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The customs brokerage market plays a international trade by ensuring compliance with facilitating the smooth movement of goods across borders. This market involves the services provided by customs brokers, who act as intermediaries between importers/exporters and customs authorities. They assist in the preparation and submission of customs documentation, classification of goods, payment of duties and taxes, and clearance of goods through customs.
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, according to latest analysis by Emergen Research. The global customs brokerage market has witnessed significant growth in recent years, driven by several factors. Firstly, the increasing volume of international trade has led to a greater demand for customs brokerage services. With globalization and the expansion of supply chains, companies are increasingly relying on customs brokers to navigate complex customs procedures and ensure compliance with ever-changing regulations.
Furthermore, the growing complexity of customs regulations and the need for specialized knowledge have also contributed to the growth of the customs brokerage market. Customs brokers possess expertise in customs procedures, tariff classifications, and trade agreements, which helps importers/exporters avoid costly delays and penalties.
However, the customs brokerage market also faces certain restraints. One of the major challenges is the increasing scrutiny and enforcement of customs regulations by authorities worldwide. Governments are becoming more vigilant in detecting and preventing customs fraud, smuggling, and other illegal activities. This leads to stricter compliance requirements and increased scrutiny of customs brokerage practices.
Despite these challenges, the customs brokerage market is expected witness significant growth in the coming years. Several factors are driving this growth. Firstly, the ongoing digital transformation in the logistics industry is revolutionizing customs brokerage services. The adoption of advanced technologies such as artificial intelligence, blockchain, and automation is streamlining customs processes, reducing paperwork, and improving efficiency.
Moreover, the implementation of trade facilitation measures by governments is also expected to boost the customs brokerage market. Trade facilitation initiatives to simplify customs procedures, reduce trade barriers, and enhance the efficiency of cross-border These initiatives include the implementation of single-window systems, harmonization of customs procedures, and the use of electronic documentation.
According to statistics from government organizations, the customs brokerage market has witnessed steady growth in recent years. For instance, the World Customs Organization reported that global merchandise trade increased by 3.6% in 2018, reaching a total value of $19.48 trillion. This growth in trade volume has directly contributed to the demand for customs brokerage services.
The study on the Global Customs Brokerage Market is the latest report covering the impact analysis of the currently ongoing COVID-19 pandemic. The pandemic has directly affected the market by causing disruptions in the global supply chains and indirectly by inducing financial difficulties. The Customs Brokerage market has witnessed dynamic changes in trends and demands owing to the ongoing COVID-19 pandemic. The report provides a detailed outlook on how the pandemic has affected the key segments of the Customs Brokerage industry. The report includes an in-depth impact analysis of the COVID-19 pandemic on the overall Customs Brokerage industry.
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Competitive Outlook: The leading companies operating in the Customs Brokerage market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Top Companies Operating in the Customs Brokerage Market and Profiled in the 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, and C.H. Robinson Worldwide, Inc.
Objectives of the Report:
Study of the global Customs Brokerage market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
Industrial structure analysis of the Customs Brokerage market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of Customs Brokerage market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global Customs Brokerage market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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Segments Covered in this report are:
Regional Analysis:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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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. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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