Customs Brokerage Market Size Worth USD 49.58 Billion in 2032 | Emergen Research

Vancouver, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The global customs brokerage market size was USD 23.78 Billion in 2022 and is expected to register a revenue CAGR of 7.7% during the forecast period. Growth in international trade, risk management and compliance, and supply chain optimization are some of the major factors driving the market revenue growth. Customs brokerage refers to assistance provided by licensed individuals or businesses, known as customs brokers, to facilitate the transportation and delivery of goods across international borders via air, sea, or land. These brokers can be individuals or various business entities, such as partnerships, associations, or corporations. Customs brokers need to obtain necessary licenses from relevant government authorities to offer their brokerage services. Growth in international trade is a major factor driving revenue growth of the customs brokerage market.

Expansion of global trade is a major driver as businesses increasingly engage in cross-border transactions, and demand for customs brokerage services will increase during the forecast period. For instance, according to economists from the World Trade Organization (WTO), there is a revised forecast for global merchandise trade volumes. It is now predicted that there will be a 3.5% growth in 2022, which is slightly higher than previous estimate of 3.0% in April. However, for the year 2023, the forecast has been significantly reduced to a 1.0%, a notable decline from earlier projections of 3.4%.

However, trade barriers and protectionist measures can act as major factors restraining market revenue growth. Trade barriers, such as tariffs, quotas, or import restrictions, can limit volume of international trade. As countries impose these measures to protect domestic industries or address trade imbalances, it can lead to a decrease in import and export activities. With lower trade volumes, the demand for customs brokerage services will decline, affecting revenue growth of the customs brokerage market.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2047

Segment Insights

Mode of Transportation Insights:

On the basis of mode of transportation, the global customs brokerage market is segmented into sea, land, and air. The sea segment accounted for largest revenue share in 2022 and is also expected to register a significantly high revenue CAGR over the forecast period. As shipping is currently most cost-effective solution when transporting goods from one region to another, suppliers and buyers prefer to use the sea route. Increasing seaports across the globe are expected to increase the number of shipments and thereby drive revenue growth of this segment.

Application Insights:

On the basis of application, the global customs brokerage market is segmented into healthcare, manufacturing, telecommunication, government and public utilities, and others. The manufacturing segment accounted for largest market revenue share in 2022. The manufacturing segment plays a crucial role in driving the customs brokerage market. The manufacturing sector relies heavily on cross-border shipments. Customs brokerage services are essential in ensuring efficient and compliant movement of goods across international borders for manufacturers.  Manufacturing companies also aim to optimize their supply chains for cost-effectiveness.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @

https://www.emergenresearch.com/request-discount/2047

Regional Insights:

North America market accounted for largest revenue share in the customs brokerage market in 2022. The market in North America is expected to dominate in terms of revenue owing to presence of major market players, technological advancements, and higher growth in various industries such as retail, manufacturing, healthcare, and others. Presence of majorly developed countries such as the U.S. and Canada is also expected to drive the market revenue growth as manufacturing, healthcare, and retail industries are witnessing growth in this region.

The market in Europe accounted for a significantly large revenue share in 2022 owing to the growing manufacturing and healthcare industry in this region. The customs brokerage market in Europe has been experiencing consistent growth and is expected to continue expanding during the forecasted period. The European Customs Union has observed a steady rise in the number of entries processed, primarily driven by increasing import activities in this region. One major characteristic of the European customs market is that customs duties are imposed solely on goods imported from outside of Europe.

The market in Asia Pacific accounted for a significantly large revenue share in 2022 and is expected to register a rapid revenue CAGR over the forecast period. Increase in the healthcare, retail, and automotive manufacturing industry across many developing countries, such as China and India is driving revenue growth of the market in this region. The Asia Pacific region holds importance in global trade, playing a substantial role in both imports and exports. The region encompasses several key trading countries, including China, Japan, India, Australia, and South Korea, which contribute significantly to trade activities in this region and have a major impact on the global economy.

Scope of Research

Direct Order Can Be Placed Through This Link [Exclusive Copy] @
https://www.emergenresearch.com/select-license/2047

Major Companies and Competitive Landscape

The global customs brokerage market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global customs brokerage market report are:

• Kuehne+Nagel
• United Parcel Service of America, Inc.
• CEVA Logistics
• APL Logistics Ltd.
• Livingston International
• GEODIS
• Expeditors International of Washington, Inc.
• Nippon Express Holdings
• A.N. Deringer, Inc.
• Deutsche Post DHL Group
• FedEx
• CJ Logistics Corporation
• DB Schenker
• C.H. Robinson Worldwide, Inc.

Strategic Development

• On February 24, 2022, A.P. Moller - Maersk launched the Digital Customs Academy, a worldwide e-learning platform designed to support customers in navigating the complexities of customs, logistics, and international trade compliance. Developed in partnership with KGH Customs Services, a Maersk Company, and the U.K. Institute of Export and International Trade (IOE&IT), this comprehensive platform offers a range of educational resources to enhance customer knowledge and understanding in these areas.
• On May 23, 2023, Worldwide Logistics Group (WWL), a freight forwarding company, revealed its acquisition of P. W. Bellingall (PWB), a customs brokerage firm. PWB, headquartered in San Francisco, specializes in transportation and logistics services for the coffee and food sectors. With this acquisition, WWL aims to enhance its in-house customs brokerage capabilities. WWL already has a presence in the food and beverage logistics industry and operates a safety-certified food-grade warehouse in New York.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@

https://www.emergenresearch.com/industry-report/customs-brokerage-market

For the purpose of this report, Emergen Research has segmented the global customs brokerage market on the basis of mode of transportation, application, and region:

• Mode of Transportation Outlook (Revenue, USD Billion; 2019-2032)

• • Sea
  • Air
  • Land

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Healthcare
  • Manufacturing
  • Telecommunication
  • Government and Public Utilities
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

Emergen Research is Offering Exclusive Customization as per your Specific Requirements@

https://www.emergenresearch.com/request-for-customization/2047

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights

Read our Press Release @ https://www.emergenresearch.com/press-release/global-customs-brokerage-market