Market Size of Cargo Shipping Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 627.70 Billion |
| Market Size (2029) | USD 797.30 Billion |
| CAGR (2024 - 2029) | 4.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cargo Shipping Market Analysis
The Cargo Shipping Market size is estimated at USD 627.70 billion in 2024, and is expected to reach USD 797.30 billion by 2029, growing at a CAGR of 4.90% during the forecast period (2024-2029).
The rising demand for cargo vessels such as container ships, bulk carriers, and others due to the growth in sea freight activity is driving the cargo shipping market.
Factors such as the increasing demand for cargo transportation through ships and the surge in trade-related agreements supplement the growth of the cargo shipping market. Fluctuations in transportation and inventory costs hamper the growth of the cargo shipping market. However, factors such as the anticipated trend of automation in marine transportation and an increase in marine safety norms are expected to provide opportunities for the growth of the cargo shipping market during the forecast period.
- In 2022, the freight volume transported domestically via coastwise vessels in Japan stood at 320.93 million metric ton, compared to 324.66 million metric ton in 2021.
- According to the Indian Ministry of Ports, Shipping, and Waterways, the total volume of cargo handled at seaports across India touched 1,323 million metric ton in FY 2022, witnessing a Y-o-Y increase of 6.0% compared to FY 2021.
Cargo Shipping Industry Segmentation
Cargo shipping is the means of transport used to transfer items, goods, and cargo from a port to a destination by ship.
The cargo shipping market is segmented by ship type (bulk carriers, general cargo ships, container ships, tankers, and reefer ships), industry type (food and beverages, manufacturing, oil and gas, pharmaceutical, electrical and electronics, others), cargo type (general container shipping and reefer container shipping), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers market size and forecasts for the cargo shipping market in value (USD) for all the above segments.
| Ship Type | |
| Bulk Carriers | |
| General Cargo Ships | |
| Container Ships | |
| Tankers | |
| Reefer Ships |
| Industry Type | |
| Food and Beverages | |
| Manufacturing | |
| Oil and Gas | |
| Pharmaceutical | |
| Electrical and Electronics | |
| Others |
| Cargo Type | |
| Liquid Cargo | |
| Dry Cargo | |
| General Cargo |
| Geography | ||||||||
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Cargo Shipping Market Size Summary
The cargo shipping market is poised for significant growth over the forecast period, driven by increasing demand for cargo vessels such as container ships and bulk carriers. This demand is largely fueled by the expansion of sea freight activity, cross-border trading, and the growth of the e-commerce industry. The implementation of various free-trade agreements across nations further bolsters this growth. However, the market faces challenges from fluctuations in transportation and inventory costs. Despite these challenges, advancements in automation and stricter marine safety norms are expected to create new opportunities for market expansion.
In Europe, the cargo shipping market is expected to experience robust growth, supported by strong maritime sectors in countries like Germany and Spain. Germany's significant share in global container-carrying capacities and Spain's strategic position with well-connected ports contribute to this growth. The market is characterized by fragmentation, with major players like Maersk, MSC, CMA, COSCO, and Hapag Lloyd dominating the landscape. These companies are actively engaging in strategic partnerships and acquisitions to enhance their market presence and service offerings. Recent acquisitions, such as Maersk's purchase of Martin Bencher Group and CMA CGM's acquisition of Containerships, highlight the ongoing efforts to strengthen global logistics capabilities.
Cargo Shipping Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 The Rise of Trade Agreements Between Nations
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1.2.2 Increasing Volume of International Trade
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1.3 Market Restraints
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1.3.1 Surge in Fuel Costs Affecting the Market
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1.4 Value Chain/Supply Chain Analysis
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1.5 Industry Policies and Regulations
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1.6 Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Ship Type
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2.1.1 Bulk Carriers
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2.1.2 General Cargo Ships
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2.1.3 Container Ships
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2.1.4 Tankers
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2.1.5 Reefer Ships
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2.2 Industry Type
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2.2.1 Food and Beverages
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2.2.2 Manufacturing
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2.2.3 Oil and Gas
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2.2.4 Pharmaceutical
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2.2.5 Electrical and Electronics
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2.2.6 Others
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2.3 Cargo Type
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2.3.1 Liquid Cargo
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2.3.2 Dry Cargo
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2.3.3 General Cargo
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 South Ameria
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2.4.4.2 Middle East and Africa
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Cargo Shipping Market Size FAQs
How big is the Cargo Shipping Market?
The Cargo Shipping Market size is expected to reach USD 627.70 billion in 2024 and grow at a CAGR of 4.90% to reach USD 797.30 billion by 2029.
What is the current Cargo Shipping Market size?
In 2024, the Cargo Shipping Market size is expected to reach USD 627.70 billion.
