Cargo Shipping Market : Bulk Carriers, General Cargo Ship, Container Ship, Tanker, Reefer Ship Industry Forecast, 2021-2031 | AMR

According to a new report published by Allied Market Research, titled, "Cargo Shipping Market," The global cargo shipping market size was valued at $2.2 trillion in 2021, and is projected to reach $4.2 trillion by 2031, growing at a CAGR of 7% from 2022 to 2031.

Asia-Pacific dominated the global cargo shipping market in 2021. China is expected to hold a dominant revenue share throughout the forecast period owing to the presence of key companies such as Dongfeng Motor Corporation, and BYD Auto Co. Ltd., among others, and a major manufacturing hub. In addition, the online e-commerce portals in emerging economies in developing countries of Asia-Pacific, the growth of industrialization, and agreements including the ASEAN Free Trade Area (AFTA) are some of the key factors driving the growth of the market in the region.

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On the basis of cargo type, the global cargo shipping market has been segmented into liquid cargo, dry cargo, and general cargo. liquid cargo is generally classified into edible, non-edible, hazardous, and non-hazardous liquids, increase in demand for fluids, such as chemicals, gases, and oil, across the globe drives the growth of the market. Furthermore, the rise in trade-related agreements leads to the demand for stronger tankers.

Additionally, ship manufacturers are introducing new cargo ships with the support of the government, which will boost the growth of the cargo shipping market. For instance, state government's efforts to start a coastal shipping service connecting Vallarpadam International Transshipment Terminal and minor ports in October 2022, Goa-based Dempo Ship Building and Engineering Ltd completed the construction of MV Beypore Sultan, the type IV river sea vessel built for LOTS Shipping.

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COVID-19 Impact Analysis :

The COVID-19 pandemic had an impact on international maritime trade and global supply networks in 2020. According to the International Chamber of Shipping, approximately 100,000 seafarers reach the end of their employment contract and must be repatriated each month. the global market has seen an increase in funding and investment to meet the growing needs of the audience, followed by developments that will boost the growth of the market. Also, the role played by the highly competitive market players will be the most in driving the market size to expand cargo shipping to meet the growing needs of a global audience dispersed across different locations of the global market presence during this period.

KEY FINDINGS OF THE STUDY :

By cargo type, the liquid cargo segment is anticipated to exhibit significant growth in the near future.

By ship type, the others segment is anticipated to exhibit significant growth in the near future.

By industry type, the manufacturing segment is anticipated to exhibit significant growth in the near future.

By region, LAMEA is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global cargo shipping market include A.P. Moller-Maersk Group, CMA CGM S.A, COSCO Shipping Co., Limited, DB Schenker, DHL Global Forwarding, Evergreen International Corp., Hapag-Lloyd AG, MSC Mediterranean Shipping Company S.A, Ocean Network Express Pte. Ltd., and Yang Ming Group.

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