According to a new report published by Allied Market Research, titled, “Cargo Shipping Market,” The cargo shipping market was valued at $2.2 trillion in 2021, and is estimated to reach $4.2 trillion by 2031, growing at a CAGR of 7% from 2022 to 2031.
A Leading Market
In 2021, the cargo shipping market was dominated by Asia-Pacific, with China projected to maintain a dominant revenue share throughout the forecast period. This is attributed to the presence of key companies like Dongfeng Motor Corporation and BYD Auto Co. Ltd., alongside its status as a major manufacturing hub.
Additionally, the region’s burgeoning e-commerce portals in developing economies, growing industrialization, and agreements like the ASEAN Free Trade Area (AFTA) are driving significant market growth in Asia-Pacific.
Sustainable Advantages
Efficiency and eco-friendliness enhance market competitiveness. Freight transport emits fewer emissions per tonne per kilometer than other modes.
Large container ships carry around 10,000 products per trip. Car carriers handle 7,600 cars in one shipment, reducing environmental impact and driving market growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic impacted international maritime trade in 2020. Around 100,000 seafarers needed repatriation monthly as their contracts ended. Funding and investment increased to meet market demands and boost growth. Competitive market players played a significant role in expanding cargo shipping to serve the global audience across various locations.
Study Highlights:
- Liquid Cargo Segment: Expected to experience substantial growth.
- Others Ship Type: Anticipated to show significant growth.
- Manufacturing Industry: Forecasted to exhibit significant growth.
- LAMEA Region: Projected to register the highest CAGR.
Key players operating in the global cargo shipping market include
- A.P. Moller-Maersk Group,
- CMA CGM S.A, COSCO Shipping Co., Limited,
- DB Schenker,
- DHL Global Forwarding,
- Evergreen International Corp.,
- Hapag-Lloyd AG,
- MSC Mediterranean Shipping Company S.A,
- Ocean Network Express Pte. Ltd., and
- Yang Ming Group.
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Source: Newswires
