Press release
Emerging Trends to Drive Cargo Shipping Market Growth at 5% CAGR Through 2029
Cargo Shipping
Cargo Shipping Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been robust growth in the size of the cargo shipping market, which is set to escalate from $12.53 billion in 2024 to $13.2 billion in 2025, marking a compound annual growth rate (CAGR) of 5.4%. Factors contributing to this growth in the preceding period include a substantial surge in industrial production, the demand for raw materials, late 20th century globalization, the ascending Asian economies, as well as deregulation and liberalization.
How Will the Cargo Shipping Market Size Evolve and Grow by 2029?
The expansion of the cargo shipping market is anticipated to intensify in the upcoming years, reaching $16.05 billion by 2029 with a compound annual growth rate (CAGR) of 5.0%. This significant growth in the prediction period can be credited to factors such as the emergence of just-in-time manufacturing, the usage of standardized shipping containers, port facility investments, elevating emphasis on sustainability, and the instability of fuel prices. Key trends that will shape the forecast period include the incorporation of sophisticated software solutions, the advancement of intelligent port technologies, improved tracking of containers, breakthroughs in cold chain logistics, and strengthened safety regulations.
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What Drivers Are Propelling the Growth of Cargo Shipping Market Forward?
The boom in the manufacturing sector of the automotive industry is predicted to stimulate the expansion of the cargo shipping market in the future. This growth in automobile production has been accelerated by elements such as growing populations, rising levels of motorization, robust government backing through policies and infrastructure augmentation, foreign direct investments alongside joint ventures. The transportation of automobiles and car components via sea-based cargo shipping employs sizable container vessels for worldwide distribution. This approach is a cost-efficient answer for long-distance mass transport, confirming punctual and safe delivery. For example, statistics from the European Automobile Manufacturers Association (ACEA), a Belgium-based lobbying group and setter of standards for the auto industry in the European Union, revealed that in May 2023, the global production of motor vehicles reached 85.4 million in 2022, marking a 5.7% surge from 2021. Hence, the proliferation of automobile production is propelling the advancement of the cargo shipping sector.
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Which Emerging Trends Are Transforming the Cargo Shipping Market in 2025?
In an effort to improve customer service, principal companies involved in the cargo shipping market are investing in the creation of technologically advanced transport vessels, such as electric container ships. These particular ships operate through electric propulsion systems, often utilising batteries or fuel cells. This design allows these vessels to transport cargo containers in a more environmentally friendly manner, significantly reducing emissions compared to their diesel-powered counterparts. A case in point is China Ocean Shipping Company Limited, a China-based logistics firm which unveiled the Green Water 01 and Green Water 02, the planet's initial 10,000-DWT entirely electric container ships in May 2024. These ships, with the capability to transport up to 700 standard 20-foot containers (TEU), are currently the largest purely electric container vessels in the world. Strategically designed for the Yangtze River and beyond to the sea, these ships sail a route spanning more than 600 miles. Propelled by an extensive battery system of over 50,000 kWh, extendable to 80,000 kWh with the inclusion of more 20-foot battery containers, the energy consumption of these vessels is equal to a mere 15 tons of fuel typically expended by a conventional container ship.
What Are the Key Segments in the Cargo Shipping Market?
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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Who Are the Key Players Shaping the Cargo Shipping Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth 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.
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