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Cargo Shipping Market Size, Demand And Overview By 2024-2033
Cargo Shipping Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the cargo shipping market are focusing on developing advanced transport ships, such as electric container ships, to better serve customers. Electric container ships are vessels powered by electric propulsion systems, typically using batteries or fuel cells, designed to transport cargo containers with reduced emissions and improved environmental sustainability compared to traditional diesel-powered ships. For instance, in May 2024, China Ocean Shipping Company Limited, a China-based logistics company, introduced the world's first 10,000-DWT pure electric container ships, the Green Water 01 and Green Water 02. These vessels, capable of carrying up to 700 standard 20-foot containers (TEU), are the largest pure electric container ships globally. They are designed to operate along the Yangtze River and extend to the sea, covering a route exceeding 600 miles. Powered by a large-capacity battery system of over 50,000 kWh, which can be expanded to 80,000 kWh with additional 20-foot battery containers, these ships can complete voyages with an energy consumption equivalent to 15 tons of fuel for a traditional container ship.
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Major Key Players of the Market:
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
Cargo Shipping Market 2024 Key Insights:
• 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%.
• Automotive Manufacturing Surge Fuels Growth In Cargo Shipping Market
• Electric Container Ships Gain Momentum In Cargo Shipping Market As Companies Prioritize Sustainability
• Asia-Pacific was the largest region in the cargo shipping market in 2023
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