China Shipping Agency Services Market Size (2024 - 2029)

China Shipping Agency Services Market Analysis

The Shipping Agency Services in China is expected to grow at a CAGR of more than 3.5% during the forecast period (2023-2028).

• China is the largest producer and exporter of industrial goods in the world, with exports accounting for 39.18% of its GDP in 2020. The nation is also, after the United States, the second-largest importer in the world. China is the world's top producer of shipping equipment, manufacturing 80% of the world's ship-to-shore cranes, 96% of its shipping containers, and 48% of its shipbuilding orders in 2020. According to the U.S. Office of Naval Intelligence, China currently has the largest navy in the world in terms of total battle force ships, surpassing the United States, which has the second-largest fleet of commercial shipping boats.
• The two largest shipping firms in China are the government-owned COSCO Shipping and China Merchants Group. The largest shipping business in the world, COSCO Shipping, claimed to have a fleet of 1,371 ships with a combined carrying capacity of 113.7 million DWT. China's trade-oriented economy depends heavily on sea freight transit, which has also contributed significantly to the growth of the nation. The main growth factors in China's sea freight transportation sector are as follows: China is organically outpacing other Asian nations in market share thanks to its overall competitiveness. The fundamental engine driving the sector is China's phenomenal rate of economic growth.
• Manufacturing have stopped, trade volumes have decreased in many nations as a result of the COVID-19 pandemic in 2020, and the growth of the transportation industry has been considerably hampered. In a very short amount of time, the internal pandemic was successfully contained, the economy slowly recovered, industrial output quickly recovered, domestic products were provided to the global market, and demand for export commerce increased.

China Shipping Agency Services Industry Segmentation

Shipping agents provide various shipping-related services, such as packing and shipping products, tracking numbers, custom clearance, handling returns, and many more to help shippers with their logistics. Shipping agents offer a wide range of services, some common services include arranging for shipping and receiving services, picking and packing items for shipping, preparing shipping documents, tracking packages, etc.,

On behalf of ship owners, managers, and charterers, a shipping agency or shipping agent is the named person or company in charge of managing shipments and cargo as well as the overall interests of its clients in ports and harbours all over the world. These agents are also known as port agents or cargo brokers in some parts of the world.

The China Shipping Agency Services Market is segmented by Type (Port Agency, Cargo Agency, Charter Agency, and Others), by Application (Ship Owner, and Lessee), and by Service (Packaging Services, Shipping Services, Customs Clearance Services, Logistical Support Services, and Other Services). The market sizes and forecast are provided in terms of value (USD Billion) for all the above segments. Furthermore, this report covers market insights, such as market dynamics, drivers, restraints, opportunities, technological innovation, its impact, and porter's five forces analysis. In addition, the report also provides company profiles to understand the competitive landscape of the market.