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Cargo Shipping Market Overview
Cargo Shipping Market Size was valued at USD 14.5 billion in 2022. The Cargo Shipping market is projected to grow from USD 15.25 Billion in 2023 to USD 20.67 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 – 2030)
A cargo shipping is type of ship that carries cargo, goods, materials, and others from one port to another. There are various types of cargo ship such as general cargo vessels, container ships, tankers, bulk carriers, and others. Cargo Shipping Container, are large shipping containers, made out of various grades of steel, and built for freight transport. These are used in transportation across modes such as road, sea and rail. The cargo shipping containers are manufactured with identical size specification. According to a recent study report published by the Market Research Future, The global market of cargo shipping is booming and expected to gain prominence over the forecast period.
Seaborne trade continues to expand, internationally as shipping is the life line of the global economy. The international trade, the bulk transport of raw materials, and the import/export of food and manufactured goods are essential in any economy. The international shipping industry is responsible for carrying out around 90% of world trade. According to The United Nations Conference on Trade and Development (UNCTAD), merchant ships operations contribute close to USD 380 billion in freight rates within the global economy, which is equivalent to about 5% of total world trade. The expanding seaborne trade has widened the scope of cargo shipping across the globe.
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The international shipping industry is highly driven by the demand and prices of international commodities, which includes agricultural commodities, crude oil, metals, and others. With global increase in population and their disposable income, the demand for food products, consumer goods, and basic commodities such as metal, minerals, and oil & gas, has also increased. This has expanded the international trade of such commodities, between countries, and in turn has driven the cargo shipping markets.
Furthermore, various government and non-government institutes promote export capacity of various commodities, which in turn brings inflow of foreign currency in the economy. For instance European Union’s Increasing Agricultural Commodity Trade (IACT) project works towards strengthening the export capacity of Pacific countries across industries such as agriculture, forestry, livestock and more. The project provides value chain assistance to enhance international trade of these countries. This drives the market for shipping industry.
Cargo Shipping Market – Segmentation
The global cargo shipping market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding.
Segmentation by Cargo Type: Comprises container cargo, bulk cargo, and general cargo
Segmentation by Industry: Comprises food, manufacturing, oil & ores, electrical & electronics
Segmentation by Region: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Cargo Shipping Market: Regional Analysis
In 2016, North-America maritime transportation system carried about more than 2 trillion USD of cargo through North America corridor. In 2014, United States exported about 11.9 TEU millions of containerized cargo, while imported 19.6 TEU millions of containerized cargo. Vast productivity gains relating to increased use of automation and information technologies have helped North American manufacturers retain in many areas enhance their global competitiveness in recent years. U.S exports of manufactured goods reached nearly 1.3 USD Trillion in 2016, accounting for nearly 60% of all U.S. exports.
China has witnessed expanding manufacturing capabilities when it comes to shipping containers. The country’s shipping industry is governed by CIMC (Shenzhen, China). The industry in China is driven by low labor cost. Small and medium scale players have emerged in last decade, making the market fragmented in the country. In fact the global brands such as Maersk, Hapag-Lloyd, and others have established their manufacturing base in China to take advantage of the low costs. This makes China an important market for shipping industry, including shipping containers. The supportive policies and favourable environment in China along with its expanding industrial capabilities, have enabled the global market to grow.
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List of the Key Companies in the Cargo Shipping market include.
P Moller – Maersk (Denmark)
Panalpina World Transport (Holding) Ltd. (Switzerland)
CMA CGM Group (France)
MSC Mediterranean Shipping Company S.A. (Switzerland)
DB Schenker (Germany)
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