ID: MRFR/A&D/7286-HCR | February 2021 | Region: Global | 174 pages
The Global Shipping Industry is the backbone of the economy and modern culture. Exchange of goods and services won’t be possible without speedy and reliable shipping services. Many types of products would not have been available. Maritime transport logistics allows businesses to keep their goods moving across all the regions smoothly and without any delay. Maritime logistics can be defined as the transportation of goods from one place to another place with the help of cargo ships. The rapid increase in world trading in the past few decades has boosted the Global Maritime Logistics and Services Market. Global Maritime Logistics and Services have bought new developments and liberalization.
There has been a rapid change in the mode of world trade and cargo transportation. And these changes have increased the demand for logistics services and other transportation modes; as a result, effective and high-quality logistics services and better transport are offered by the maritime operator. The traditional port world is changing technological, demographical, and sustainability drivers that are affecting daily business activities. The global shipping industry is expected to see many opportunities. China has a strong Global Maritime Logistics and Services Market because it is a major trade for several countries. Around 90% of the world trade is dependent on the maritime shipping industry; this is due to the Factors such as low cost, safe transport, huge space.
The Global Maritime Logistics and Services Market Overview Highlights that the market is expected a CAGR of 7.8% in the forecast period. The need for import and export of products will boost the Global Maritime Logistics and Services Market Trend in the forecast period. There are many governments and private sectors that are highly dependent on import and export services, and they are contributing Highly to boost the Global Maritime Logistics and Services Market Trend. So many required products highly depend on shipping; as a result, it will propel the Global Maritime Logistics and Services Market Trend in the coming years.
The COVID-19 Pandemic had a negative impact on businesses around the world. The virus has spread over almost all countries. The countries are imposing lockdown across the countries. Due to the lockdown and social distancing guidelines, the world economy is down. The COVID-19 had a negative impact on the shipping industry as well. Due to travel restrictions, the shipping of products and services was on a halt; as a result, the Global Maritime Logistics and Services Market was affected. At the peak of the covid-19 crisis, to cope with the disruptions, the major key players of the Global Maritime Logistics and Services Industry adjusted their finance, operations, safety protocols, and their working practices. The government of the countries took steps to continue the trade flowing while keeping people safe. Due to the lockdown, the production works were on a halt in various Industries. Due to that, the shipping market was highly affected, but the Global Maritime Logistics and Services Industry will show positive growth after the post-covid-19 situation.
There are many drivers in the Global Maritime Logistics and Services Industry that are boosting the demand of the market, but the presence of some market restraints affecting the Global Maritime Logistics and Services Market Trends Growth.
One of the major drivers in the Global Maritime Logistics and Services Industry is the increasing seaborne trade. Maritime shipping is considered to be the largest medium of global shipping and economy. Marine was responsible for the shipping of more than 85% of the world’s products in the year 2019. Seaborne trading is expanding every day to generating opportunities for customers across the world. This is expected to drive the Global Maritime Logistics and Services Market Trend Growth. Apart from that, many countries are now allowing for free trading. The increasing number of agreements for free trading between countries is driving the Global Maritime Logistics and Services Market. Also, the Import and export activities are increasing. The increasing per capita income of people and the global economy are boosting the demand for various products. The consumer demand for various products across the regions will boost the shipping activities. So, the better economic conditions and increase import-export activities will drive the Global Maritime Logistics and Services Market in the coming years.
The Global Maritime Logistics and Services Market is likely to grow rapidly in the coming years, with new opportunities generating for the market. Consolidation of the container reduces the shipping rates, and it is likely to bring opportunities for the market as many people will opt for the maritime shipping option to deliver their goods effectively and safely. The adoption of digitalization and automation processes in the shipping business will boost the market. With The help of digitization, individuals can keep track of their products while shipping. Also, the due to urbanization and rapid growth of infrastructure, many regions are building new ports. The new ports will give the advantage to ship products through Global Maritime Logistics and Services with safety. And it will generate more opportunities for the Global Maritime Logistics and Services Market.
There are many factors that can hamper the Global Maritime Logistics and Services Market Trend. The growing tension between the countries can be a major restraint for the Global Maritime Logistics and Services Market. The China-US conflict, complaints made by several countries against India, the Japan-Korea trade dispute will hamper the market. Also, the covid-19 pandemic had a huge impact on the growth of the Global Maritime Logistics and Services Market, and it slowed down the growth.
Just like other markets, the Global Maritime Logistics and Services Market also faces challenges. The restrictions, Guidelines, and availability of other shipping mediums can be a challenge for the Global Maritime Logistics and Services Market. The market key players are trying their best to overcome these challenges and boost the Global Maritime Logistics and Services Industry Demand.
Cumulative Growth Analysis:
The Global Maritime Logistics and Services Market Overview Highlights that the market is expected a CAGR of 7.8% in the forecast period. The increasing seaborne trade and growing economic conditions will boost the market in the forecast period.
The Global Maritime Logistics and Services Market is segmented on the basis of Type, Service, and Region.
The Major Regions in the Global Maritime Logistics and Services Market are North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific region was responsible for the highest Maritime Logistics and Services Market Share in 2919, and it is likely to dominate the market in the forecast period. The major countries like India, China are contributing highly to the Global Maritime Logistics and Services Market. North America shows a steady CAGR during the forecast period, and the tension between China-US will affect the market growth in this region. Europe is expected to show positive growth in the Global Maritime Logistics and Services Market despite the economic crisis in the European countries. This is due to the presence of major key players in this region. The rest of the world will have positive growth in the forecast period owing to the increasing seaborne trading activities.
The Major Key Players in the Global Maritime Logistics and Services Market are:
|Market Size||2027:Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, System, Ship Type, Operation and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||P. Moller-Maersk A/S, Mediterranean Shipping Company SA, China Ocean Shipping Company Limited, CMA CGM SA, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd, Evergreen Line, YangMing Marine Transport Corp., Hyundai Merchant Marine, Pacific International Lines|
|Key Market Opportunities||Growing economic conditions of several countries paired with the increase in export and import|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global maritime logistics and services market is projected to grow at a CAGR of 7.8% by the end of 2026.
Global maritime logistics and services market is estimated to hold a substantial market value by the end of 2026.
The growing seaborne trade, improving economic condition of various countries, and the increase in the number of Free Trade Agreements between various countries are estimated to be significant market drivers.
The growing need for safe and economical shipping is the marker USP of the global maritime logistics and services market.
Hapag-Lloyd AG, Hyundai Merchant Marine, China Ocean Shipping Company Limited, Evergreen Line, and a few more are some of the eminent players of the global maritime logistics and services market.