The rise in global marine freight shipping as well as growing awareness of marine safety norms, and the surge in trade-related contracts drive the growth of the global cargo shipping market.
PORTLAND, Ore., Feb. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Cargo Shipping Market by Cargo Type (Liquid Cargo, Dry Cargo, and General Cargo), by Ship Type (Bulk Carriers, General Cargo Ship, Container Ship, Tanker, Reefer ship, and Others), and by Industry Type (Food & Beverages, Manufacturing, Retail, Oil & gas, Automotive, Pharmaceutical, Electrical & Electronics, and Others) Global Opportunity Analysis and Industry Forecast, 2022–2031". According to the report, the global cargo shipping industry generated $2,191.0 billion in 2021 and is anticipated to generate $4,224.9 billion by 2031, witnessing a CAGR of 7.04% from 2022 to 2031.
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The surge in trade-related contracts.
Between rich and developing countries, several trade-related agreements have been made to move products. As a result, suppliers now favor rivers as a better and more effective mode of transportation. Due to this growing propensity, logistics service providers have created better and more effective cargo transportation services, which has accelerated the expansion of the global market. The free trade agreement has also made it possible to lower taxes and levies.
- The outbreak of the Covid-19 pandemic hurt the global cargo shipping market.
- During the pandemic, strict travel restrictions and lockdowns were implemented by nations all around the world. Many other businesses have been hit by this, with the marine industry being one of the most severely affected. The effects have been felt strongly in the world supply networks. Due to supply chain disruptions, cargo carriers faced significant losses in the first and second quarters of 2020.
The dry cargo segment to maintain its leadership status throughout the forecast period.
Based on cargo type, the dry cargo segment held the highest market share in 2021 and is estimated to maintain its leadership status throughout the forecast period. Rise in electricity usage, there is a demand for import and export coal. The need for iron increased along with industrialization. Additionally, the growth of sea transportation has increased the demand for dry bulk shipping because it is the least expensive mode of transportation that can keep up with the expansion of dry cargo. However, the general cargo segment is projected to manifest the highest CAGR of 7.29% from 2022 to 2031.
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The general cargo segment to maintain its leadership status throughout the forecast period.
Based on ship type, the general cargo segment held the highest market share in 2021 and is estimated to maintain its leadership status throughout the forecast period. General cargo ships have benefited including the capacity to modify supply size to meet client needs, as well as being affordable, effective, and able to hold a big number of items. Additionally, because the majority of general cargo ships run on green fuels, they are environmentally benign, which contributes to the segment's expansion on the worldwide market. However, the other ship segment is projected to manifest the highest CAGR of 8.28% from 2022 to 2031.
The food and beverages segment to maintain its lead position during the forecast period.
Based on industry type, the food and beverages segment accounted for the largest share in 2021 and is projected to maintain its lead position during the forecast period. Shipping containers are gaining traction in the food & beverages market as trade between different countries increases to deliver one product in exchange for another or in the form of money. Manufacturers choose to ship as their mode of transport because it offers various advantages over other modes of transport. Additionally, the availability of food and beverages that can be affected by water and temperature has forced container manufacturers to develop dry storage and refrigerated containers, complementing the growth of the cargo shipping market. However, the retail segment is projected to manifest the highest CAGR of 8.99% from 2022 to 2031.
Asia-Pacificto maintain its dominance by 2031.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021 and is likely to dominate the market during the forecast period. China is the largest logistics market in the region due to its huge population in the country and the presence of a large manufacturing base. The growth of the regional market is mainly attributed to the booming e-commerce industry in emerging markets. Moreover, increasing acceptance of outsourced logistics services in the region is boosting the growth of the Asia-Pacific freight forwarding market. Moreover, increasing disposable income is expected to boost import demand for raw materials and finished goods, further complementing maritime trade in emerging markets and boosting market growth. In addition, a strong Japanese economy, infrastructure development, and increased trade facilitation through agreements such as the South Asia Preferential Trade Agreement (SAPTA) are factors expected to boost the growth of the cargo shipping market over the forecast period.
Leading Market Players: -
- Deutsche Post DHL Group
- Ocean Network Express Pte. Ltd.
- Evergreen International Corp.
- COSCO Shipping
- Yang Ming Group
- DB Schenker
- Mediterranean Shipping Company S.A.
- Hapag-Lloyd AG
- CMA CMG Group
- A.P. Moller - Maersk
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