Ocean & Coastal Transportation in Canada - Industry Market Research Report

Deep waters: Trends in domestic consumer conditions will likely increase demand for cruise services

The freight, bulk cargo and passengers' transportation of the Canadian Ocean and Coastal Transportation industry has faced varied conditions, resulting in a decline in revenue. Economic growth in emerging markets and the growing need for Canadian natural resources enabled industry-relevant shipping companies to benefit from Canada's substantial dry and liquid-bulk exports. Stable, pre-pandemic economic growth in the United States also has increased demand for industry services, as shipping to the United States makes up a substantial share of the industry's total export traffic. However, COVID-19 crippled demand for cruises and reduced global trade as countries closed down borders. Ultimately, industry revenue is expected to decline at a CAGR of 2.7% to $5.6 billion over the five years to 2023, although revenue is forecast to surge 14.0% during the current year. Operators in the Ocean and Coastal Transportation industry in Canada primarily transport freight and passengers using deep sea, coastal and Great Lakes water transportation. This industry also includes ocean-going cruise ships. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.