The water transport market has seen substantial growth, rising from $584.03 billion in 2023 to $618.04 billion in 2024, with a CAGR of 5.8%. This historical growth is driven by maritime exploration, industrialization, naval operations, population migration, and fishing industry expansion. The market is projected to continue its growth trajectory, reaching $757.67 billion by 2028, demonstrating a CAGR of 5.2%. Growth factors include climate change adaptation, sustainable shipping practices, Arctic shipping routes, cruise industry expansion, and alternative energy sources in shipping. Major trends include adoption of alternative fuels, development of autonomous vessels, smart shipping solutions, electric propulsion systems, and maritime digitalization.
Major Driver In The Water Transport Market
The water transport market is anticipated to grow due to the increasing demand for imports and exports. Water transport, playing a crucial role in global trade, facilitates the efficient movement of goods across oceans, providing cost-effective and reliable access to international markets. In September 2023, the United States Census Bureau reported a growth in both exports and imports, with July exports reaching $251.7 billion and July imports reaching $316.7 billion. This increase in demand for imports and exports is a significant driver for the water transport market, as reflected in the market size values supporting this trend in 2023, 2024, and 2028.
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Water Transport Market Competitive Landscape
Cargill Incorporated, A.P. Moller-Maersk A/S, CMA CGM S.A., COSCO Shipping Lines Co.Ltd., China Ocean Shipping Company Limited, Kuehne + Nagel International AG, Hapag-Lloyd AG, Ocean Network Express Holdings Ltd., Mediterranean Shipping Company, Evergreen Marine Corp., NYK Line, Yang Ming Marine Transport Corporation, Zim Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Rickmers-Line, Hyundai Merchant Marine Co. Ltd., Hamburg Süd Group, Wan Hai Lines Ltd., Kawasaki Kisen Kaisha Ltd., Wallenius Wilhelmsen, Grimaldi Group, American President Lines LLC, Orient Overseas Container Line, Matson Inc., Crowley Maritime Corporation, Höegh Autoliners AS, Atlantic Container Line, Pacific International Lines (PTE) Limited
Key Water Transport Market Trend
Major companies operating in the water transport market are increasing their focus on introducing reefer services to gain a competitive edge in the market. Reefer services refer to specialized transportation services for goods that require temperature-controlled environments during shipment. For instance, in August 2023, Ocean Network Express (ONE), a Japan-based maritime transport company, launched FLX, a new service connecting the West Coast of South America to the East Coast of North America (Florida). This reefer service targets customers seeking dependable transportation for refrigerated goods in South America, creating a connection between South Florida and destinations including Honduras, Colombia, and the West Coast of South America. The new service is an important development in the water transport market, and it is expected to benefit customers looking for reliable and efficient transportation services for their reefer cargo.
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Water Transport Market Segmentation
The water transport market covered in this report is segmented –
1) By Type: Deep Sea, Coastal, And Great Lakes, Inland Water Transport
2) By Application: Onshore, Offshore
Subsegments Covered: Deep Sea Transport, Coastal and Great Lakes Transport, Inland Water Freight Transport, Inland Water Passenger Transport
By Geography:The regions covered in the water transport market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the water transport market in 2023.
The Water Transport Global Market Report 2024 furnishes information about the global water transport market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
