Gross revenue figures for freight brokerages declined -15% to $135b in 2023 compared to $159b in 2022, according to analysis by Brush Pass Research. 

It’s been quite the freight “recession” or should we say freight “depression”. April 2024 marks the 25th month of this down cycle in the truckload market. When or how this cycle comes to its natural conclusion is anyone’s guess. Based on what we are hearing this market could roll across the floor for quite a while before seeing a bounce.

This has created a sharp drop in gross and net revenues for the freight brokerage industry. While this is was expected it is always strange to witness. To put some optimistic spin to 2023’s decline, is that gross revenues are still 56% higher than in 2019, before the pandemic, and during the last recession.

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Brush Pass Research’s 2023 industry gross revenue estimates are based on our own internal analysis of brokerage employees and other proprietary data points. 

2022 gross revenue for the freight brokerage industry is based on Armstrong & Associates $159 billion estimate.

Some of the key points found in our analysis includes: 

• The industry continues to be dominated by the largest freight brokerages. Our estimates show the largest 150 freight brokerages account for 70% of the industry’s gross revenues. 

• The top 3.5% of the 27,450 freight brokerages with active authorities, account for 88% of gross revenues. 

• Freight brokerage gross revenues are still 56% higher than 2019.

• Freight brokerages control roughly 300,000 truckloads per working day. 

• At a 15% average gross margin, freight brokerages true net sales for 2023 were $20.24 billion. 

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Source: Armstrong & Associates estimated freight brokerage industry size in red, and Brush Pass Research’s estimated revenues at the largest 1,000 freight brokerages.

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