ID: MRFR/CO/2287-HCR | February 2021 | Region: Global | 100 pages
Cargo Shipping Market is expected to witness a 3.67% CAGR during the forecast period.
The Global Cargo Shipping Market has been witnessing substantial growth in the past couple of years. Factors such as the growing imports and exports of liquid, dry, general, and container cargo trade in Asia Pacific & the Middle East countries and the rapid growth of the end-use industries are propelling the market growth.
The global cargo shipping market is expected to be driven by the establishment of new ports and extension of existing ports. Furthermore, agreements such as the free trade agreements that are passed by different countries such as ASEAN Free Trade Area (AFTA), North American Free Trade Agreement (NAFTA), and Trans-Pacific Strategic Economic Partnership (TPSEP) is another important factor that is boosting the cargo shipping market, globally. Cargo Shipping Market is expected to witness a 3.67% CAGR during the forecast period. The global cargo shipping market size is expected to be valued at ~USD 16.06 billion tons by the end of 2025.
Based on region, the global cargo shipping market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific accounted for the largest market share in 2018 and is expected to register the highest growth rate during the forecast period. China is the major manufacturing hub in Asia-Pacific. Other factors that have contributed to the market growth in the region are the developments in the infrastructure of the port, the increased market demand, and the constant government support.
Additionally, Asia-Pacific is also the fastest-growing region during the forecast period and is expected to register the highest growth rate during the forecast period. Furthermore, rapid globalization and demographic changes are also few other key factors that are driving the market region. The Shanghai Port (China), Shenzhen Port (China), Hong Kong, S.A.R.(China), Ningbo-Zhoushan (China), and Singapore Port & Keihin Port (Japan) are a few port terminals that handle millions of TEU, annually, and will thereby drive the growth of in the market in Asia-Pacific.
The key players in the global cargo shipping market are 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).
The global cargo shipping market has been segmented based on cargo type and industry. Based on cargo type, the global market has been classified as container cargo, bulk cargo, general cargo, and liquid cargo. The general cargo segment is anticipated to witness the highest CAGR due to its features like high flexibility for shipping containers.
Based on end-use industry, the global market has been segmented into food, manufacturing, oil & ores, and electrical & electronics. The manufacturing segment accounted for the highest share in 2018, owing to its growing economy as one of the important factors for market expansion.
The global cargo shipping market is fairly competitive, with a moderate number of players, across the globe. The players are expected to adopt various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include a focus on a high-quality product, cost-effectiveness, expansions, strategic partnerships, and collaborations with manufacturing companies.
For instance, In June 2019, Maersk introduces Maersk Spot, a new fully online product that simplifies the buying process for customers. With the launch of Maersk Spot, Maersk aims to introduce a truly online product that can break the cycle of overbookings and offer a much simpler way to ship a container with load guarantee. With the launch of the new product, Maersk takes further steps towards simplifying the supply chains of its customers by addressing some of the fundamental inefficiencies that exist across the industry.
In May 2019, Panalpina acquired Newport Cargo. Newport Cargo handles approximately 24,000 tons of air freight exports each year. It has added tremendous value to Panalpina’s Perishables Network in expertise, customer base, and business development. It will strengthen business development in Chile and improved cross-selling for dry cargo throughout the network.
|Market Size||2025: USD 16.06 Billion|
|CAGR||3.67% CAGR (2020-2027)|
|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 3.67% CAGR between 2019-2025.
Cargo shipping market is predicted to touch USD 16.06 billion tons by 2025.
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.