Global Cargo Shipping Market Report 2021- 2027| Latest trends, forecast Analysis, leading key playersOctober 14, 2021
According to the study, Cargo Shipping Market size is forecasted to grow remarkably in the future. Increasing marine trade globally and rising globalization are expected to be the major growth drivers for the market.
Over the years, the marine trade has seen significant growth. The lifting of trade restrictions and tariffs by many developing and developed countries has increased globalization and increased growth opportunities for cargo shipping. Improvement in marine trade networks and trade relations among global economies is expected to boost the market growth.
The global cargo shipping market has experienced negative impact from the global pandemic. The disruption in the global supply chain network has stunted the growth of the market. Less available workforce and rising unemployment rate have negatively affected the market. Restrictions on trade imposed by the governments of many economies further aggravated the situation due to less cargo shipping. However, the market is slowly recovering as vaccines are now available to the general public, and global trade has resumed. The market is expected to see a sharp rise after the pandemic.
Cargo Shipping Market Segregated into following types:
Cargo type: Hazardous, Petroleum, bulk, general, and dry cargo container.
End-use industry type: Oil & ores, Electrical & electronics, food and manufacturing.
Geographical type: North America, South America, Europe, Asia Pacific,and the Middle East & Africa.
Increasing globalization, industrialization and urbanization will increase the demand and supply of various goods transported through cargo shipping. For example, the oil and ore industries benefit greatly from cargo shipping to transport crude oil and various minerals across global economies. The growing marine trade globally is expected to stimulate the cargo shipping demand and fuel the growth of the global cargo shipping market.
The increasing consumption of the commodity due to economic growth is expected to fuel the demand for cargo shipping in the coming years. The increase of trade restrictions and tariffs to promote trade between developed and developing economies due to increasing globalization is predicted to give a huge boost to the growth of the market. Improvement in supply chain management for marine trade in developing countries is also expected to boost the growth of the market.
Asia Pacific to drive global market driven by presence of various manufacturing hubs
Asia Pacific is expected to dominate in terms of global cargo shipping market share. Growing government support in global trade, rising demand for the product and presence of major manufacturing hubs like India and China is expected to propel the growth of the market. China is projected to continue its dominance by becoming the largest exporter of goods in the coming years.
Europe is projected to rank second in the global market. Growing EU initiatives and rising global demand for cargo shipping are expected to drive growth in the region. Additionally, the UK, Italy, Germany, Sweden and the Netherlands are projected to gain momentum in the near future.
The Leading Key players are Hapag-Lloyd AG, Mediterranean Shipping Company S.A., CMA-CGM SA, Ceva Logistics, DHL Global Forwarding, Nippon Express Co. Ltd, A.P. Moller-Maersk Group, China COSCO Holdings Company Limited, Deutsche Bahn AG, Panalpina World Transport (Holding) Ltd.