Cargo Ships Market was valued at USD 12.37 Billion in 2021 and is projected to reach around USD 16.84 Billion by 2028, at a CAGR of 4.50% during the forecast period.
The base year considered for the study is 2021 and the forecast period is 2022-2028. The Cargo ships market is growing due to free trade agreements and increase in export & import activities.
A cargo ship is a merchant ship that transports large cargo, goods, dangerous goods and materials from one port to another. The bulk of international trade is done through sea with the help of large cargo ships, which are one of the main contributors of global economy. Cargo ships are specially designed for shipping goods equipped with cranes and other mechanisms to load and unload. Cargo ships are characterized by cargo capacity, partly by weight and partly by dimensions. Maximum length and width, water depth and shallow harbors may limit the movement of ships.
Some major key players for global Cargo ships market are-
On the basis of type the cargo ships market is segmented in to container cargo, bulk cargo and general cargo. Container cargo is segmented in to 20 foot (6.08 m) Twenty-foot Equivalent Unit (TEU), 40 foot (12.8 m) Forty-foot Equivalent Unit (FEU), 45 foot (13.7m), and 48 foot(14.6m). Bulk cargo is segmented in to materials, commodity and oil. General cargo is divided in to solids and raw materials. On the basis of industry type the market is segmented in to food & manufacturing, oil & ores and electricals & electronics.
By Type -
By Industry Type -
The increase in trade among countries globally through ocean roots is one of the major factors driving the cargo ships market. As global economy is more integrated, many countries are being dependent on each other through export and import of goods that is not available regionally. In 2015 global merchandise trade’s value was approximately 17,000 billion US dollars. Merchandise export trade of WTO members amount to USD 16.2 trillion in 2015 which shows the vast global trade market. These trends are essentially driving the market of cargo ships as they are mainly involved in transporting goods.
Recent free trade agreements in between global bodies like AFTA (ASEAN free trade area), TPSEP (Trans- Pacific Strategic Economic Partnership), NAFTA (North America free trade agreement) are making the trade worldwide simpler and more efficient which in turn drives the cargo ships market. Rapid Urbanization is also one of the most important driving forces for global cargo shipping market recently as it enables the economic shift toward more dynamic industrial sector which in turn accelerates the trading and drives the cargo ship market. One of the main restraints for this market is varied rules and regulations among countries for trading purpose.
Asia Pacific is estimated to dominate the global shipping market due to China being emerged as manufacturing hub and major exporter (China total exports- USD 2.27 trillion and a 14 per cent share of world exports in 2015 according to WTO). Other than China, India and other developing countries are also involved in trading due to increasing economy and growing demand. Europe is the second largest market of cargo ships due to presence of developed countries such as England, Germany, France, Russia who exports their product extensively to other regions. Overall merchandise export from Europe was 5.958 trillion. North America holds the third position in cargo ships market due to factors such as USA who is second largest exporter (USD 1.50 trillion, 9 percent) & leads in import (USD 2.31 trillion, representing a 14 percent share of the global total), and Canada & Mexico who are export oriented economies. As for middle East and Africa they will have steady growth due to presence of oil fields.
By Region & Country Analysis:
The regions covered in this cargo ships market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Cargo ships is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 12.37 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||4.50%|
|Market Size Expected in 2028:||USD 16.84 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||CMA-CGM SA, Mediterranean Shipping Company S.A., Nippon Express Co., Ltd., Panalpina World Transport (Holding) Ltd., DHL Global Forwarding, China COSCO Holdings Company Limited, Ceva Logistics, Deutsche Bahn AG, A.P. Moller-Maersk Group and Hapag-Lloyd AG. and others.|
|Segments Covered||By Type, By Industry Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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