Cargo Shipping Market Forecasts to 2028 – Global Analysis By Vessel Type (Tankers, Barge Vessels), Cargo Type (Bulk Cargo, General Cargo), End User (Chemicals, Metal and Mining), and By Geography

Cargo Shipping Market Forecasts to 2028 – Global Analysis By Vessel Type (Tankers, Barge Vessels), Cargo Type (Bulk Cargo, General Cargo), End User (Chemicals, Metal and Mining), and By Geography

According to Stratistics MRC, the Global Cargo Shipping Market is accounted for $11.34 billion in 2021 and is expected to reach $15.43 billion by 2028 growing at a CAGR of 4.5% during the forecast period. Cargo shipping is a transportation mode used to transport items, goods, cargo, and others, from the seaport to the destination by vessels, cargo ships, and others. It is preferred because of its economic & efficient long-distance transportation with less environmental pollution.

Market Dynamics:

Driver:

Increasing infrastructural development at the port terminals

High investment in port infrastructure and the global supply & demand cycle are driving factors for the cargo shipping market. The development of trade passages increases waterways’ capacity and allows the passage of larger vessels is beneficial for cargo shipping. The increasing number of countries forging free trade agreements will further the demand for the cargo shipping industry. Moreover, different free trade agreements have helped countries considerably towards strengthening their economies. The improved specialization in the supply chain for marine trade has gathered huge development as developing countries continue to gain greater market share in the cargo shipping market.

Restraint:

Global trade tensions

The trans-pacific shipping route accounts for a large quantity of the cargo shipping market. Owing to trade tensions, mainly between China and the U.S., imports from China have become more expensive. Therefore, a demand and volume drop is expected by carriers, and they have significantly decreased capacity, especially on the Trans-Pacific route. Moreover, some sectors have faced uncertainty in investment plans and increased cost of inputs. They have been compelled to relocate manufacturing facilities from China to regions such as South-East Asia and Eastern Europe.

Opportunity:

Capacity optimization via digital transformation

Many carriers are increasingly partnering with startups in the shipping industry that focus on data collection of cargo movements and vessels that can enable optimal cargo routing and enhanced vessel deployment. Startups focus on analyzing cargo positioning data to accurately predict cargo volumes that can help carriers avert empty back-haul trips. Therefore, the capacity optimization of deployed vessels is likely to grow the cargo shipping market revenue.

Threat:

Environmental challenges

The cargo shipping industry is facing environmental challenges and challenges rising from changing dynamics of geopolitics. Along with these challenges, the high cost of buying new bigger container ships and competition to fill them in a saturated market have started consolidation in the shipping industry. The industry players are fighting for market share which is giving rise to pricing at their marginal cost. The shipping industry has to overcome these challenges by increasing productivity in operations and improving in network and fleet.

The general cargo segment is expected to be the largest during the forecast period

The general cargo segment is estimated to have a lucrative growth owing to the improving economic conditions of the nations, and trade agreements formed between major developing and developed countries. The import & export trade of goods and products becomes more prominent for which general cargo would provide a significant transportation model.

The tankers segment is expected to have the highest CAGR during the forecast period

The tankers segment is anticipated to witness the fastest CAGR growth during the forecast period as these tankers are cargo shipping vessels used in the transportation of bulks of liquids and gases, which had emerged as an ideal mode of transportation for chemicals, petrochemicals as well as gas refineries. Oil tankers, chemical tankers, and gas carriers are some of the common types of tankers utilized for serving applications based on load-carrying capacities for shipping goods.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period due to improved port connectivity, increased emphasis on modernizing and expanding existing ports, port call optimization, and substantial investment in infrastructure that have enabled faster loading and unloading of goods in countries such as the U.K., Spain, and Germany.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the high growth of various end-use industries, initiatives toward improving as well as incorporating new trade agreements, improving seaport infrastructures, and rising technological advancements. Moreover, the rising trend of globalization and demographic changes are also a few other key drivers for Asia-Pacific.

Key players in the market

Some of the key players profiled in the Cargo Shipping Market include CMA CGM SA, Yang Mang Marine Transport Corporation, Panalpina World Transport (Holding) Ltd., Ocean Network Express Pte. Ltd., Nippon Express Co., Ltd, Mediterranean Shipping Company S.A, Hapag-Lloyd AG, Evergreen Marine, Deutsche Bahn AG, DB Schenker, COSCO SHIPPING (Hong Kong) Co., Limited, Mitsui O.S.K Lines, Ltd. , A.P. Moller Maersk, and Hamburg Sud Group.

Key Developments:

In Sep 2020, Mediterranean Shipping Company S.A partnered with WAVE BL for wide adoption of its e-bill of lading in India, enabling its customers to continue shipping goods despite COVID-19 quarantine and lockdown measures by providing a reliable and secure digital platform for the fast transfer of trade-related documents.

In Sep 2020, CMA CGM SA announced that the new CMA CGM Brazil is the largest vessel ever to enter the port of New York & New Jersey and dock on the U.S. East Coast.

Vessel Types Covered:
• Tankers
• Ro-Ro Vessels
• Multi Purpose Vessels
• Barge Vessels
• Reefer Vessels

Cargo Types Covered:
• Bulk Cargo
• General Cargo
• Commodity
• Container Cargo

Vessel Cargo Capacities Covered:
• <1000 TEU
• 1000-4000 TEU
• 4000-8000 TEU
• 8000-12000 TEU
• 12000-16000 TEU
• 16000-20000 TEU
• >20000 TEU

End Users Covered:
• Food & Beverages
• Electrical & Electronics
• Oil, Gas & Ores
• Manufacturing
• Chemicals
• Medical and Pharmaceutical
• Logistics and E-Commerce
• Metal and Mining
• Consumer Goods

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances