Maritime Freight Transport Market Size was valued at USD 361.5 Billion in 2022. The Maritime Freight Transport industry is projected to grow from USD 378.8 Billion in 2023 to USD 551.2 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 4.80% during the forecast period (2023 - 2032). Increased ization of trade, the rising demand for energy resources, and the expansion of the energy industry are the key market drivers enhancing the market growth.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for maritime freight transport is being driven by the rising ization of trade. ization has led to a profound interconnectivity of economies, with businesses sourcing materials, manufacturing components, and distributing finished goods on a scale. As a consequence, maritime freight transport, being the backbone of international trade, experiences heightened demand and expansion due to several key factors.
The extended reach of supply chains necessitates efficient and the reliable movement of goods across vast distances, often between continents. Maritime transport provides a cost-effective solution for shipping large quantities of goods, making it an integral component of the logistics landscape. The sheer volume and variety of products traded ly, including raw materials, manufactured goods, and commodities, contribute to the continuous growth of the maritime freight transport market. Further, the increased ization of trade has resulted in the emergence of complex and intricate supply chain networks. Businesses now source components and raw materials from diverse geographic locations to optimize production costs and tap into specialized capabilities. This complexity requires a robust and flexible transportation system, and maritime freight transport is well-suited to handle the challenges posed by the movement of goods. Containerization, in particular, has played a pivotal role in streamlining the loading, unloading, and transfer of goods between various modes of transportation, enhancing the efficiency of maritime logistics.
Moreover, the trend of outsourcing production to countries with lower manufacturing costs has become a hallmark of ization. As a result, the need for efficient, cost-effective, and large-capacity transportation solutions has increased, with maritime freight transport being a primary choice for long-distance movement of goods. The economies of scale achieved by large container vessels further contribute to the cost efficiency of maritime transportation. Also, the rise of e-commerce has accelerated the demand for maritime freight transport. With the growth of online retail and e-commerce platforms, goods are sourced and distributed ly, creating a surge in parcel shipments and bulk cargo movements. Maritime transport facilitates the movement of goods from manufacturing centres to consumer markets, playing a crucial role in the end-to-end supply chain of e-commerce.
Furthermore, trade agreements and international partnerships fostered by ization contribute to increased maritime transport activities. Free trade agreements and alliances between countries stimulate cross-border trade, encouraging the movement of goods via maritime routes. These agreements often lead to an influx of imports and exports, driving the demand for maritime freight transport services. Thus driving the Maritime Freight Transport market revenue.
The Maritime Freight Transport market segmentation, based on cargo type, includes Container Cargo, Bulk Cargo, General Cargo and Oil & Gas. The container cargo segment dominated the market, accounting for the largest market revenue due to its unparalleled efficiency and versatility. The standardization of container sizes, notably the twenty-foot equivalent unit (TEU) and forty-foot equivalent unit (FEU), has revolutionized the shipping industry, allowing for seamless intermodal transportation. Containers facilitate the easy transfer of goods between various modes of the transportation, including ships, trucks, and trains, streamlining the logistics process. The economies of scale achieved by containerization contribute to cost-effectiveness, making it the preferred choice for shipping large volumes of goods ly. The dominance of container cargo has transformed ports into key logistical hubs, enhancing supply chain efficiency and driving the continued growth of the maritime freight transport market.
Figure 1: Maritime Freight Transport Market by Cargo Type, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
The Maritime Freight Transport market segmentation, based on industry type, includes Food and beverages, Manufacturing, Oil and ores, Electrical and electronics and Others. The manufacturing category dominates the market due to its extensive reliance on the efficient movement of raw materials, components, and finished goods across supply chains. Large volumes of industrial products, machinery, and materials are transported by sea to reach manufacturing centres worldwide. Maritime freight transport offers cost-effective and scalable solutions, particularly for bulk cargo and heavy machinery, making it the preferred mode of transportation for manufacturing businesses. The nature of manufacturing, with production facilities often located in different regions, necessitates reliable and expansive shipping networks, further reinforcing the dominance of maritime transport.
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Maritime Freight Transport market area dominates this market due to the region's economic strength and its robust and well-established maritime infrastructure, including a vast network of ports, efficient intermodal connectivity, and a strategic geographic position facilitating trade with Europe, Asia, and other regions.
Further, the prime countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 2: MARITIME FREIGHT TRANSPORT MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Maritime Freight Transport market accounts for the second-largest market share due to the extensive and integrated port infrastructure, strategic geographical location, and its role as a major trading bloc. Further, the German Maritime Freight Transport market held the largest market revenue share, and the UK Maritime Freight Transport market was the fastest-growing market in the European region.
The Asia-Pacific Maritime Freight Transport Market is expected to grow at the fastest CAGR from the year 2023 to 2032. This is due to economic growth, rapid industrialization, and the increasing demand for the efficient and cost-effective transportation solutions. Moreover, China’s Maritime Freight Transport market held the largest market share, and the Indian Maritime Freight Transport market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Maritime Freight Transport market grow even more. Market players are also undertaking various strategic activities to spread their footprint, with important market developments including mergers and acquisitions, higher investments, new product launches, contractual agreements, and collaboration with the other organizations. To expand and suatain in a more competitive and rising market climate, the Maritime Freight Transport industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics utilised by manufacturers in the Maritime Freight Transport industry to benefit the clients and grow the market sector. In recent years, the Maritime Freight Transport industry has offered some of the most significant advantages to the supply chain industry. Major players in the Maritime Freight Transport market, including AP Moller (Maersk), China Ocean Shipping (Group) Company (COSCO), Mediterranean Shipping Company S.A. (MSC), CMA-CGM, Hapag-Lloyd, Ocean Network Express, Evergreen Line, HMM Co. Ltd., Yang Ming Marine Transport, Zim, and others, are trying to raise market demand by investing in the research and development operations.
CMA CGM, founded in 1978 by Jacques Saadé, is a shipping and the logistics company headquartered in France. As one of the largest container shipping companies in the world, CMA CGM operates a vast fleet of vessels and provides comprehensive maritime and logistics services. With a strong presence in key international trade routes, the company offers container transportation, logistics solutions, and terminal operations across a wide range of industries. CMA CGM is known for its commitment to sustainability, investing in eco-friendly technologies and promoting environmental responsibility in the maritime industry. Announced in August 2023, French shipping giant CMA CGM acquired Ingram Micro CLS, a US-based provider of contract logistics and freight forwarding services. This acquisition strengthens CMA CGM's presence in the US market and expands its logistics capabilities.
China COSCO Shipping Corporation Limited (COSCO) is one of the largest and most prominent maritime conglomerates in the world, headquartered in Shanghai, China. Formed through the merger of COSCO Group and China Shipping Group in 2016, the company operates across various segments of the shipping and logistics industry. COSCO is a major player in container shipping, owning and managing a vast fleet of container vessels that facilitate trade. With a comprehensive network of subsidiaries and affiliates, COSCO offers a wide range of services, including container terminal operations, logistics, and freight forwarding. In April 2023, Chinese shipping and logistics company COSCO announced that it acquired a majority stake in HK Container Terminal, a leading container terminal operator in Hong Kong. This acquisition expands COSCO's port infrastructure and enhances its control over the freight flow.
November 2023: Maersk, a Danish shipping giant, partnered with IBM to develop and implement a new digital platform for managing maritime logistics. This partnership aims to improve efficiency and transparency in the supply chain.
September 2023: Hapag-Lloyd and CMA CGM signed a memorandum of understanding to cooperate on operational matters, such as vessel sharing and port optimization. This partnership aims to improve operational efficiency and reduce costs.
July 2023: Japanese shipping company ONE and Israeli shipping company ZIM agreed to cooperate on container sharing and slot exchange agreements. This partnership aims to improve network coverage and offer more competitive services to customers.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 361.5 Billion |
| Market Size 2023 | USD 378.8 Billion |
| Market Size 2032 | USD 551.2 Billion |
| Compound Annual Growth Rate (CAGR) | 4.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Cargo Type, Industry Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | AP Moller (Maersk), China Ocean Shipping (Group) Company (COSCO), Mediterranean Shipping Company S.A. (MSC), CMA-CGM, Hapag-Lloyd, Ocean Network Express, Evergreen Line, HMM Co. Ltd., Yang Ming Marine Transport, Zim |
| Key Market Opportunities | The rising demand for the energy resources and the expansion of the energy industry. |
| Key Market Dynamics | Increased ization of trade. |
Maritime Freight Transport Market Highlights:
Frequently Asked Questions (FAQ) :
The Maritime Freight Transport market size was valued at USD 361.5 Billion in 2022.
The Maritime Freight Transport Market is foreseen to rise at a CAGR of 4.80% during the forecast period, 2023-2032.
North America held the biggest share of the Maritime Freight Transport Market.
The key players in the Maritime Freight Transport Market are AP Moller (Maersk), China Ocean Shipping (Group) Company (COSCO), Mediterranean Shipping Company S.A. (MSC), CMA-CGM, Hapag-Lloyd, Ocean Network Express, Evergreen Line, HMM Co. Ltd., Yang Ming Marine Transport, Zim.
The container cargo category dominated the Maritime Freight Transport Market in 2022.
Manufacturing held the largest share of the Maritime Freight Transport Market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
