New York (US), May 22, 2023 (GLOBE NEWSWIRE) -- Cargo Shipping Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cargo Shipping Market Information by Cargo Type, End-User, and Region - Forecast till 2030”, Cargo Shipping Market could thrive at a rate of 5.20% between 2022 and 2030. The market size will be reaching around USD 20.67 Billion by the end of the year 2030
Market Synopsis
The cargo shipping market is an industry that involves the transportation of goods and commodities via sea, air, or land. It is an essential component of the global economy, as the majority of goods traded internationally are transported by cargo ships. The market is highly competitive, with a large number of shipping companies operating globally.
The market is driven by various factors, including the growth of international trade, the increasing demand for raw materials and commodities, and the rising popularity of e-commerce. The expansion of the global middle class and the increasing urbanization of populations also contribute to the growth of the market, as these trends drive demand for goods such as consumer electronics, clothing, and food products.
The cargo shipping market is geographically diverse, with major ports and shipping hubs located across the world. North America and Europe are significant markets, driven by the presence of major shipping companies, advanced infrastructure, and a high level of international trade. The Asia-Pacific region is the largest and fastest-growing market, driven by factors such as the rapid expansion of manufacturing industries in countries such as China, India, and Vietnam, and the increasing demand for goods and commodities from the region's growing middle class. However, ongoing investments in new technologies and infrastructure, such as the development of autonomous ships and the expansion of major ports, are expected to drive growth and innovation in the market in the coming years.
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Market Competitive Landscape:
The affluent companies in the Cargo Shipping industry include
- P Moller – Maersk
- Panalpina World Transport (Holding) Ltd
- CMA CGM Group
- MSC Mediterranean Shipping Company S.A.
- DB Schenker
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 20.67 billion |
| CAGR | 5.20% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Cargo Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Free trade agreements and the establishment of new ports Growing imports and exports of liquid, dry, general, and container cargo trade · |
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May 2021
MSC is collaborating with the blockchain platform WAVE to promote the wider use of electronic bills of lading (eBLs) in India, to maintain service continuity and streamline impacted operations.
August 2020
HMM announced the sale of a 49% stake in Total Port International Algeciras (TTI Algeciras), a container terminal in Spain, to the CMA CGM Group
Market USP Covered:
Market Drivers:
One major driver of the cargo shipping market is the growth of international trade. As economies around the world become more interconnected, the demand for goods and commodities transported by cargo ships continues to increase. This is particularly true for emerging economies, where rapid economic growth and urbanization are driving demand for consumer goods and raw materials. This growth in demand is expected to continue, particularly as e-commerce continues to gain popularity and consumers increasingly rely on online retailers to purchase goods from around the world.
Market Restraints
One significant restraint on the cargo shipping market is the impact of environmental regulations and concerns. The shipping industry is a major contributor to greenhouse gas emissions, and there is growing pressure on the industry to reduce its environmental footprint. This has led to the implementation of stricter environmental regulations, such as the International Maritime Organization's (IMO) new sulfur emission limits, which came into effect in January 2020. These regulations have increased the cost of shipping and forced companies to invest in new technologies and practices to reduce their emissions, which may slow down growth in the industry in the short term.
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COVID 19 Analysis
The pandemic has led to a surge in demand for certain goods and commodities, particularly medical supplies, personal protective equipment (PPE), and food products. This has led to increased demand for cargo shipping services, as companies around the world scramble to transport these essential goods to where they are needed most. Additionally, the pandemic has accelerated the trend toward e-commerce, which has further driven demand for shipping services. On the other hand, the pandemic has also caused significant disruption to global supply chains, which has led to a decline in demand for certain goods and a reduction in shipping activity. Many companies have had to shut down or reduce operations due to government-mandated lockdowns and travel restrictions, which has led to a reduction in cargo volumes. Additionally, the pandemic has caused major delays and backlogs at ports around the world, which has further disrupted shipping activity.
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Market Segmentation
By cargo Type
The cargo types in the market include Container Cargo, Bulk Cargo, General Cargo, and Liquid Cargo.
By End-User
By End-user the segment includes Food, Manufacturing, Oil & Ores, and Electrical & Electronics
Regional Insights
North America is a significant market for cargo shipping, with the United States being one of the largest importers and exporters of goods in the world. The region is characterized by a well-established logistics infrastructure and a highly developed transportation network, including ports, railroads, and highways. Further, Europe is also a significant market for cargo shipping, with several key ports and shipping hubs located in the region. The market is driven by factors such as the growth of international trade, the increasing demand for raw materials and commodities, and the need for efficient logistics and transportation solutions.
Additionally, the Asia-Pacific region is the largest and fastest-growing market for cargo shipping, driven by factors such as the growth of international trade, the increasing demand for raw materials and commodities, and the expansion of manufacturing and production industries. The region is characterized by a rapidly developing transportation infrastructure, including ports, highways, and airports, as well as a large pool of low-cost labor.
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