ID: MRFR/CO/2287-HCR | February 2021 | Region: Global | 188 pages
Cargo Shipping Market is projected to be worth USD 22.15 Billion by 2030, registering a CAGR of 5.17% during the forecast period (2022 - 2030), The market was valued at USD 13 billion in 2021.
The Global Cargo Shipping Market has been witnessing a substantial degree of growth in the past couple of years, especially during the historic forecast period that ends in 2030. The global market has been witnessing a huge rise in the birth of factors such as the growing imports and exports of liquid, dry, general, and container cargo trade in major participating countries for the market like the Asian Pacific region and the Middle East countries. The main aim behind this is the rapid growth of the end-use industries are propelling the market growth during the ongoing forecast period that will be ending in 2030.
The cargo shipping industry has also been impacted because of the outbreak of the novel coronavirus pandemic that took to the international market and scale in 2019 and 2020. Also, the pandemic has been creating issues for the production and manufacturing departments for all the units and also, introducing new kinds of changes for the preference and lifestyle of the global target audience. The market is home to a series of product lines that was good for the audience in the pre-pandemic time and hence, the market is struggling to keep up with the demand and supply chain mechanism in the global market scenario during the ongoing forecast period that will be ending in 2028.
However, the global market has been witnessing the rise in funding and investment to cater to the rising needs of the audience followed by the developments that will foster the market growth. Also, the role of the competitive market players is prominent to push the market scale that will be expanding the market to meet the rising needs of the global audience spread in various locations in the global market premises in the period.
The cargo shipping market has been expanding due to the efforts that have been poured in by the following mentioned market players:
The global cargo shipping market is projected to be driven by major developing factors like the widespread establishment of new ports and the large extension of existing ports. Furthermore, there have been many agreements that are developing in the propelling cargo shipping market size such as the free trade agreements that are passed by different countries. Some of the passed agreements include the ASEAN Free Trade Area (AFTA), North American Free Trade Agreement (NAFTA), and others like the Trans-Pacific Strategic Economic Partnership (TPSEP) is another important factor that is boosting the cargo shipping market in the global market premises during the forecast period of 2021-2030.
However, the cargo shipping market share has been witnessing the emergence of major market restraints that might hamper the global market from growing as per the expectations that have been set for the forecast period. One of the major restraints that the market is witnessing is the cargo transportation duration that is creating issues for the market to dwell. Also, the ongoing and upcoming rigorous environmental and safety restrictions and regulatory compliances for the global market are creating problems for the market and hence, making the emergence and profitability difficult especially during the ongoing forecast period that will be ending in 2030.
The technological advancements that are developing in the global market premises for the market and enhancing the cargo shipping market value for the forecast period that will be ending in 2028 are likely to help the market grow at an excellent rate. The market has witnessed an excellent rate of port infrastructure development followed by the growth of inland marine cargo transport will have great opportunities in store for the market.
The cargo shipping market size has been increasing in the recent past owing to the splendid developments of the global market segments that are functioning in different forms to meet the rising needs of the global target audience. The market has been segmented based on the following factors:
Based on cargo type
The global cargo shipping market has been segmented based on the cargo type and classified as container cargo, bulk cargo, general cargo, and liquid cargo. The general cargo segment has been anticipated to witness the highest CAGR growth due to the presence of market features like high flexibility for shipping containers.
Based on the end-use industry
The global cargo shipping market has been segmented based on the end-use industry and includes industries like food, manufacturing, oil, and ores, amongst others like electrical and electronics. The manufacturing sub-segment of this segment had accounted for the highest share during the historic forecast period that had ended in 2019. The market is witnessing growth because of the growing economy that results in major market expansion.
The Asian Pacific market had accounted for the largest market share during the historic forecast period that had ended in 2019 and is expected to register the highest growth rate during the forecast period that will be ending in 2028. China, as a part of the APAC market, is the major manufacturing hub. Other factors that have contributed effectively to the market growth in the region are the developments in the infrastructure department of the port, followed by the increased market demand, and constant government support.
The cargo shipping market report has been prepared to understand the prevailing market trends followed by the sudden impact of the coronavirus outbreak. The market report proves to help take fruitful and advantageous marketing and investment decisions and further, helps the market players to introduce changes that will help the market to dwell during the ongoing forecast period that will be ending in 2030.
|Market Size||2030: USD 22.15 Billion|
|CAGR||5.17% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Cargo Type, End-Use Industry, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||A.P Moller – Maersk (Denmark), CMA CGM Group (France), and MSC Mediterranean Shipping Company S.A. (Switzerland), Panalpina World Transport (Holding) Ltd. (Switzerland), and DB Schenker (Germany).|
|Key Market Opportunities||Increased market demand, and the constant government support|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Cargo shipping market is projected to grow at a 5.17% CAGR between 2022-20230.
Cargo Shipping Market worth USD 22.15 Billion by 2030
The Asia Pacific is expected to lead the cargo shipping market.
Free trade agreements and establishment of new ports are boosting the cargo shipping market growth.
Different end use industries of the cargo shipping market include electrical and electronics, oil and ores, manufacturing, and food.