Ocean & Coastal Transportation in the US - Industry Market Research Report

Ocean & Coastal Transportation in the US - Industry Market Research Report

Ocean & Coastal Transportation in the US

Ocean and coastal transportation includes cruise lines and freight carriers transporting people and cargo to and from US ports. The industry has experienced varied conditions in recent years. Rising US trade activity between 2017 and 2019 bolstered industry revenue, but overcapacity in the deep-sea freight shipping market limited growth. Still, revenue has been buoyed by the cruise segment, which has grown as demand and rising disposable income enabled consumers to spend more on discretionary items and services. Record-high revenue growth was achieved soon after the CDC lifted pandemic-related restrictions. Overall, industry revenue has been positive in four of the last five years, with a steep 2020 revenue decline outweighing growth. Ocean and coastal transportation revenue has decreased at a CAGR of 0.6% to $45.7 billion through the end of 2023, including a 10.2% increase in 2023 alone.

This industry provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. Deep-sea shipping activity includes US-flagged vessels and non-US-flagged vessels (operators must be primarily US-based). Marine transportation establishments that use the St. Lawrence River are considered a part of the Great Lakes Water Transportation System and are thus included in this report. This industry also includes deep-sea passenger transportation, such as cruise ships.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.