What are the Historical Developments and Current Growth Metrics of the Cargo Shipping Market?
The cargo shipping market has seen considerable growth due to a variety of factors.
• The cargo shipping market has shown strong growth in recent years. It will grow from $12.53 billion in 2024 to $13.2 billion in 2025, at a compound annual growth rate (CAGR) of 5.4%.
The growth can be attributed to a significant rise in industrial production, the need for raw materials, globalization, economic growth in Asia, and the deregulation of shipping markets.
What is the Forecasted Market Size and CAGR for the Cargo Shipping Market?
The cargo shipping market is expected to maintain its strong growth trajectory in upcoming years.
• The cargo shipping market is expected to grow to $16.05 billion by 2029, with a CAGR of 5.0%.
Growth is attributed to just-in-time manufacturing, standardized shipping containers, investments in port facilities, sustainability focus, and fluctuating fuel prices. Trends include advanced software solutions, smart port technologies, container tracking innovations, cold chain logistics improvements, and enhanced safety regulations.
What Key Factors and Trends Are Driving The Growth Cargo Shipping Market?
The expansion of automotive manufacturing is expected to propel the growth of the cargo shipping market. This growth is driven by rising populations, higher motorization rates, government policies, and foreign investments. Automotive cargo shipping, which involves transporting vehicles and parts by sea, is an efficient way to distribute globally. In May 2023, the European Automobile Manufacturers Association reported that global vehicle production increased by 5.7% in 2022, reaching 85.4 million units. Thus, the growth of automotive manufacturing is driving the cargo shipping market.
What Are The Market 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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How Are New Trends Impacting The Size Of The Cargo Shipping Market?
Major companies in the cargo shipping market are introducing electric container ships to improve environmental sustainability. In May 2024, China Ocean Shipping Company Limited launched the world's first 10,000-DWT electric container ships, Green Water 01 and Green Water 02, which operate with large-capacity batteries and are capable of covering long distances with minimal emissions, revolutionizing cargo transportation along the Yangtze River and the sea.
Who Are the Key Players 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
What Are The Regional Insights Into 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.
