Cargo Shipping Market - By Type , By Cargo Type , By Vessel Type , By Vessel Cargo Capacity , By End-Use Industry , By Geography Opportunity Analysis & Industry Forecast, 2024-2030

Cargo Shipping Market Overview:

The Cargo Shipping Market size is estimated to reach $14.7 billion by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030. Cargo shipping generally refers to the mode of transportation of goods or cargos via sea using container ships or vessels. Different types of vessels are used according to the shipping requirement of the end-users including tankers, reefer vessels, multi-purpose vessels and so on. Owing to lesser costs along with optimum safe or secured transportation and larger load carrying capacity serves as the key advantages for the sea freight transport compared to others. Factors such as growing initiatives towards enhancing port infrastructures rise of favourable trade agreements and technological advancements are some of the major driving factors impacting the growth of cargo shipping services. In addition, development of low emission container ships to reduce environmental hazards for the water bodies as well as rise of global supply chains can further help in significantly increasing the need for cargo shipping services in the long run.

A major trend in the market is the increasing emphasis on sustainability in cargo shipping. As environmental concerns rise, companies and consumers alike are demanding greener shipping solutions to reduce carbon emissions. This has led to the adoption of eco-friendly fuels, electric vessels, and energy-efficient ship designs. In November 2023, Stena RoRo introduced a new fleet of hybrid cargo ships equipped with advanced battery systems to reduce fuel consumption and emissions during port operations. Another trend in the market is the rise of smart shipping. Smart shipping uses technology to optimize routes, monitor cargo conditions and provide real-time tracking for consumers and businesses. Technologies such as GPS tracking, temperature and humidity sensors and AI-driven route planning allow for better control over shipments, reducing delays and ensuring cargo quality upon arrival.

Market Snapshot: 

Cargo Shipping Market - Report Coverage:

The “Cargo Shipping Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Cargo Shipping Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• Due to COVID-19, the cargo shipping sector experienced significant disruptions. Lockdowns, port closures and labor shortages caused delays and bottlenecks in global shipping routes. Reduced demand for certain goods and limited container availability further strained the industry, leading to increased shipping costs and delayed deliveries, which impacted global trade and supply chains.
• The Russia-Ukraine conflict intensified demand for cargo shipping. The conflict disrupted critical trade routes and led to increased energy prices, affecting shipping costs worldwide. Additionally, restrictions on certain goods and shifts in trade routes increased the need for alternative shipping solutions to ensure continuity in supply chains, further driving the demand for efficient and flexible cargo shipping options.

Key Takeaways:

APAC Leads the Market

APAC occupied the largest market share in the cargo shipping market in 2023. The growth of various end use industries including food & beverage, consumer goods and e-commerce as well as initiatives towards improving and incorporating new trade agreements, improving sea port infrastructures, rising technological advancements along with many others can be considered as some of the crucial factors which boosts the market growth of cargo shipping across APAC region. Presence of some of the key cargo shipping companies including Evergreen Marine, Mitsui O.S.K Lines Ltd., Yang Ming Marine Transport Corporation, Pacific International Lines and others have also helped in creating a positive impact within the Asia-Pacific Ocean freight shipping facilities. Mediterranean ports like Piraeus and Istanbul act as transshipment points for Asian goods bound for Europe. The new services can improve logistics for APAC exporters by reducing transit times and expanding options for routing goods, benefiting industries reliant on timely shipments. As APAC continues to experience strong export growth, improved shipping infrastructure in Europe and the Mediterranean can support APAC's export-oriented economies by handling larger volumes and supporting faster turnaround times, which is especially valuable for high-demand markets.

Tankers are the Largest Segment

Tankers generally refers to those cargo shipping vessels used in transportation of bulks of liquids and gases which are as an ideal mode of transportation for chemicals, petrochemicals as well as gas refineries. Oil tankers, chemical tankers, gas carriers, etc. are some of the common type of tankers utilized for serving applications based on load carrying capacities for the shipping goods. Compared to other types, these vessels are capable of offering advantages such as longer sailing, involvement of lesser number of ports and so on, thus creating its higher adoption within marine transportation facilities. Since the beginning of 2023, the product tanker order book has been the fastest growing of all cargo carrying sectors, a rise of 241%, as per Baltic and International Maritime Council (BIMCO). During the first seven months of this 2024, 194 product tankers larger than 10k deadweight tonnes (DWT) were contracted with a combined capacity of 13.3m DWT, according to BIMCO.
12000-16000 TEU is the Largest Segment

Vessel cargo capacity of 12000-16000 TEU had held the largest share in the cargo shipping market in 2023. Neo panamax vessels with capacity (10000-14500 TEU) and ultra-large container vessels with capacity (14500 and above) have been considered under this segment. Neo panamax refers to those medium to large sized vessels, capable of carrying about 19 rows of containers with a beam of 43 m, with comparable size of Suezmax tankers, while ultra large container vessels are considered as the biggest container ships with capabilities being at least 366 meters long, 49 meters wide, draught of at least 15.2 meters, causing its dominance within the hazardous end-use markets. Due to flexibility perspective, vessels with load carrying capacity ranging from 10000 to 15000 TEU are generally capable of allowing carriers to deploy largest ships which can traverse Panama Canal, gaining popularity in transport of goods including metal ores, coal and so on. In February 2024, Evergreen Line added new vessels its fleet of advanced container ships with the latest additions to its 12,000 TEU F-type series. These vessels are equipped with optimized hull designs to minimize fuel consumption and reduce environmental impact, aligning with Evergreen's commitment to sustainability. The ships also feature advanced smart ship systems, offering real-time monitoring of operational conditions to enhance navigation safety and fuel efficiency. The F-type ships, including vessels like Ever Far and Ever Fortune were specifically designed to maximize cargo capacity and efficiency while adhering to strict environmental standards. These ongoing innovations reflect Evergreen's strategy to stay at the forefront of the shipping industry's green initiatives and meet increasing global trade demand

Improvement in Port Infrastructure to Drive the Market

Growing initiatives towards improving port infrastructures either by governmental support or shipping company investments is one of the major drivers impacting the growth of cargo shipping Port infrastructure plays a crucial role in cargo shipping operations be it handling of bulks of goods, modernizing or constructing new ports to support growing trade businesses around the world. Increasing demand for consumer products, crude oil and many other commodities are driving the need for infrastructural growth of sea ports. Sea port infrastructures have been also getting upgraded with advanced handling systems capable of autonomous or semi-autonomous operation to achieve higher throughput levels. In addition, government along with various private infrastructure companies across developed as well as developing countries have started to focus towards establishing new ports, upgrade or expand the existing ones through investments as a move towards supporting growing trade volumes. In October 2024, President Biden announced a $3 billion investment to improve the port infrastructure in Baltimore. The money will be part of the Environmental Protection Agency Clean Ports grants, funded by the Inflation Reduction Act, to 55 selectees across 27 states and territories, this investment will support an estimated 40,000 jobs for the infrastructure improvements. The announcement includes $147 million in awards for the Maryland Port Administration, which will support over 2,000 jobs by enabling the purchase and installation of zero-emission port equipment, charging infrastructure, and power improvements.

Growing Incidences of Cargo Rollover to Hamper the Market

Growing incidences of cargo rollover due to ocean freight supply chain issues is a major challenge in the cargo shipping market. Cargo rollover situations arise mainly due to growing levels of demand at times of usually low volume or traditional seasonal decline in cargo flows, which tends to create shipping delays. However, the market is also facing risks from potential economic slowdowns, which could weigh on future growth, especially in the face of persistent higher interest rates.Despite these risks, the general outlook for the container shipping market in 2024 remains optimistic, with increased demand expected on key trade lanes .Moreover, growing rollover incidences result towards clogging in major ports, forcing various carriers to cancel out sailing in order to catch up with the disrupted schedules. Post-pandemic, supply chain disruptions continue to affect the global cargo shipping sector. A combination of factors, including rising labor shortages, geopolitical tensions, and inflationary pressures, have resulted in an ongoing imbalance in shipping capacity. Port congestion remains a significant challenge, especially in key terminals across the U.S., Europe, and Asia. While demand for shipping services remains high, the delays caused by bottlenecks are forcing companies to look at alternatives, such as air freight, to ensure faster delivery times, especially for high-value goods

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Cargo Shipping Market. The top 10 companies in this industry are listed below:
MSC (Mediterranean Shipping Company)

1. APM-Maersk
2. CMA CGM
3. COSCO Shipping
4. Hapag-Lloyd
5. ONE (Ocean Network Express)
6. Evergreen Marine
7. Hyundai Merchant Marine (HMM)
8. Yang Ming Marine Transport
9. Mitsui O.S.K

Scope of the Report: 

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