Global Cargo Shipping Market Size Forecast 2024-2033
12 Dec, 2024
What Is The Definition Of The Global Cargo Shipping Market?
Cargo shipping refers to the transportation of goods and commodities by sea, air, or land, utilizing various types of vessels, aircraft, and vehicles. It involves processes such as loading, transporting, and unloading cargo, often coordinated by logistics companies. This industry plays a crucial role in global trade and supply chains.
Cargo Shipping Global Market Report 2024 provides data on the global cargo shipping market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cargo shipping market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Cargo Shipping Market Size Expected To Expand, And At What Annual Growth Rate?
The cargo shipping market has grown steadily, increasing from $11.93 billion in 2023 to $12.53 billion in 2024, reflecting a CAGR of 5.0%. Growth drivers include industrial production, demand for raw materials, globalization, the rise of Asian economies, and deregulation. By 2028, the market is expected to reach $15.29 billion, growing at a CAGR of 5.1%. Future growth factors include just-in-time manufacturing, standardized shipping containers, port facility investments, sustainability efforts, and fuel price fluctuations. Emerging trends involve advanced software solutions, smart port technologies, container tracking, innovations in cold chain logistics, and improved safety regulations.
What Are The Key Drivers Fueling Growth In The Cargo Shipping Market?
The growth in automotive manufacturing is expected to contribute to the growth of the cargo shipping market. This growth is driven by factors like population increases, higher motorization rates, government support, and foreign investments. Cargo shipping for the automotive industry involves using large container ships to transport vehicles and parts globally. In May 2023, the European Automobile Manufacturers Association reported that 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021. This growth in automotive production is driving the cargo shipping market.
Get Your Free Sample of the Global Cargo Shipping Market ReportWhat Are The Principal Market Segments In The Global Cargo Shipping Industry?
The cargo shipping market covered in this report is segmented –
1) By Ship Type: Bulk Carriers, General Cargo Ship, Container Ship, Tanker, Reefer Ship, Other Ship Types
2) By Cargo Type: Liquid Cargo, Dry Cargo, General Cargo
3) By Industry Type: Food And Beverages, Manufacturing, Retail, Oil And gas, Automotive, Pharmaceutical, Electrical And Electronics, Other Industry Types
Which Emerging Market Trends Are Altering The Cargo Shipping Sector?
Companies in the cargo shipping market are innovating with electric container ships to improve environmental sustainability and meet customer needs. These vessels use electric propulsion systems, powered by batteries or fuel cells, to transport cargo with reduced emissions. For example, in May 2024, China Ocean Shipping Company Limited introduced the world's first 10,000-DWT pure electric container ships, Green Water 01 and Green Water 02. These ships, equipped with battery systems exceeding 50,000 kWh, can carry up to 700 containers along a 600-mile route, marking a milestone in eco-friendly maritime transport.
What Is The Leading Region In The Cargo Shipping Market?
Asia-Pacific was the largest region in the cargo shipping market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cargo shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.