Press release
Global Cargo Shipping Market to Reach $16.05 Billion by 2029, Growing at 5% CAGR
Global Cargo Shipping Market
The upward trajectory of the cargo shipping market is expected to be stimulated by the expanding automotive manufacturing industry. Factors such as population growth, escalating rates of motorization, robust government advocacy via policies and infrastructural advancement, foreign direct investment, and joint partnerships have fueled the surge in automotive manufacturing. Cargo shipping specific to the automobile sector entails global distribution via large container ships, transporting vehicles and auto parts across the sea. This approach is beneficial for long-distance bulk transport, ensuring secure and timely deliveries. For instance, the European Automobile Manufacturers Association (ACEA), a lobbying and standards body for the auto industry in the European Union, reported in May 2023 that global motor vehicle production reached 85.4 million in 2022, marking a 5.7% growth from the previous year. Thus, the burgeoning auto manufacturing sector continues to steer the progress of the cargo shipping market.
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What is the future CAGR of the cargo shipping market, and how will it impact industry expansion?
In recent times, the cargo shipping market has seen significant expansion. The market size is projected to rise from $12.53 billion in 2024 to $13.2 billion in 2025, showing a compound annual growth rate (CAGR) of 5.4%. Factors contributing to the growth observed in the historic period include the substantial rise in industrial production, demand for raw materials, the impact of globalization in the late 20th century, the emergence of Asian economies, and the effects of deregulation and liberalization.
The market size of cargo shipping is anticipated to experience a robust expansion in the approaching years, growing to a size of $16.05 billion by 2029. This will involve a compound annual growth rate (CAGR) of 5.0%. Several factors are responsible for this predicted growth in the forthcoming period, which include the emergence of just-in-time production, the advent of standardized shipping containers, capital injections into port facilities, an increasing concentration on environmental conservation, and variations in the prices of fuel. The upcoming period will witness considerable trends like the incorporation of sophisticated software solutions, the fabrication of intelligent port technologies, cutting-edge container tracking, breakthroughs in cold chain logistics, and the fortification of safety regulations.
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What are the most significant trends transforming the cargo shipping market today?
Companies that are major players in the cargo shipping industry are striving to develop more advanced transport ships, like electric container ships, in order to significantly enhance their customer service. Electric container ships, which are propelled by electric engines and often use batteries or fuel cells, are engineered to ship cargo containers with less environmental impact and greater sustainability than conventional diesel-fueled vessels. Take China Ocean Shipping Company Limited as an example, a logistics firm based in China. In May 2024, it launched the world's inaugural 10,000-DWT purely electric container ships, named Green Water 01 and Green Water 02. These innovative vessels, which can hold a maximum of 700 standard 20-foot containers (TEU), are the biggest completely electric container ships in the world. They are specifically designed to trek along the Yangtze River and extend to the ocean, traversing a path over 600 miles long. With an enormous battery system capacity exceeding 50,000 kWh that can be expanded to 80,000 kWh by adding additional 20-foot battery containers, they can execute journeys with an energy consumption about the same as 15 tons of fuel used by a standard container ship.
Which key market segments comprise the cargo shipping market and drive its revenue growth?
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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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.
Who are the leading players fueling growth in the cargo shipping market?
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
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What Is Covered In The Cargo Shipping Global Market Report?
•Market Size Forecast: Examine the cargo shipping market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cargo shipping market for a structured understanding.
•Key Players Overview: Analyze major players in the cargo shipping market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cargo shipping market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cargo shipping market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cargo shipping market.
•Industry Challenges: Identify potential risks and obstacles affecting the cargo shipping market.
•Competitive Landscape: Review strategic developments in the cargo shipping market, including expansions, agreements, and new product launches.
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