2018-2027 Cargo Shipping Market: Trends, Opportunities, and Forecasts
During the period of 2023-2027, the global cargo shipping market will experience a value-based compound annual growth rate of over 3%. This growth is driven by factors such as the increase in global trade of manufactured goods, rising demand for sea transportation, and the development of infrastructure in different countries. However, challenges related to global environmental changes and geopolitics could pose a threat to the growth of the cargo shipping market.
The global cargo shipping market is segmented based on product, industry, and geography. General cargo was the dominant product type in the market in 2021, as it provides advantages such as individual transportation of commodities, leading to reduced ship time at port terminals and better utilization of ship space. In 2021, Asia-Pacific was the regional leader in the market share, owing to the trend of globalization and demographic changes.
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The waterways transportation industry incurs significant losses due to the loss of cargo and containers resulting from unpredictable environmental conditions. Additionally, oil spills from oil carrying cargo ships and tankers result in the depletion of the marine ecosystem, which poses a threat to the environment. Nevertheless, the development of new ports globally, extension of existing ports, and adoption of container transportation are expected to offset these issues in the upcoming years. Moreover, the demand for cargo shipping is further driven by the growth in the manufacturing of automotive, consumer goods, and new medicinal drugs, leading to increased profits.
Major players in the global cargo shipping market include CMA-CGM SA, A.P. Moller-Maersk Group, Mediterranean Shipping Company S.A., Panalpina World Transport Ltd., DHL Global Forwarding, China COSCO Holdings Company Limited, Nippon Express Co., Ltd, Hapag-Lloyd AG, Ceva Logistics, and Deutsche Bahn AG.
Objective of the Study:
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TechSci Research performed primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of cargo shipping providers and suppliers globally. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include providers that could not be identified due to the limitations of secondary research. TechSci Research regional presence of all major Cargo Shipping suppliers across the globe.
TechSci Research calculated the market size for the global cargo shipping market using a bottom-up approach, where providers’ value data for different cargo type of (Container Cargo, Bulk Cargo & General Cargo) Cargo Shipping was recorded as well as forecast for the future years was made. TechSci Research sourced these values from industry experts and company representatives, and externally validated through?analyzing?historical sales data of respective providers to arrive at the overall market size. Various secondary sources such as company annual reports, white papers, investor presentations and financial reports were also used by the TechSci Research
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as cargo shipping providers and policy makers,?which market segments should be targeted over the coming years (next five years) in order to strategize investments and capitalize on growth of the market.??
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