Press release
Cargo Shipping Market Poised for 5 % Growth, Set to Hit $37.32 Billion by 2029
Cargo Shipping Market Outlook
The size of the cargo shipping market has seen a considerable increase in recent years. The market, valued at $12.53 billion in 2024, is set to rise to $13.2 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.4%. The historical growth within this sector can be linked to several factors. These include an unprecedented escalation in industrial production, demand for raw materials, globalization in the latter part of the 20th century, exponential development of Asian economies, plus deregulation and liberalization.
The anticipated increase in the size of the cargo shipping market is strong for the coming years, with an expected growth to $16.05 billion by 2029, driven by a compound annual growth rate (CAGR) of 5.0%. This projected growth during the forecast period is likely due to factors such as the emergence of just-in-time manufacturing, the deployment of standardized shipping containers, investments made into port facilities, an increasing emphasis on sustainability, and volatile fuel prices. Key trends to watch during this forecast period include the adoption of cutting-edge software solutions, the progression of smart port technologies, advanced container tracking systems, innovations within the realm of cold chain logistics, and stricter safety regulations.
What Are the Primary Growth Drivers for the Cargo Shipping Market?
The expansion of the automobile production sector is anticipated to stimulate the cargo shipping industry's growth. The surge in automotive production is spurred by aspects such as escalating population numbers, augmenting rates of motorization, robust government backing via policies and infrastructure enhancement, foreign direct investments, and collaborations. Automotive cargo shipping comprises the sea transport of vehicles and automotive components, utilizing large container vessels for worldwide distribution. This practice is economical in terms of long-distance bulk shipping, promising on-time and safe delivery. Illustratively, data from the European Automobile Manufacturers Association (ACEA), a lobbying and standardization organization based in Belgium serving the auto industry in the European Union, indicated that in May 2023, global motor vehicle production stood at 85.4 million units in 2022, marking a 5.7% rise from 2021. Consequently, the rise in automotive production is fuelling the cargo shipping industry's growth.
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Who Are the Major Industry Players Fueling Cargo Shipping Market Expansion?
Major companies operating in the cargo shipping market are 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
Which Key Developments Are Influencing the Cargo Shipping Market?
The emphasis in the cargo shipping market is currently on the design and construction of sophisticated transport vessels such as electric container ships, according to leading enterprises in the field. Using electric propulsion systems, such as batteries or fuel cells, these ships aim to provide superior service through reduced emissions and enhanced environmental sustainability compared to traditional diesel-powered ships. For example, in May 2024, China Ocean Shipping Company Limited, a logistics company based in China, launched the Green Water 01 and Green Water 02, the world's first 10,000-DWT pure electric container ships. These ships have the capacity to transport up to 700 standard 20-foot TEU containers, making them the largest of their kind in the world. Operating along the Yangtze River and extending to the sea, their route spans over 600 miles. Equipped with an over 50,000 kWh battery system, expandable to 80,000 kWh using extra 20-foot battery containers, each voyage consumes energy equal to 15 tons of fuel for a conventional container ship.
How Is the Segmentation of the Cargo Shipping Market Defined?
The cargo shipping market covered in this report is segmented -
1) By Ship Type: Bulk Carriers, General Cargo Ship, Container Ship, Tanker, Reefer Ship, Other Ship Types
2) By Cargo Type: Liquid Cargo, Dry Cargo, General Cargo
3) By Industry Type: Food And Beverages, Manufacturing, Retail, Oil And gas, Automotive, Pharmaceutical, Electrical And Electronics, Other Industry Types
Subsegments:
1) By Bulk Carriers: Handysize Bulk Carrier, Supramax Bulk Carrier, Panamax Bulk Carrier, Capesize Bulk Carrier, Very Large Ore Carriers (VLOC)
2) By General Cargo Ship: Conventional General Cargo Ship, Multi-Purpose Vessel (MPV), Ro-Ro (Roll-on/Roll-off) Ships, Heavy Lift Ships
3) By Container Ship: Feeder Container Ship, Panamax Container Ship, Post-Panamax Container Ship, Ultra Large Container Vessel (ULCV), New Panamax Container Ship
4) By Tanker: Crude Oil Tanker, Product Tanker, Chemical Tanker, Liquefied Natural Gas (LNG) Tanker, Liquefied Petroleum Gas (LPG) Tanker
5) By Reefer Ship: Conventional Reefer Ship, Containerized Reefer Ship, Refrigerated Cargo Vessel
6) By Other Ship Types: Roll-On/Roll-Off (RoRo) Vessel, Heavy Lift Vessel, Cable Laying Ship, Offshore Support Vessel (OSV)
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What Is the Leading Region in the Cargo Shipping Market?
Asia-Pacific was the largest region in the cargo shipping market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cargo shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Cargo Shipping Global Market Report?
- Market Size Analysis: Analyze the Cargo Shipping Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cargo Shipping Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cargo Shipping Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cargo Shipping Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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