Cargo Shipping Market – Overview
Cargo Shipping Market Size was valued at USD 14.5 billion in 2022. The Cargo Shipping market is projected to grow from USD 15.25 Billion in 2023 to USD 20.67 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2030).
Globalization and increased business among various economies around the world has driven the Cargo Shipping Market favourably. With increase in levels of international trade due to increased government cooperation and policies has further propelled the growth of the sector. Development of the shipping fleets and the shipping industry in general, worldwide has also afforded more mobility to the cargo shipping market internationally.
Cargo shipping is evolving everyday with inclusion of new technology and logistical strategies which are streamlining the market to a great extent. Market Research Future, a firm which focusses on market reports related to the construction sector among others, recently published a report on this market.
The cargo shipping market is categorized on the basis of cargo type into container cargo, bulk cargo, and general cargo. On the basis of industry, the sector is divided into food, manufacturing, oil & ores, and electrical & electronics. Lastly on the basis of region into Asia-Pacific, North America, Europe and RoW.
Detailed Regional Analysis
The cargo shipping market globally covers four main regions namely Asia Pacific, America, Europe, and Middle East & Africa. Asia-Pacific is expected to dominate the market during the forecast period. The developing economies are the main factors driving growth in the region. China is the major exporter in Asia-Pacific region, owing to its well-developed manufacturing hub. It is followed closely by Europe, which is expected to account for the second-largest share in the global cargo shipment market due to the presence of developed nations such as Germany, France and U.K.
Global Competitive Analysis
Businesses in the industry are aiming to capture a substantial share of the market segment as early as possible, by implementing and experimenting with various lead points. The sector’s transformation in a major way has led to an accelerated the growth pace of the sector. The industry players in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. Enterprises are aiming to capture a considerable share of the market segment as early as possible, they implementing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies.
Panalpina Welttransport Holding AG (Switzerland), A.P. Moller-Maersk Group (Denmark), Mediterranean Shipping Company S.A. (Switzerland), CMA-CGM SA (France), DHL Global Forwarding (Germany), Nippon Express Co., Ltd. (Japan), Deutsche Bahn AG (Germany) are some of the leading players operating in this market.
Latest Industry News:
Jan 2018 Maersk and IBM will soon begin using blockchain to establish a shared, unalterable record of shipping transactions. With approximately 200 transactions occurring per shipment, the introduction of blockchain technology as a simplifying agent is ideal for the shipping industry, a reflection on blockchain’s surge in recognition.
Jan 2018 Pro Nautas has recently acquired maritime technology company Buss Data. Buss Data offers IT solutions for cargo shipping, river cruises and port operations which are essential for efficiency on board and ashore. This acquisition of Buss Data enables Pro Nautas to develop its range of products and services, alongside enhanced customer support. The companies in collaboration will focus on growing the digital platform and providing their customers with intelligent data services, powerful insights and analytics.
Jan 2018 Fleet, a startup which is focused on making international logistics less difficult for small companies recently announced that it has raised a Series A of $10 million in an investment round that was led by Lufthansa Cargo, the German airline’s air cargo subsidiary, with participation from new and returning investors like Hunt Technology, UPS, UP2398 and 1517 Fund.
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