Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global cargo shipping market size was valued at 10.85 billion tons in 2020. The market is estimated to grow from 11.09 billion tons in 2021 to 13.19 billion tons by 2028, exhibiting a CAGR of 2.5% during the forecast period. Rising demand for export and import of manufactured goods and strict emission norms is expected to boost industry growth. Fortune Business Insights™ mentions this information in its report titled “Cargo Shipping Market, 2021-2028.”
Cargo shipping is used to transport cargo and goods from cargo ships, vessels, and others. The rising demand for import and export activities is expected to boost the adoption of the product. The shipping’s lower cost and efficient and economical transportation is expected to boost its adoption. Furthermore, strict emission norms by governments are expected to foster the adoption of cargo shipping. Moreover, rising economic liberalization in developing countries is expected to bolster the product’s adoption. These factors may fuel the market development during the upcoming years.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 2.5% |
| 2028 Value Projection | USD 13.19 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 11.09 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 250 |
Drivers & Restraints-
Lower Environmental Impact and Increased Efficiency to Foster Market Progress
Cargo shipping produces lower emissions than normal transportation methods, increasing its adoption. For example, as per the Swedish Network for Transport and the Environment, shipping via cargo produces lower exhaust gas per ton of transported cargo than air, rail, or road transport. Furthermore, cargo shipping is extremely efficient and can transport nearly 10,000 goods and products on a large containership. Various carriers partner with shipping industry startups for collecting cargo vessels and movements to provide enhanced vessel deployments. These factors may drive the cargo shipping market growth. However, trade tensions may likely hinder the market’s progress.
COVID-19 Impact-
Trade Restrictions and Lower Good Capacities to Impede Market Growth
The COVID-19 pandemic is expected to affect this market negatively because of trade restrictions and lower good capacities. The sudden spike in cases led to the adoption of strict lockdown norms, thereby affecting global trade activities. Furthermore, increasing transport restrictions may lead to raw material shortages, thereby affecting the supply chain. However, adopting social distancing, sanitization methods, technologically advanced production methods, and part-time shifts may enable manufacturers to reduce costs and boost production. This factor may enable growth during the pandemic.
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Segments-
Container Cargo Segment to Exhibit a Higher CAGR owing to Use of Standard Size Containers
By cargo type, the market is classified into container cargo, general cargo, dry bulk, liquid bulk, and others. As per industry type, it is categorized into electrical & electronics, oil, gas & ores, manufacturing, and food & beverages. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Report Coverage-
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights:
Presence of Automotive Companies Manufacturing Hub to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the cargo shipping market share because of the presence of several automotive companies manufacturing hubs. The market in Asia Pacific stood at 4.43 billion tons in 2020 and is expected to grow positively in the upcoming years. Furthermore, tariff escalations between the U.S. and China are expected to divert trade flow and boost costs for producers and consumers. These factors are likely to foster market development during the upcoming years.
In the Middle East & Africa, the rising emphasis on expanding and modernization of existing ports is expected to increase trade volumes.
In Europe, substantial infrastructural investments and port optimization is expected to provide faster unloading and loading of goods in Germany, the U.K., and Spain. These factors may propel market development.
Competitive Landscape-
Companies Engage in Partnerships to Boost Market Expansion
Prominent companies operating in the market engage in partnerships to boost electronic bill adoption and boost market expansion. For example, MSC partnered with WAVE to boost (e-BL) electronic bill of lading adoption in India, streamline affected operations and ensure service continuity. This strategy may enable the company to expand its market presence. Furthermore, companies adopt acquisitions, research and development, mergers, and product launches to boost their market position.
List of Key Players Covered in Automotive Suspension System Market:-
- A.P. Moller-Maersk (Copenhagen, Denmark)
- Mediterranean Shipping Company S.A. (MSC) (Geneva, Switzerland)
- CMA CGM Group (Marseille, France)
- Orient Overseas Container Line Limited (OOCL) (Wan Chai, Hong Kong)
- China COSCO Shipping (Shanghai, China)
- Evergreen International Corp. (Taipei, Taiwan)
- Hapag-Lloyd AG (Hamburg, Germany)
- Ocean Network Express Pte. Ltd. (ONE) (Tokyo, Japan)
- Yang Ming Group (Keelung City, Taiwan)
- HMM Co., Ltd. (Seoul, South Korea)
- Panalpina World Transport (Holding) Ltd. (Basel, Switzerland)
- Deutsche Bahn AG (Berlin, Germany)
Automotive Suspension System Market Segmentation:-
By Cargo Type
- Liquid Bulk
- Dry Bulk
- General Cargo
- Container Cargo
By Industry Type
- Food & Beverages
- Manufacturing
- Oil, Gas & Ores
- Electrical & Electronics
Key Industry Development:
June 2021- Ocean Network Express (ONE) Pte. Ltd. And Hapag-Lloyd integrated with TradeLens platform, helping provide precise and timely logistics data for freights.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Global Cargo Shipping Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Cargo Type
- Liquid Bulk
- Bulk
- General Cargo
- Container Cargo
- Others
- Market Analysis, Insights and Forecast – By Industry Type
- Food & Beverages
- Manufacturing
- Oil, Gas & Ores
- Electrical & electronics
-
- Others
- Market Analysis, Insights and Forecast – By Region
-
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Toc Continued….
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