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Water Transport Market Size, Share, Trends Analysis, And Forecast To 2033
Water Transport Market Size
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According to The Business Research Company's, The water transport market size has grown strongly in recent years. It will grow from $584.03 billion in 2023 to $618.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to colonial and maritime exploration, industrialization, military and naval operations, population migration, fishing industry growth.
The water transport market size is expected to see strong growth in the next few years. It will grow to $757.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to climate change adaptation, sustainable shipping practices, arctic shipping routes, cruise industry expansion, energy transition in shipping. Major trends in the forecast period include adoption of alternative fuels, autonomous and remote-controlled vessels, smart shipping solutions, electric propulsion systems, digitalization of maritime operations.
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Market Drivers and Trends:
Growing demand for imports and exports is expected to propel the growth of the water transport market going forward. Imports refer to goods and services that are purchased by one country from another country and brought into the importing country for domestic use or consumption. Exports refer to goods and services produced within one country and sold to customers or businesses in other countries. Water transport plays an important role in global import and export by efficiently moving large volumes of goods across oceans, providing cost-effective and reliable access to international markets, and facilitating international trade. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, the US experienced an increase in exports and imports. The value of July exports was $251.7 billion, which is $3.9 billion more than June exports. Similarly, the value of July imports was $316.7 billion, an increase of $5.2 billion from June imports. Therefore, the growing demand for imports and exports is driving the growth of the water transport market.
Major companies operating in the water transport market are increasing their focus on introducing reefer services to gain a competitive edge in the market. Reefer services refer to specialized transportation services for goods that require temperature-controlled environments during shipment. For instance, in August 2023, Ocean Network Express (ONE), a Japan-based maritime transport company, launched FLX, a new service connecting the West Coast of South America to the East Coast of North America (Florida). This reefer service targets customers seeking dependable transportation for refrigerated goods in South America, creating a connection between South Florida and destinations including Honduras, Colombia, and the West Coast of South America. The new service is an important development in the water transport market, and it is expected to benefit customers looking for reliable and efficient transportation services for their reefer cargo.
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Major Key Players of the Market:
Cargill Incorporated, A.P. Moller-Maersk A/S, CMA CGM S.A., COSCO Shipping Lines Co.Ltd., China Ocean Shipping Company Limited, Kuehne + Nagel International AG, Hapag-Lloyd AG, Ocean Network Express Holdings Ltd., Mediterranean Shipping Company, Evergreen Marine Corp., NYK Line, Yang Ming Marine Transport Corporation, Zim Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Rickmers-Line, Hyundai Merchant Marine Co. Ltd., Hamburg Süd Group, Wan Hai Lines Ltd., Kawasaki Kisen Kaisha Ltd., Wallenius Wilhelmsen, Grimaldi Group, American President Lines LLC, Orient Overseas Container Line, Matson Inc., Crowley Maritime Corporation, Höegh Autoliners AS, Atlantic Container Line, Pacific International Lines (PTE) Limited
Water Transport Market 2024 Key Insights:
• The water transport market size is expected to see strong growth in the next few years. It will grow to $757.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Growing Demand For Imports And Exports Driving Growth Of Water Transport Market
• Water Transportation Companies Increasing Focus On Reefer Services
• Asia-Pacific was the largest region in the water transport market in 2023
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