Cargo Shipping Market is expected to display a steady growth of 5% due to the rise in technology research & development | UnivDatos Market Insights
NOIDA, India, March 20, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Cargo Shipping Market was valued at USD 15.25 Billion in 2021 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Cargo Type (Liquid, Dry, Container And General); End Users (Food & Beverage, Oil & Gas, Automotive, Pharmaceutical, Electrical & Electronics, And Others); and Region/Country.
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The cargo shipping market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cargo shipping market. The cargo shipping market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the cargo shipping market at the global and regional levels.
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Market Overview
Global Cargo Shipping Market is expected to grow at a significant rate of around 5% during the forecast period. The global cargo shipping market refers to the movement of goods and products from one place to another using cargo ships. It is a highly competitive industry, with players ranging from large multinational corporations to smaller local operators. The market is influenced by several factors, such as trade policies, economic growth, demand for goods, technological advancements, and fuel prices. The increasing trend of e-commerce has also boosted the demand for cargo shipping services. However, the industry faces challenges such as overcapacity, increased regulation, and environmental concerns. The adoption of digital technologies, such as blockchain and autonomous ships, is expected to bring efficiency and cost savings to the industry in the future. Overall, the global cargo shipping market is expected to grow in the coming years, driven by the continued growth of international trade and the increasing demand for goods and products.
YANG MING Group, A.P. Moller – Maersk, Mediterranean Shipping Company S.A., CHINA COSCO SHIPPING, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., Evergreen Marine Corp. (Taiwan) Ltd., Pacific International Lines Pte Ltd, and HMM CO., LTD..are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the cargo shipping market. In the early stages of the pandemic, global trade was severely disrupted as borders were closed and supply chains were disrupted, leading to a sharp decline in cargo shipping demand. This was further exacerbated by a drop in consumer spending and reduced economic activity, as well as the temporary shutdown of many factories and ports. However, as the world adapted to the pandemic and economies started to recover, demand for cargo shipping rebounded. This was driven by the surge in e-commerce as consumers shifted towards online shopping, as well as the increased need for personal protective equipment (PPE) and other medical supplies. This resulted in a significant increase in demand for container shipping, particularly for Asian exports to the West.
The global cargo shipping market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Global Cargo Shipping Market is expected to grow at a significant rate of around 5% during the forecast period. The global cargo shipping market refers to the movement of goods and products from one place to another using cargo ships. It is a highly competitive industry, with players ranging from large multinational corporations to smaller local operators. The market is influenced by several factors, such as trade policies, economic growth, demand for goods, technological advancements, and fuel prices. The increasing trend of e-commerce has also boosted the demand for cargo shipping services. However, the industry faces challenges such as overcapacity, increased regulation, and environmental concerns. The adoption of digital technologies, such as blockchain and autonomous ships, is expected to bring efficiency and cost savings to the industry in the future. Overall, the global cargo shipping market is expected to grow in the coming years, driven by the continued growth of international trade and the increasing demand for goods and products.
YANG MING Group, A.P. Moller – Maersk, Mediterranean Shipping Company S.A., CHINA COSCO SHIPPING, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., Evergreen Marine Corp. (Taiwan) Ltd., Pacific International Lines Pte Ltd, and HMM CO., LTD..are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
- Based on cargo type, the market is segmented into liquid, dry, container and general. The dry cargo segment is expected to witnesse a higher CAGR during the forecast period owing to factors such as increased demand for bulk commodities such as coal, iron ore, and grains. Additionally, technological advancements in cargo handling and storage have made it easier to transport and store dry cargo, increasing its popularity among shippers. For instance, Connecting onboard sensors to shore for data analytics will improve ship and fleet operations in multiple ways, such as optimized maintenance, cargo handling, and route planning, savings in fuel and lubes consumption, and reduced service costs. Ships of the future will have an entire network of sensors measuring all aspects of operations. Furthermore, The growth of e-commerce has led to an increased demand for dry cargo shipping, as many online purchases are delivered through dry cargo ships. These factors have contributed to the increased demand for dry cargo transportation and the corresponding growth of the dry cargo market segment.
- On the basis of end users, the market is categorized into food & beverage, oil & gas, automotive, pharmaceutical, electrical & electronics (E&E), and others. Among these, electrical & electronics witness higher CAGR during the forecast period. The E&E industry is continuously evolving, with new technologies being developed and introduced into the market. These advancements are driving the growth of the E&E cargo shipping market. The rapid growth of the e-commerce industry has resulted in a significant increase in the demand for shipping services, as more and more people are purchasing goods online. Additionally, the growth of global trade has led to an increased demand for advanced electronics all over the world. Overall, these factors are contributing to the growth of the E&E market in cargo shipping and are expected to drive further growth in the coming years.
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Cargo Shipping Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
As of 2021, the Asia-Pacific region has one of the largest share in the global cargo shipping market. The Asia-Pacific region has some of the world's fastest-growing economies, such as China and India, leading to a high demand for goods and increased shipping activity in the region. This region is home to many manufacturing hubs, particularly in countries like China and Japan, which results in a high volume of exports from the region. Additionally, the Asia-Pacific region has the largest population in the world, leading to a high demand for consumer goods and a large domestic market for cargo shipping. Furthermore, many countries in this region are investing in developing their transportation infrastructure, including ports, roads, and railroads, which is boosting the cargo shipping market. These factors have combined to make the Asia-Pacific region the largest market for cargo shipping in the world.
The major players targeting the market include
- YANG MING Group.
- A.P. Moller – Maersk
- Mediterranean Shipping Company S.A.
- CHINA COSCO SHIPPING
- CMA CGM Group
- Hapag-Lloyd AG
- Ocean Network Express Pte. Ltd.
- Evergreen Marine Corp. (Taiwan) Ltd.
- Pacific International Lines Pte Ltd
- HMM CO., LTD
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the cargo shipping market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the cargo shipping market?
- Which factors are influencing the cargo shipping market over the forecast period?
- What are the global challenges, threats, and risks in the cargo shipping market?
- Which factors are propelling and restraining the cargo shipping market?
- What are the demanding global regions of the cargo shipping market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
About UnivDatos Market Insights (UMI)
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Cargo Shipping Market Report Coverage
Report Attribute |
Details |
Base year |
2021 |
Forecast period |
2022-2028 |
Growth momentum |
Accelerate at a CAGR of over 5% |
Market size 2021 |
USD 15.25 Billion |
Regional analysis |
North America, Europe, APAC, Rest of World |
Major contributing region |
North America to Dominate the Global Cargo Shipping Market |
Key countries covered |
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia |
Companies profiled |
YANG MING Group, A.P. Moller – Maersk, Mediterranean Shipping Company S.A., CHINA COSCO SHIPPING, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., Evergreen Marine Corp. (Taiwan) Ltd., Pacific International Lines Pte Ltd, and HMM CO., LTD. |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered |
By Cargo Type; By End Users; By Region/Country |
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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