The North America Customs Brokerage Market is projected to grow from USD 4.87 billion in 2020 to USD 6.41 billion by 2028, at a CAGR of 3.06% between 2021 and 2028. The base year considered for the study is 2020 while the forecast period is between 2021 to 2028.
Customs Brokerage is a third-party service that is licensed by customs department to operate and represent the importer. Customs clearance license holder is required to have passed customs test and examination and is required to be fully conversant with customs laws, rules, and processes and ensure adherence to the same.
Demand for custom brokerage depends on the adoption of third-party logistics and overall growth of the various industry verticals including retail, manufacturing, and others. Retrieval of geopolitical conditions, balanced economic growth, increase in the affluent population, increased infrastructure expenditure, especially in developed economies, are likely to drive the custom brokerage market in North America. Another key driver of the North America Customs Brokerage Market is increased demand for online deliveries, rapid urbanization, rise in disposable income, and industrialization across the region are boosting demand for North America Custom Brokerage Market. However, stringent government regulations regarding cross border imports, and exports is expected to hamper the North America custom brokerage market during the forecast period.
The major players operating in the North America Customs Brokerage Market include but are not limited to United Parcel Services Inc., FedEx Corporation, Deutsche Post DHL group, Livingston International, Expeditors International, A.N Deringer and others.
Key Segments of the North America Customs Brokerage Market
Mode of Transport Overview, 2018-2028 (USD Billion)
- Cross-border Land Transport
Service Overview, 2018-2028 (USD Billion)
- Contract Logistics
Application Overview, 2018-2028 (USD Billion)
- Trade and Transport
Regional Overview, 2018-2028 (USD Billion)
- North America
- The U.S.
Reasons for the study
- Increase in the affluent population, increased infrastructure expenditure, especially in developed economies such as United States, and Canada, are likely to drive the North America Custom Brokerage Market.
- Rapid urbanization, rise in disposable income, and industrialization across the sectors are boosting demand for North America Custom Brokerage Market.
What does the report include?
- The study on the North America Customs Brokerage Market includes qualitative insights such as drivers, restraints, challenges, and opportunities
- Additionally, the market has been evaluated using Porter’s five forces analysis
- The study covers a qualitative and quantitative analysis of the market segmented based on mode of transport, service, and region. Moreover, the study on the custom brokerage market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant regional presence
Who should buy this report?
- The report on the North America Customs Brokerage Market is suitable for all the players across the value chain including component and raw material providers, manufacturers, distributors, and other intermediaries across the value chain
- Venture capitalists and investors looking for more information on the future outlook of the North America Customs Brokerage Market
- Consultants, analysts, researchers, and academicians looking for insights shaping the North America Customs Brokerage Market
The growth of the North America custom brokerage market is attributed to the development of e-commerce and online deliveries across the states of United States and Canada. Large numbers of people preferring remote deliveries in urban areas in search of work and a better standard of living. As a result of urbanization, manufacturing of various goods has grown exponentially. This has created a demand for custom brokerages to deliver the goods and services across the states. As a result, there is an increasing demand for custom brokerage to deliver the products overseas.
In addition, freight transport is the major mode of transport of international transport of goods has a significant contribution to market numbers.
The number of customs entries by mode is highest in case of Sea transport and so, the revenue of customs brokerage market. The demand for air freight transport is increasing with growing demand for perishables, chemicals & valuables, and the rising demand for just-in-time production of goods.
Based on mode of transport, the North America Customs Brokerage Market is segmented into sea, air, cross-border land transport. By service into software, consulting, contract logistics, and others. By region into United States, and Canada. By application into Manufacturing, Trade and Transport. Telecommunication, Retail, and Others
The North America customs brokerage market is segmented by region into United States, and Canada. United States is tending toward new heights as better technologies for ecommerce, and exports & imports in the US and Canada. Furthermore, the relevance of industrial separation in various industries is also a key driver of demand within the market for customs brokerage in North America.
Moreover, The manufacturing sector depends on timely and reliable deliveries of raw materials, or semi-finished products as inputs to further processing. It also requires finished products to be transported to warehouses or distribution centers. The major determinant of manufacturing demand is consumer spending. The trend toward just-in-time (JIT) inventories has also created increased demand for transportation services, as manufacturers seek smaller and more frequent deliveries. JIT allows companies to improve profitability by purchasing materials only as needed, thereby reducing inventory costs. For such timely delivery needs, efficient customs clearance is of high importance driving the need for customs brokers which intern led to market growth over the years.