can be exported and imported. While this protects customers from defective items, it harms businesses, which must pay more for paperwork and bureaucracy. The laws are constantly changing, creating a difficult situation for customs brokers who must keep up with all of the changes.

Collaborations and Alliances in the Custom Brokerage market is expected to generate higher avenues during the forecast period.

In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Custom Brokerage market. The pandemic has caused a decline in new orders and a corresponding decrease in production.

This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Custom Brokerages.

In terms of COVID 19 impact, the Custom Brokerage market report also includes the following data points:

Impact on Custom Brokerage market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in Custom Brokerage market

Key Insight in the report:
The global Custom Brokerage market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.

Our report covers extensive competitive intelligence which includes the following data points:

Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis

Custom Brokerage Market Segmentation:

Type
Air
Rail
Sea
Land
Application
Healthcare
Manufacturing
Trade and Transportation
Telecom
Government and Public Utilities
Retail
Information Technology
Others

Region/ Countries Covered:

North America
US
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
Rest of the World
South America
Middle East & Africa

Key Players Analyzed in the Report:

DHL International
Sunteck TTS
Echo Global Logistics
H. Robinson Worldwide, Inc
Coyote Logistics
Landstar System, Inc
GlobalTranz
Total Quality Logistics
HOC Global Solutions
XPO Logistics Inc.

REPORT CONTENT:

High-level analysis of the current and future market trends and opportunities
Detailed analysis on current market drivers, restraining factors, and opportunities in the future
Custom Brokerage market estimates for 2020 and forecast from 2021 to 2028
Vendor market share analysis at each product level
Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.

Target Audience

Manufacturers
Suppliers and traders
Government, associations, and industrial bodies
Investors and trade experts
Consulting Firms or Individual Consultant
Anyone interested in understanding the industry dynamics of the Custom Brokerage market