Freight Forwarding - Sri Lanka | Statista Market Forecast

Value added in the Freight Forwarding market is projected to amount to US$7.49bn in 2024.
Transportation intensity in Sri Lanka is projected to amount to 1.38TKM/GDP.
Volume of goods transported in the Freight Forwarding market is projected to amount to 110.70bn TKM in 2024.
The container port traffic in Sri Lanka is projected to amount to 7.96m TEU in 2024.

Definition

The Freight Forwarding market involves the services and activities related to the coordination and management of the transportation of goods from one point to another, typically through multiple modes of transport. Freight forwarding services encompass arranging the logistics of cargo movement, including documentation, customs clearance, and shipment tracking. This market is dedicated to managing the physical movement and handling of goods and does not include passenger transport or infrastructure development.

Additional Information

The main indicators in this market are freight transported in tonne-kilometers (TKM), container transport in twenty equivalent units (TEU), busiest shipping lanes in the world, container port ranking, and freight transport rate of selected companies. Key players in the Freight Forwarding market include global and regional firms specializing in freight management and logistics.

Prominent companies in this sector include DHL Supply Chain & Global Forwarding, Kuehne + Nagel, DB Schenker, Expeditors International, C.H. Robinson and DSV. These companies play a crucial role in managing and optimizing the movement of goods globally, ensuring efficient supply chains and effective logistics operations.

Road transportation
Rail transportation
Pipeline transportation
Maritime transportation
Inland water transportation
Air transportation

Infrastructure development
Support services
Passenger transport

The freight forwarding market is a critical segment of the global logistics industry, providing essential services for the smooth movement of goods across international borders. Freight forwarders act as intermediaries between shippers and various transportation services, including air, sea, and road, to ensure efficient and cost-effective delivery of goods. By managing complex logistics processes, freight forwarders facilitate global trade and help businesses navigate the intricacies of customs regulations, documentation, and cross-border logistics.

One of the core strengths of freight forwarders is their ability to consolidate shipments from multiple clients, optimizing cargo space and reducing shipping costs. This consolidation is particularly advantageous for small and medium-sized enterprises (SMEs) that may not have enough volume to fill an entire container. Freight forwarders leverage their networks and expertise to negotiate better rates with carriers, ensuring that their clients benefit from competitive pricing and efficient transport solutions.

Freight forwarding is also integral to multimodal transport solutions, which combine various transportation modes—such as sea, air, and road—to move goods efficiently from origin to destination. This flexibility allows freight forwarders to provide tailored solutions that meet specific client needs, whether it involves urgent air shipments or cost-effective ocean freight. The ability to seamlessly coordinate different transport modes helps minimize transit times and reduces overall logistics costs, enhancing supply chain efficiency.

The freight forwarding market is also at the forefront of adopting digital technologies to streamline operations and improve service quality. Digital platforms and tools, such as freight management systems, real-time tracking, and automated documentation processes, enhance transparency and provide clients with greater visibility over their supply chains. These technologies enable freight forwarders to offer more accurate and timely information, which is crucial for managing inventory and reducing lead times in today’s fast-paced business environment.

Environmental sustainability is becoming increasingly important in the freight forwarding market. Many freight forwarders are investing in greener logistics solutions, such as optimizing shipping routes to reduce carbon footprints, using energy-efficient transport modes, and collaborating with carriers that prioritize sustainable practices. These efforts are crucial in helping clients meet their sustainability goals and comply with stringent environmental regulations.

To remain competitive, freight forwarders continuously adapt to changing market dynamics, such as shifts in global trade patterns, fluctuations in freight rates, and evolving regulatory requirements. Strategic investments in technology, partnerships, and infrastructure are essential for enhancing service offerings and expanding market reach. By leveraging their expertise and global networks, freight forwarders play a vital role in ensuring the efficient and reliable movement of goods, supporting businesses and driving international trade.

Data coverage:

The data encompasses B2B enterprises. Figures are based on the activities of the Freight Forwarding market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting transportation activity due to the non-linear growth of this market

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The logistics industry facilitates the trade entrepreneurial activities between two or more parties by transporting, storing, and delivering goods through B2B, B2C, or C2C supply chain networks. At the present time, logistics companies implement cargo transportation services by land, air, and water while adapting to the changing nature of economic patterns and digitization. As one of the backbones of international trade, the logistics industry worldwide was worth over 8.4 trillion euros in 2021 and is expected to exceed 13.7 billion euros by 2027. Correspondingly, global total logistics costs soared to nine trillion U. S. dollars in 2020. That represents 10.7 percent of the global Gross Domestic Product (GDP) of 85.24 trillion U. S. dollars that year.