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.
Cargo Shipping Market Overview:
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.
List of the companies profiled in the global cargo shipping market research report are –
Ocean Network Express Pte. Ltd
Nippon Express Co., Ltd
Deutsche Bahn AG
Panalpina World Transport (Holding) Ltd.
CMA CGM S.A
COSCO SHIPPING (Hong Kong) Co., Limited
MSC Mediterranean Shipping Company S.A
A.P. Moller – Maersk
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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 2030.
Market Research Future’s Review on Cargo Shipping Market
The global cargo shipping market witnesses steady growth. Rapid digitization and automation in logistics and growing cargo shipping services across industries drive the market growth.
With the rising number of export-import trades and shipment & courier businesses worldwide, the market is likely to perceive substantial traction in the next few years. Besides, advances in technologies and production & manufacturing processes boost the market size. The rising need for improved productivity, performance and security of logistics-intensive businesses scales the market shares.
Additionally, the augmenting demand for software-as-a-service solutions to route, schedule, track, and measure delivery resources influences the market growth. Forward-looking Logistics service providers (LSPs) constantly work on creating value with innovations that can take customer experience to the next level. Cargo shipping has become relatively affordable than before, making them almost indispensable to the global economy.
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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.
Industry/ Innovation/ Related News
Nov.11, 2021 — Freightwalla (India), a leading digital freight forwarder, launched an AI-powered cargo tracker to help MSME exporters & importers. This supply chain automation platform offers an intelligent shipment tracking service for MSME businesses. The advanced predictive analytics system uses the latest ML algorithm to help exporters/importers to combat risk associated with shipment delays and improve supply chain efficiency free of cost.
Cargo Shipping Market – Segments
The market is bifurcated into cargo type, end-use industry, and regions. The cargo type segment is bifurcated into container cargos, general cargos, liquid cargos, and bulk cargos. The end-use industry segment is bifurcated into food, oil & ores, manufacturing, electrical & electronics, and others. The region segment is bifurcated into the Americas, Asia Pacific, MEA, Europe, and the Rest-of-the-World.
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Cargo Shipping Market – Geographical Analysis
The Asia Pacific region is the largest market for cargo shipping. Factors such as rapid industrialization and increasing commercial & military activities act as major tailwinds for the market growth. Moreover, increasing investments and demand for cargo shipping drives regional market growth.
Increasing imports & exports and the huge demand for logistic services accelerate the region’s shares in cargo shipping. Additionally, the growing e-commerce industry and huge demand for online shopping boost the market size in the region. The cargo shipping market in India is witnessing implementations of revamped incentive schemes by various state governments to boost coastal shipping and air cargo activities.
Segmentation of Market covered in the research:
Cargo Shipping Market Research Report: Information by Cargo Type (Container Cargo, Bulk Cargo, General Cargo and Liquid Cargo), End-Use Industry (Food, Manufacturing, Oil & Ores, and Electrical & Electronics) and Region [North America, Europe, Asia-Pacific (APAC) and Rest of the World] – Forecast till 2030
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