Cargo Shipping Market Value Will Grow at a CAGR of 5% | Valautes Reports USA – English

BANGALORE, India, March 28, 2022 /PRNewswire/ — The Cargo Shipping Market is Segmented by Type (Container Cargo, General Cargo, Bulk Cargo), by Application (Oil, Ores, Food, Manufacturing, Electrical & electronics): Opportunity Analysis and Industry Forecast, 2021–2028. It is published in Valuates Reports under the Freight & Trucking Category.

Global Cargo Shipping Market value is about 61 Billion in 2021 and the CAGR will be 5% in the future years.

Major factors driving the growth of the cargo shipping market:

The Cargo Shipping Market is expected to grow due to rising demand for import/export of manufactured goods and bulk transport of raw materials. Global supply chain expansion, liberalizing trade policies, and technological advancements in waterborne shipping have boosted intermediate and manufactured product trade while lowering coordination and transportation costs significantly. 

The most significant advantage of cargo shipping is that it allows for the transportation of the largest and most bulky goods, which are not possible to transport by road or air. This factor is expected to fuel the cargo shipping market growth.

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Increasing number of trade agreements drive the cargo shipping market forward. Trade agreements are critical in assisting importers or businesses in obtaining low-cost goods at reasonable prices, making them one of the most important factors in promoting improved and optimal levels of sea trade. Within the last five years, there has been a significant increase in the number of plurilateral agreements with negotiations, as a means of improving bilateral relations between developed and developing economies around the world.

Capacity optimization via digital transformation is expected to fuel the cargo shipping market growth. Several carriers are increasingly partnering with shipping startups that focus on data collection of cargo movements and vessels, which can lead to improved cargo routing and vessel deployment, among other things.

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Based on type, the Container Cargo segment is expected to be the most lucrative. Expanding US supply and rapidly changing energy policy shifts in Asia, which have increased demand for LNG, are some of the factors expected to drive this segment’s increased growth.

Based on application, The manufacturing segment is expected to be the most lucrative. Increasing logistics investments and funding should enable manufacturers to purchase more and more bulk orders in the near future, boosting the global cargo shipping market.

Based on region, the Asia Pacific region is expected to be the most lucrative. The Asia Pacific has the largest market share thanks to improvements in port infrastructure and strong government support. Furthermore, significant growth in emerging countries as a result of government initiatives, continued privatization, a growing construction sector, and infrastructure investments in countries act as a supporting factor for the target regional market’s growth.

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Key Market Players:

  • P. Moller-Maersk Group
  • Mediterranean Shipping Company SA
  • DHL Global Forwarding
  • China Cosco Holdings Company Limited
  • Nippon Express Co. Ltd
  • Hapag-Lloyd AG
  • Hyundai Merchant Marine
  • Ceva Logistics

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–  The global 3PL market was valued at USD 1027.71 Billion in 2019 and is projected to reach USD 1789.94 Billion by 2027 registering a CAGR of 7.1% from 2020 to 2027.

–  The global shipping containers market was valued at USD 8.70 Billion in 2019 and is projected to reach USD 12.08 Billion by 2027, registering a CAGR of 4.3% for the forecast period 2020-2027.

–  The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.

–  The global Oversized Cargo Transportation market size is projected to reach USD 255880 Million by 2028, from USD 188620 Million in 2021, at a CAGR of 4.0% during 2022-2028.

–  Due to the COVID-19 pandemic, the global Gas Detectors for Shipping market size is estimated to be worth USD 299.8 Million in 2022 and is forecast to be a readjusted size of USD 360 Million by 2028 with a CAGR of 3.1% during the review period.

–  The global Project Cargo market size is projected to reach USD 31870 Million by 2027, from USD 25730 Million in 2020, at a CAGR of 3.1% during 2021-2027.

–  The global freight forwarding market size is projected to reach USD 207 Billion by 2026, from USD 170 Billion in 2019 at a CAGR of 2.8% during 2020-2026.

–  The global logistics market size is valued at USD 7641.20 Million in 2017 and is projected to reach USD 12975.64 Billion by 2027 registering a CAGR of 6.5% from 2020 to 2027.

–  The global express delivery market size was valued at USD 262.86 Billion in 2020 and is projected to reach USD 484.38 Billion by 2030 registering a CAGR of 6.4% from 2021 to 2030.

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