Pune, India, March 15, 2022 (GLOBE NEWSWIRE) -- The global cargo shipping market size was valued at 10.85 billion tons in 2020 and is expected to reach 13.19 billion tons by 2028, registering a CAGR of 2.5% during the forecast period of 2021-2028. Rising Demand for Import and Export of Manufactured Goods to Foster Market Development.
Cargo shipping is used to transport cargo and goods from cargo ships, vessels, and others. The rising demand for import and export activities is expected to boost the adoption of the product. The shipping’s lower cost and efficient and economical transportation is expected to boost its adoption. Furthermore, strict emission norms by governments are expected to foster the adoption of cargo shipping. Moreover, rising economic liberalization in developing countries is expected to bolster the product’s adoption. These factors may fuel the market development during the upcoming years.
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Cargo Shipping Market Analysis Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 2.5% |
| 2028 Value Projection | 13.19 billion tons |
| Base Year | 2020 |
| Market Size in 2020 | 10.85 billion tons |
| Historical Data for | 2017-2019 |
| No. of Pages | 250 |
| Segments covered | Cargo Type, Industry Type, and Region |
| Growth Drivers | Capacity Optimization via Digital Transformation to Fuel Industry Growth |
| High Efficiency and Decreased Environmental Impact to Augment Growth |
Market Growth Drivers:
Cargo shipping produces lower emissions than normal transportation methods, increasing its adoption. For example, as per the Swedish Network for Transport and the Environment, shipping via cargo produces lower exhaust gas per ton of transported cargo than air, rail, or road transport. Furthermore, cargo shipping is extremely efficient and can transport nearly 10,000 goods and products on a large containership. Various carriers partner with shipping industry startups for collecting cargo vessels and movements to provide enhanced vessel deployments. These factors may drive the cargo shipping market growth.
However, trade tensions may likely hinder the market’s progress.
COVID-19 Impact:
The COVID-19 pandemic is expected to affect this market negatively because of trade restrictions and lower good capacities. The sudden spike in cases led to the adoption of strict lockdown norms, thereby affecting global trade activities. Furthermore, increasing transport restrictions may lead to raw material shortages, thereby affecting the supply chain. However, adopting social distancing, sanitization methods, technologically advanced production methods, and part-time shifts may enable manufacturers to reduce costs and boost production. This factor may enable growth during the pandemic.
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Market Segmentation:
By cargo type, the market is classified into container cargo, general cargo, dry bulk, liquid bulk, and others. As per industry type, it is categorized into electrical & electronics, oil, gas & ores, manufacturing, and food & beverages.
Geographically, the market is divided into North America, Asia Pacific, Europe, and the rest of the world.
Regional Insights:
Presence of Automotive Companies Manufacturing Hub to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the cargo shipping market share because of the presence of several automotive companies manufacturing hubs. The market in Asia Pacific stood at 4.43 billion tons in 2020 and is expected to grow positively in the upcoming years. Furthermore, tariff escalations between the U.S. and China are expected to divert trade flow and boost costs for producers and consumers. These factors are likely to foster market development during the upcoming years.
In the Middle East & Africa, the rising emphasis on expanding and modernization of existing ports is expected to increase trade volumes.
In Europe, substantial infrastructural investments and port optimization is expected to provide faster unloading and loading of goods in Germany, the U.K., and Spain. These factors may propel market development.
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The Report Lists the Key Companies in the Global Market
- Mediterranean Shipping Company S.A. (MSC) (Geneva, Switzerland)
- CMA CGM Group (Marseille, France)
- Orient Overseas Container Line Limited (OOCL) (Wan Chai, Hong Kong)
- China COSCO Shipping (Shanghai, China)
- Evergreen International Corp. (Taipei, Taiwan)
- Hapag-Lloyd AG (Hamburg, Germany)
- Ocean Network Express Pte. Ltd. (ONE) (Tokyo, Japan)
- Yang Ming Group (Keelung City, Taiwan)
- HMM Co., Ltd. (Seoul, South Korea)
- Panalpina World Transport (Holding) Ltd. (Basel, Switzerland)
- Deutsche Bahn AG (Berlin, Germany)
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Global Cargo Shipping Market Segmentation:
By Cargo Type:
- Liquid Bulk
- Dry Bulk
- General Cargo
- Container Cargo
By Industry Type:
- Food & Beverages
- Manufacturing
- Oil, Gas & Ores
- Electrical & Electronics
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
5. Global Cargo Shipping Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Cargo Type
5.2.1 Liquid Bulk
5.2.2 Bulk
5.2.3 General Cargo
5.2.4 Container Cargo
5.2.5 Others
5.3. Market Analysis, Insights and Forecast – By Industry Type
5.3.1 Food & Beverages
5.3.2 Manufacturing
5.3.3 Oil, Gas & Ores
5.3.4 Electrical & electronics
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6. North America Cargo Shipping Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis – By Cargo Type
6.2.1 Liquid Bulk
6.2.2 Dry Bulk
6.2.3 General Cargo
6.2.4 Container Cargo
6.3. Market Analysis – By Industry Type
6.3.1 Food & Beverages
6.3.2 Manufacturing
6.3.3 Oil, Gas & Ores
6.3.4 Electrical & electronics
6.4. Market Analysis – By Country
6.4.1 U.S.
6.4.2 Canada
7. Europe Cargo Shipping Market Analysis, Insights and Forecast, 2017-2028
Continued…
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