Cargo Shipping Market to Be Spurred By Increased Purchasing Power of Consumer Base Globally

Pune, India, July 2023, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Cargo Shipping Market.

Cargo Shipping Market Highlights

Cargo shipping is the means of transport used to transfer items, goods, and cargo from a port to a destination by ship. Shipping is the cheapest means of transportation per ton. Preferred for economical and efficient long-distance transport with low environmental impact. The greatest advantage of cargo transport is the ability to transport bulky cargo that cannot be transported by land or air. In addition, cargo ships are usually equipped with cranes and other similar equipment for loading and unloading cargo.

Market Research Future expects the cargo shipping market to jump from USD 15.25 Billion in 2023 and touch USD 20.67 billion by 2030, at a rate of 5.20% during the appraisal period (from 2023 to 2030. The COVID-19 pandemic has caused a decline in container commerce and cargo shipping port volumes in the first five months of 2020. The volume declined by 8.6% in February, according to research released by the International Transport Forum (ITF) in April. In North America and Europe, the volume of commerce has decreased significantly; but, in developing economies like the Middle East, the Indian Subcontinent, and Latin America, the loss has been less pronounced.

Fortunately, the International Maritime Organization's (IMO) law requiring the adoption of the Global Sulphur Cap took effect in January 2020. To comply with the law, ships must utilize a variety of fuels with a sulfur content limit of less than 0.5%. This is a significant decrease from the previous restriction of 3.5%, which had been in effect since 2012. The cargo or container transport industry's environmental impact will be significantly decreased by sulfur emissions. As a result, strict emission laws are predicted to have an impact on market expansion.

Additionally, many carriers are teaming up 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 analysing cargo positioning data to precisely forecast cargo volumes that can assist carriers in avoiding empty back-haul journeys. As a result, increased revenue from the cargo shipping market is anticipated from the capacity optimization of deployed boats.

Cargo shipping emits less exhaust gas per kilometer for each tonne of cargo transported than road, rail, or air transportation, claims the Swedish Network for Transport and the Environment. Because a huge containership can carry 10,000 items or more on a single trip, this method of shipping is also quite effective. For instance, compared to the fleet of trucks and numerous miles of rail cars that would be needed for the same quantity, over 7600 automobiles may be handled by a few car carrier ships on a single trip.

Therefore, this shipping method's higher efficiency and reduced environmental effect are what are essentially fostering the market's expansion.

Segmental Analysis 

Bulk, liquid, general, and containerized cargo are the main types covered in the report. The general cargo category is expected to grow at the quickest CAGR due to market traits, including significant container flexibility.

Food, manufacturing, oil & ore, and electrical & electronics are the major end-users in the market. Industry experts predict that the manufacturing sector would rule the industry in subsequent years.

Detailed Regional Analysis 

In 2022, the Asia Pacific Cargo Shipping market hit USD 6.64 billion and is projected to grow at a substantial CAGR. The area is recognized as a hub for the manufacture of autos. China has the largest market share for cargo transportation in the region. However, it is anticipated that the surge in tariffs between China and the U.S. will have a significant impact on cargo shipping, rearranging the supply chain and diverting trade flow, increasing costs for consumers and industry. The increased usage of outsourced logistics services is driving growth in the Asia-Pacific cargo shipping sector. A rise in disposable incomes will also increase the demand for imported raw materials and finished goods, promoting maritime trade in developing countries and enhancing the market.

Competitive Analysis

In order to diversify their product offerings, major market players are spending a lot of money on R&D. This will propel the cargo shipping market to further expansion. To improve their market position, the top corporations use tactics like product releases, collaboration agreements, expansion, acquisitions, and agreements. One of the key strategies employed by the cargo shipping industry to service clients and expand the market sector is the manufacture of goods locally to reduce operational costs.

P Moller – Maersk (Denmark), Panalpina World Transport (Holding) Ltd. (Switzerland), CMA CGM Group (France), MSC Mediterranean Shipping Company S.A. (Switzerland), DB Schenker (Germany) are the top providers of cargo shipping services in the worldwide market.

Read More @ Cargo Shipping Market Size