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Cargo Shipping Market Analysis: $15.87 Billion by 2029 With a CAGR of 4.9%
Cargo Shipping
Cargo Shipping Market Value Projection: How Much Will the Market Size by 2025?
The size of the cargo shipping market has been expanding consistently in the past few years. The growth is projected from $12.53 billion in 2024, increasing to $13.11 billion in 2025, marking a compound annual growth rate (CAGR) of 4.6%. Factors contributing to this growth throughout the historic period include a substantial surge in industrial production, an amplified demand for raw materials, the globalization wave of the late 20th century, the ascension of Asian economies, and the deregulation and liberalization movements.
What Will Be the Market Growth Forecat for Cargo Shipping in 2029?
Expectations are high for the cargo shipping market in the coming years, with consistent expansion predicted. By 2029, the market will reach a value of $15.87 billion, marking a compound annual growth rate (CAGR) of 4.9%. Various factors are contributing to this growth, including the emergence of just-in-time manufacturing, the use of standardized shipping containers, substantial investments in port facilities, an increasing emphasis on sustainability, and variations in fuel costs. Throughout the forecast period, we can anticipate the adoption of sophisticated software solutions, smart port technology advancements, improved container tracking procedures, breakthroughs in the cold chain logistics sector, and stricter safety regulations.
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What Are the Core Competitive Drivers in the Cargo Shipping Industry?
The expansion in the automotive production sector is forecasted to bolster the progression of the cargo shipping market. Elements such as growing populations, escalating motorization rates, robust governmental backing through policies and infrastructure buildup, foreign capital investment, and cooperative ventures have fueled the surge in automotive production. Cargo shipping in the automobile segment involves the sea-based transportation of vehicles and automotive components, utilizing massive container vessels for global dispersal. This strategy is both economical and efficient for extended distance bulk transportations, guaranteeing prompt and safe delivery. For example, the European Automobile Manufacturers Association (ACEA), a lobbying and norm-setting group for the auto industry in the European Union, reported that in May 2023, worldwide motor vehicle production was 85.4 million in 2022, marking a 5.7% increase from 2021. Hence, the upswing in automotive production is catalyzing the growth of the cargo shipping market.
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Which Cargo Shipping Market Segment Is Projected to See the Fastest 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)
Which Trends Are Opening New Opportunities in the Cargo Shipping Market?
Primary players in the cargo shipping industry are prioritizing the innovation of futuristic transport vessels like electric container ships to augment customer service. These marine vehicles, propelled by electric engines usually supported by batteries or fuel cells, are intended for the transportation of cargo containers. Their environmental footprint is notably smaller and economically sustainable in comparison to regular diesel-fueled ships. Case in point, the logistics corporation based in China, China Ocean Shipping Company Limited, launched the planet's premier 10,000-DWT purely electric container ships - the Green Water 01 and Green Water 02 - in May 2024. These ships, with the capacity to transport up to 700 standard 20-foot containers (TEU), hold the record for the biggest completely electric container ships worldwide. Their trajectory is plotted along the Yangtze River and extends towards the sea, a path spanning beyond 600 miles. They are energized by an expansive battery system with a capacity exceeding 50,000 kWh, which may be extended to 80,000 kWh with additional 20-foot battery containers. The energy expended by these ships on a single journey is equivalent to the consumption of 15 tons of fuel by a conventional container ship.
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Who Are the Leaders 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
Which Regional Cargo Shipping Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the cargo shipping market in 2024. 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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