Cargo Shipping Market: Global Industry Analysis and Forecast (2024-2030) Trends

Cargo Shipping Market Definition:

Cargo shipping is a way of transporting cargo and supplies from ships, boats, and other types of vessels. The product's acceptance is expected to be boosted by increased demand for import and export activities. The decreased cost of shipping, as well as its efficient and cost-effective transportation, is expected to increase its popularity.

 

Further, the Cargo Shipping market is segmented by Cargo Type, End-user Industry, and geography. On the basis of Cargo Type, the Cargo Shipping market is segmented under Liquid Bulk, Dry Bulk, General Cargo and Container Cargo. Based on the End-user Industry, the Cargo Shipping market is segmented under Food and Beverages, Manufacturing, Oil, gas and ores and Electrical and electronics. By geography, the market covers the following Regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion tons).

 

 

To get more Insights: Request Free Sample Report

 

Cargo Shipping Market Dynamics:

Optimizing Capacity Through Digital Transformation: Several carriers are increasingly collaborating with shipping companies that specialise in data gathering of cargo movements and vessels, which may lead to improved cargo routing and vessel employment, among other benefits. 

 

Start-ups like Transmetrics, for example, use cargo placement data to precisely anticipate cargo quantities, allowing carriers to avoid empty back-haul journeys. As a result, cargo shipping industry income is expected to increase as deployed vessel capacity is optimised. This is driving the growth of the Cargo Shipping Market.

 

Increased efficiency while lowering environmental impact: Goods shipping emits less exhaust gas per tonne of cargo delivered per kilometre than a road, rail, or air transportation, according to SMR. This kind of transportation is also quite efficient since a huge containership can move 10,000 products and goods on a single journey. 

 

For example, a few vehicle carrier ships can transport over 7600 automobiles in a single journey, as opposed to a fleet of trucks and many miles of rail trains that would be necessary for the same number. 

 

As a result, the market is largely driven by the minimal environmental effect and increased efficiency of this transportation technique. These advantages of cargo shipping over other transportation methods drive the growth of the Cargo Shipping Market.

 

Global trade tensions: The Trans-Pacific shipping route transports a significant portion of the world's freight. Imports from China, however, became more expensive as a result of trade tensions, notably between China and the United States.  As a result, carriers are expecting a decline in demand and volume, and they have drastically reduced capacity, particularly on the Trans-Pacific route. Certain industries have seen increasing input costs and uncertainty in their investment plans. 

 

They have been forced to shift production plants from China to other parts of the world, including Southeast Asia and Eastern Europe. As a result, rising trade tensions are expected to limit the market growth.

 

Emission regulations are becoming stricter: The compulsory enforcement of the International Maritime Organization's (IMO) Global Sulphur Cap rule took effect in January 2020. 

The rule mandates ships to utilise a range of fuels to keep sulfur content below 0.5 %, which is a significant drop from the previous 3.5 % cap in place since 2012. Sulfur emissions will be considerably decreased, lowering the cargo or container transportation industry's environmental impact. 

 

As a result, strict emission rules are expected to have an impact on the market's growth. This is a challenge to the growth of the Cargo Shipping Market.

 

Market Trends:

• In May 2021, MSC partnered with blockchain platform WAVE to boost wider adoption of its (charges related to loading of products) in India to maintain service continuity and streamline affected operations.
• In August 2020, the CMA CGM Group has purchased HMM's 49 % ownership in TTI Algeciras (Total Facility International Algeciras), a container terminal in Spain.
• In September 2020, the CMA CGM Group sent one of its biggest cargo vessels, the CMA CGM BRAZIL, to the US East Coast to operate on the weekly Columbus JAX route.

 

Cargo Shipping COVID-19 Insights:

Cargo shipping container port volumes and container trade volumes have both declined in the first five months of 2020 as a result of the COVID-19 pandemic. According to SMR, traffic declined by 8.6% in February. The fall in trade volume is severe in North America and Europe, but it is less in growing economies like the Middle East, India, and Latin America. The impact of the COVID-19 condition has had a significant negative influence on global health and the economy. It has also impacted the overall environment of marine transportation and trade. COVID-19 has reduced shares of short-term cargo shipping dramatically.

 

Cargo Shipping Market Segment Analysis:

By Cargo Type, the container Cargo segment dominated the market with 27% share in 2023.

Containers of a common size enable great efficiency in intermodal transport since they can be loaded into rail wagons, ships, and inland barges, allowing for the shipment of huge amounts in a single trip. As a result, the container cargo category is expected to grow at a faster rate during the forecast period.

 

 

By End-user Industry, the manufacturing segment dominated the Cargo Shipping Market with 29% share in 2023.

Because of the increased need for raw materials in the manufacturing method, the manufacturing segment is expected to grow at a high rate during the forecast period. Increasing logistical expenditures and funding could enable businesses to acquire greater bulk orders in the coming years, boosting the growth of the Cargo Shipping market.

 

Cargo Shipping Market Regional Insights:

Asia Pacific region dominated the Cargo Shipping Market with 39.55% share in 2023. The Asia Pacific area is regarded as a manufacturing hub for automobile firms. China has the greatest cargo transportation market share in the region and around the world. 

 

Tariff escalation between China and the United States, on the other hand, is expected to have a substantial influence on cargo shipped, causing supply chain restructuring and trade flow diversion, raising prices for consumers and producers. 

 

The market in the Middle East and Africa is also expected to grow at a faster rate. The region's commerce volumes have increased as a result of improved port connections and a greater focus on renovating and enhancing existing ports. Europe is also expected to develop in the market, because of port call optimization and significant infrastructure investment in nations like the United Kingdom, Spain, and Germany, which have enabled speedier loading and unloading of cargo.

 

Cargo Shipping Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Cargo Shipping market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Cargo Shipping market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Cargo Shipping Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Cargo Shipping market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Cargo Shipping market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Cargo Shipping market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Cargo Shipping market. The report also analyses if the Global Cargo Shipping market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Cargo Shipping market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Cargo Shipping market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Cargo Shipping market is aided by legal factors.

 

Cargo Shipping Market Scope:

Cargo Shipping Market
Market Size in 2023	USD 12.81 Bn.
Market Size in 2030	USD 17.55 Bn.
CAGR (2024-2030)	4.6%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Cargo Type Liquid Bulk Dry Bulk General Cargo Container Cargo
	By End-user Industry Food and Beverages Manufacturing Oil, gas and ores Electrical and electronics
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Cargo Shipping Market Key Players: 

• A.P. Moller-Maersk (Copenhagen, Denmark)
• Mediterranean Shipping Company S.A. (MSC) (Geneva, Switzerland)
• CMA CGM Group (Marseille, France)
• Orient Overseas Container Line Limited (OOCL) (Wan Chai, Hong Kong)
• China COSCO Shipping (Shanghai, China)
• Evergreen International Corp. (Taipei, Taiwan)
• Hapag-Lloyd AG (Hamburg, Germany)
• Ocean Network Express Pte. Ltd. (ONE) (Tokyo, Japan)
• Yang Ming Group (Keelung City, Taiwan)
• HMM Co., Ltd. (Seoul, South Korea)
• Panalpina World Transport (Holding) Ltd. (Basel, Switzerland)
• Deutsche Bahn AG (Berlin, Germany)