Overview and Scope
Cargo shipping refers to the transportation of goods and commodities by sea, air, or land, utilizing various types of vessels, aircraft, and vehicles. It involves processes such as loading, transporting, and unloading cargo, often coordinated by logistics companies. This industry plays a crucial role in global trade and supply chains.
Sizing and Forecast
The cargo shipping market size has grown strongly in recent years. It will grow from $11.93 billion in 2023 to $12.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to the massive increase in industrial production, the need for raw materials, globalization during the late 20th century, the rise of Asian economies, and deregulation and liberalization.
The cargo shipping market size is expected to see strong growth in the next few years. It will grow to $15.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to the rise of just-in-time manufacturing, the introduction of standardized shipping containers, investments in port facilities, the growing focus on sustainability, and fluctuations in fuel prices. Major trends in the forecast period include the implementation of advanced software solutions, the development of smart port technologies, advanced container tracking, innovations in cold chain logistics, and enhanced safety regulations.
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Segmentation & Regional Insights
The cargo shipping market covered in this report is segmented –
1) By Ship Type: Bulk Carriers, General Cargo Ship, Container Ship, Tanker, Reefer Ship, Other Ship Types
2) By Cargo Type: Liquid Cargo, Dry Cargo, General Cargo
3) By Industry Type: Food And Beverages, Manufacturing, Retail, Oil And gas, Automotive, Pharmaceutical, Electrical And Electronics, Other Industry Types
Asia-Pacific was the largest region in the cargo shipping market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cargo shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth in automotive manufacturing is expected to propel the growth of the cargo shipping market going forward. The growth in automotive manufacturing has been driven by factors such as rising populations, increasing motorization rates, strong government support through policies and infrastructure development, foreign direct investment, and joint ventures. Cargo shipping for automotive involves transporting vehicles and automotive parts via sea, leveraging large container ships for global distribution. This method is cost-effective for long-distance bulk transport, ensuring timely and secure delivery. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based lobbying and standards group of the automobile industry in the European Union, 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021. Therefore, the growth in automotive manufacturing is driving the cargo shipping market.
Key Industry Players
Major companies operating in the cargo shipping market are DHL International GmbH, China Ocean Shipping Company Limited, Maersk, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., MSC Mediterranean Shipping Company S.A., Evergreen Marine Corp. Ltd., Orient Overseas Container Line Limited, Nippon Express Co. Ltd, Zhonggu Logistics Corporation, Zim Integrated Shipping Services, Yang Ming Marine Transport Corporation, Mitsui O.S.K. Lines Ltd., Antong Holdings Co Ltd, Hyundai Merchant Marine Co. Ltd., Panalpina World Transport (Holding) Ltd., Regional Container Lines, Swire Shipping, Pacific International Lines Pte Ltd, Emirates Shipping Line, Sinokor Merchant Marine Co. Ltd., Sea Lead Shipping
The cargo shipping market report table of contents includes:
1. Executive Summary
2. Cargo Shipping Market Characteristics
3. Cargo Shipping Market Trends And Strategies
4. Cargo Shipping Market – Macro Economic Scenario
5. Global Cargo Shipping Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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