Cargo Shipping Market Size

Global Cargo Shipping Market Overview

Cargo Shipping Market Size was valued at USD 15.00 billion in 2023. The Cargo Shipping industry is projected to grow from USD 15.765 Billion in 2024 to USD 23.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.06% during the forecast period (2024 - 2032). Agreements on free commerce, the construction of additional ports, and expanding liquid, dry, general, and container cargo commerce imports and exports. Increased market demand, improvements to the port's infrastructure, and ongoing government backing are the key market drivers enhancing the Cargo Shipping market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cargo Shipping Market Trends

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  International trade will be fueled by industrial and economic growth, which will attribute to the cargo shipping market growth

  
  

Modern technology and improvements have turned boats and small vessels into robust, long-lasting huge watercraft that can carry bulk products and passengers. Strong industrial and economic expansion has boosted current cargo freight and carrier networks. The sea is used for more than 90% of trade. According to Genesis Freight Services Ltd., eleven corporations controlled 64.8% of the world's liner fleet as of 2015. The percentage of cargo transportation that the top 10 businesses handle is seen in the above graph.

The expansion of the aviation, road and maritime cargo sectors is being aided by developing nations' economic prosperity, easing the way for commerce. Urbanization has contributed to the enormous rise of the cargo transportation business over the past ten years.

Over the Forecast Period, Emission Regulations Will Be More Strict. The International Maritime Organization's (IMO) Sulphur Cap regulation's obligatory implementation took effect in January 2020. The rule mandates that ships utilize a mix of fuels to keep sulfur content below 0.5%, a significant decrease from the previous ceiling of 3.5% in effect since 2012. The shipment of goods or containers will have a significantly less environmental impact thanks to a significant reduction in sulfur emissions. Therefore, strict emission restrictions are anticipated to have an impact on the Cargo Shipping market's CAGR.

Utilizing digital transformation to optimize capacity will support industry growth. A growing number of carriers are collaborating with startups in the shipping sector that concentrate on gathering data on cargo movements and vessels, which can, among other things, enable efficient cargo routing and improved vessel deployment. Startups like Transmetrics, for instance, concentrate on analyzing cargo placement data to precisely forecast cargo levels that might assist carriers in avoiding empty back-haul journeys. As a result, more income from the cargo shipping business is anticipated from the capacity optimization of deployed boats.

An increase in the demand for cargo shipping transportation. There has been an increase in demand for cargo transportation via rivers. This is explained by the fact that many goods are successfully transported to another location by ships while also being secured. Additionally, cargo shipping is less expensive for delivering products than air and road transportation since they can handle far more cargo than other modes of transportation. Eventually, this will result in a expansion of the cargo shipping market revenue.

October 2023: Shipping giant Maersk unveils plans to invest in the production of green methanol, a sustainable alternative fuel for cargo ships. This move reflects the growing focus on decarbonization within the shipping industry.

Cargo Shipping Market Segment Insights

Cargo Shipping Cargo Type Insights

The Cargo Shipping market segmentation, based on Cargo type, includes Container Cargo, Bulk Cargo, General Cargo and Liquid Cargo. Due to market characteristics, including high container flexibility, it has been predicted that the general cargo category will develop at the fastest CAGR.

Figure 2: Cargo Shipping Market, by Cargo Type, 2022 & 2032 (USD billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cargo Shipping End-User Insights

Based on End-User, the Cargo Shipping market segmentation includes Food, Manufacturing, Oil & Ores, and Electrical & Electronics. In 2022, the market was anticipated to be dominated by the Manufacturing sector. The expansion of this Cargo Shipping market is fueled by factors including the acceleration of economic growth, particularly in developing nations in the Asia Pacific and the Middle East. The Cargo Shipping market is also anticipated to significantly expand in the oil, gas, and ores categories. Some of the reasons driving the expansion of this category include a rise in exports from the United States and increased demand in nations like China and India due to the high production levels of conventional fuel automobiles.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Cargo Shipping market accounted for USD 6.64 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period.The Asia-Pacific area is regarded as a center for the production of automobiles. Regionally and ly, China held the greatest Cargo Shipping market share for cargo transportation. However, the escalation of tariffs between China and the U.S. is anticipated to substantially influence the Cargo Shipping delivered ly, reorganizing the supply chain, and diverting trade flow, raising costs for consumers and manufacturers. The Asia-Pacific cargo shipping industry is expanding as a result of the rising use of outsourced logistics services in the area. Additionally, a rise in disposable incomes is anticipated to fuel an increase in the demand for imported raw materials and completed goods, supporting seaborne commerce in rising nations and fueling the Cargo Shipping market expansion.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: CARGO SHIPPING MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Cargo Shipping market is also anticipated to have strong growth due to port call optimization and significant infrastructure investment, which have sped up the loading and unloading of cargo in nations like the U.K., Spain, and Germany. The Cargo Shipping market in Germany had the biggest market share, while the Cargo Shipping market in the U.K. had the quickest growth rate on Europe's continent. Manufacturers could soon be able to acquire an increasing number of bulk orders thanks to rising investments and finance for logistics, which will expand the cargo shipping industry. Moreover, UK Cargo Shipping market held the largest market share, and the Germany Cargo Shipping market was the fastest growing market in the region.

North America Cargo Shipping Market is expected to grow at the fastest CAGR from 2022 to 2030. Following the Panama Canal expansion in 2017, the East Coast's liner shipping connectivity index in North American ports has grown. Some of the nation's major oil and natural gas producers and consumers are located in this area, which also exports goods to practically the whole nation. The area contributes 8% of all container port activity. Furthermore, the deal between the United States, Mexico, and Canada, which will replace the North American Free Trade Agreement, would lessen some of the uncertainties surrounding trade policy and promote trade growth. Moreover, US Cargo Shipping market held the largest market share, and the Canada Cargo Shipping market was the fastest growing market in the region.

Cargo Shipping Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the Cargo Shipping industry. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming increasingly competitive, the Cargo Shipping industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics used by the Cargo Shipping industry to serve customers and increase the market sector. The Cargo Shipping industry has recently given medicine some of the most important advantages. The Cargo Shipping market major player such P Moller – Maersk (Denmark), Panalpina World Transport (Holding) Ltd. (Switzerland), CMA CGM Group (France), MSC Mediterranean Shipping Company S.A. (Switzerland), DB Schenker (Germany), and others are working on expanding the market demand by investing in research and development activities.

Maersk Group, a Danish commercial conglomerate, owns Maersk Line, a Danish multinational container shipping corporation and its largest operating subsidiary. One of the leading Cargo Shipping market players, Maersk Line, introduced its new AC1 service, which links Asia and Latin America's West Coast, in May 2016. This new service will optimize the network from Asia to Central America. The A.C. network will gain a third loop due to the deep network. This new service is anticipated to give Maersk Line's clients faster transit times, resulting in more port coverage on some corridors while retaining the network's stability in the Cargo Shipping market context.

Chinese container shipping and transportation business COSCO SHIPPING Lines Co., Ltd. Its main firm is China's state-owned COSCO Shipping, a division of COSCO Shipping Holdings. A Memorandum of Understanding (MoU) to create a new alliance was signed by COSCO Container Lines in April 2016, in addition to CMA CGM, Evergreen Line, and Orient Overseas Container Line. During the projected period, which ends in 2028, the recently formed alliance delivers superior and competitive goods combined with extensive service networks worldwide.

List of the Key Companies in the Cargo Shipping market include

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  P Moller – Maersk (Denmark)

  
  


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  Panalpina World Transport (Holding) Ltd. (Switzerland)

  
  


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  CMA CGM Group (France)

  
  


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  MSC Mediterranean Shipping Company S.A. (Switzerland)

  
  


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  DB Schenker (Germany)

  
  

Cargo Shipping Industry Developments

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  September 2020 – The CMA CGM Group sent one of its biggest container ships, the CMA CGM BRAZIL, to the U.S. East Coast to work on the weekly Columbus JAX route.

  
  


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  August 2020 – HMM disclosed that it had sold the CMA CGM Group a 49% ownership in the TTI Algeciras (Total Port International Algeciras), a container terminal in Spain.

  
  


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  May 2021 – To maintain service continuity and streamline impacted operations, MSC is collaborating with blockchain platform WAVE to promote wider use of its (charges connected to loading products) in India.

  
  

Cargo Shipping Market Segmentation

Cargo Shipping Cargo Type Outlook

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  Container Cargo

  
  


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  Bulk Cargo

  
  


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  General Cargo

  
  


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  Liquid Product

  
  

Cargo Shipping End User Outlook

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  Food

  
  


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  Manufacturing

  
  


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  Oil & Ores

  
  


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  Electrical & Electronics

  
  

Cargo Shipping Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America