Cargo Shipping Market: Current Analysis and Forecast (2022-2028)

Cargo Shipping Market: Current Analysis and Forecast (2022-2028)

Cargo refers to goods or merchandise that are transported, usually by ship, train, truck, or aeroplane, from one place to another for commercial purposes. The cargo shipping market is a global industry that is driven by the movement of goods and commodities, including consumer goods, raw materials, and manufacturing products. The market is influenced by various factors such as global trade patterns, economic growth, geopolitical risks, and technological advancements.

The cargo shipping market is expected to grow at a steady rate of around 5% owing to the rapid growth of e-commerce which has increased the demand for fast and reliable cargo shipping services, especially for smaller and lighter packages. Major developing countries like India, China and etc are building new ports with advanced features to enhance their shipping capacity. For instance, IN 2021 Adani Group signed a more than USD 700-million agreement with the Sri Lanka Ports Authority (SLPA) and conglomerate John Keells Holdings, becoming the largest foreign investor in the island nation’s ports sector.

• Based on cargo type, the market is segmented into liquid, dry, container and general. Container cargo has the highest market share due to the growth in international trade and the efficiency of containerized shipping. The growth in international trade has led to an increase in demand for containerized shipping, as it is the most efficient way to transport goods globally. Additionally, containers allow for faster loading and unloading of goods at ports, reducing the time required for cargo handling and enabling faster turnaround times for ships. Furthermore, containerized shipping is more cost-effective compared to other modes of transportation, as it reduces the need for manual handling of goods and minimizes the risk of damage to cargo.
• On the basis of end users, the market is categorized into food & beverage, oil & gas, automotive, pharmaceutical, electrical & electronics, and others. Among these, oil & gas to hold a significant share in the market in 2021. This is mainly because it requires the transportation of large quantities of oil and natural gas products from production sites to refineries, petrochemical plants, and distribution centres worldwide. The transportation of these products is usually done through large tanker ships which have the capacity to carry large volumes of oil and gas products over long distances, making them an efficient and cost-effective mode of transport for the industry. Additionally, many oil and gas production sites are located in remote locations, making it necessary to transport the products by sea to reach the markets.
• For a better understanding of the market adoption of the cargo shipping industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World Asia Pacific is expected to have the significant growth rate in the cargo shipping market. The drivers of the growth in this region include the increasing trade activities between different countries in the region, particularly China and India. Additionally, the rise in demand for exports from Asia Pacific countries such as China, India, and Japan is contributing to the growth of the cargo shipping market in the region. Moreover, the growth of the e-commerce industry in Asia Pacific countries, such as China and India, has increased the demand for cargo shipping services. Furthermore, the development of new ports and infrastructure in the region is facilitating the growth of the cargo shipping market. For instance, the Government of India is developing an all-weather port at Wadhavan, 140 kilometres north of Mumbai. The construction of the port has begun in 2020 and will have nine berths for large container ships.
• Some of the major players operating in the market include YANG MING Group, A.P. Moller – Maersk, Mediterranean Shipping Company S.A., CHINA COSCO SHIPPING, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., Evergreen Marine Corp. (Taiwan) Ltd., Pacific International Lines Pte Ltd, and HMM CO., LTD..