Cargo Shipping Market Key Players Studied in this Report are CMA-CGM SA, Mediterranean Shipping Company S.A., DHL Global Forwarding, Nippon Express Co., Ltd., Ceva Logistics, A.P. Moller-Maersk Group, Panalpina World Transport (Holding) Ltd., China COSCO Holdings Company Limited, Deutsche Bahn AG, and Hapag-Lloyd AG among the other players.
Pune, India, Oct. 14, 2021 (GLOBE NEWSWIRE) — According to the report, Cargo Shipping Market size is predicted to grow remarkably in the upcoming years. The globally expanding marine trade and rising globalization are expected to be the key growth drivers for the market. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Cargo Shipping Market, 2021-2028”.
Over the years, marine trade has witnessed significant growth. The uplift of trade restrictions and tariffs by several developing and developed nations have augmented globalization and spurred growth opportunities for cargo shipping. The improving marine trade networks and trade relations between global economies are expected to boost the growth of the market.
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The global cargo shipping market has experienced a negative impact from the global pandemic. Disruptions in global supply chain networks have stagnated the market growth. The low available workforce and the rising unemployment rates have affected the market negatively. The ban on trade imposed by governments of several economies further aggravated the situation due to low cargo shipping. However, the market is gradually recovering as vaccines are now available to the general public, and global trading has resumed. The market is expected to witness steep growth post-pandemic.
On the basis of cargo type, the market is segmented into petroleum, hazardous, general, bulk, and dry cargo container. On the basis of end-use industry type, the market is fragmented into electrical & electronics, oil & ores, manufacturing, and food. Geographically, the market is classified into five major regions- South America, North America, Asia Pacific, Europe, and the Middle East & Africa.
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Rising Global Marine Trade to Fuel Market Growth
The rising globalization, industrialization, and urbanization would augment the demand and supply of various commodities transported through cargo shipping. For instance, the oil and ores industries greatly benefit from cargo shipping to transport crude oil and various minerals to global economies. The globally increasing marine trade is expected to stimulate cargo shipping demand and bolster the global cargo shipping market growth.
The rising commodity consumption due to the economic development is expected to accelerate the demandfor cargo shipping in the forthcoming years. The upliftment of trade restrictions and tariffs to promote trade amongst developed and developing economies due to the surging globalization are anticipated to immensely fuel the market growth. The improving supply chain management for seaborne trade in developing nations is also expected to foster market growth.
However, the long duration of cargo shipping may hinder the market growth.
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Asia Pacific to Bestride the Global Market Stoked by Presence of Various Manufacturing Hubs
Asia Pacific is predicted to dominate in terms of the global cargo shipping market share. The rising government support in global trading, increasing product demand, and the presence of major manufacturing hubs such as India and China are expected to fuel the market growth. China is projected to continue its dominance by being the largest exporter of goods in the upcoming years.
Europe is anticipated to rank second in the global market. The increasing European Union’s initiatives and the rising global demand for cargo shipping are expected to drive the growth in the region. Additionally, the U.K., Italy, Germany, Sweden, and the Netherlands are anticipated to gain impetus in the near future.
Major key Players studied in report:
Mediterranean Shipping Company S.A.
DHL Global Forwarding
Nippon Express Co. Ltd.
A.P. Moller-Maersk Group
Panalpina World Transport (Holding) Ltd.
China COSCO Holdings Company Limited
Deutsche Bahn AG
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Global Cargo Shipping Market Segmentation:
By Cargo Type:
Dry Cargo Container
By End-Use Industry Type:
North America (U.S. and Canada)
Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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