Stevedoring and Marine Cargo Handling Market - Growth, Trends, Covid-19 Impact and Forecasts (2023-2028)

The size of Stevedoring & Marine Cargo Handling Market is USD 10.7 billion in the current year and is anticipated to register a CAGR of over 3.6% during the forecast period.

Key Highlights

• The stevedoring industry is undergoing privatization-driven consolidation and the emergence of global pure terminal operators. Administrators in the Stevedoring and Marine Cargo industry give cargo stacking and dumping administrations to business cargo vessels. For waterborne transportation, interest in stevedoring is exceptionally delicate to levels of assembling and worldwide exchange movement.
• The introduction of new automated technology by stevedores has reduced productivity and all industrial actions taken by the stevedoring workforce have been approved by various associations across the globe.
• When the Covid-19 disrupted the whole world, people switched to online commerce which has fuelled the international trade, thus boosting the discussed market. The COVID-19 pandemic has illustrated the importance of the container freight supply chain to the world. The cost of not addressing these issues is likely to be significant for many businesses and the world economy as a whole.

Stevedoring & Marine Cargo Handling Market Trends

Demand Increasing For Maritime Trade

Following a 3.8 per cent decline in 2020, international maritime trade bounced back in 2021 with an estimated growth of 3.2 per cent, and overall shipments of 11 billion tons. This was slightly below pre-COVID-19 levels, as trade was still hampered by the prolonged pandemic, an unprecedented logjam in global logistics caused by a large upswing in demand and acute shortages of capacity on the supply side. Growth was driven primarily by increases in demand for containerized cargo. Gas, and dry bulk shipping also increased while shipments of crude oil declined.

For 2022, UNCTAD projects maritime trade growth to moderate to 1.4 per cent, and for the period 2023-2027 to expand at an annual average of 2.1 per cent, a slower rate than the previous three-decade average of 3.3 per cent. For many years the fastest growing segment was containerized trade, for which growth in 2022 is projected to be a tepid 1.2 per cent, before marginally picking up to 1.9 per cent in 2023. The projected deceleration is a consequence not just of pandemic-induced lockdowns, but also of strong macroeconomic headwinds combined with a weakening in China’s economy. In addition, faced with rising inflation and living costs, consumers are spending less, while to some extent switching expenditure from goods to services

Rising E-Commerce

Global retail sales growth will continue to rise and take up more retail market share. According to research completed by eMarketer and Statista, online retail sales will reach USD 6.51 trillion by 2023, with ecommerce websites taking up 22.3% of total retail sales.

Latin America (including Peru, Brazil, Argentina, Chile, Colombia, and Mexico) saw USD 104 billion in ecommerce sales in 2022, up 22.4% from USD 85 billion in 2021. The Indian ecommerce market is one of the top 5 fastest growing countries in the world, sitting at 25.5% growth in sales in 2022. The UK is forecast to continuously increase by USD 85.7 billion (+42.88%) within the next years.

China continues to lead the global ecommerce market, accounting for 46.3% of all retail ecommerce sales worldwide, with total online sales just over the USD 2.8 trillion mark in 2022. It also has the world’s most digital buyers, 842.1 million, representing 39.4% of the global total.

The US ecommerce market is forecasted to reach more than USD 904.2 billion in 2022, a little over a third of China’s. After China and the US, the third-largest ecommerce market is the United Kingdom, taking up 4.8% of the retail ecommerce sales share. The UK is followed by Japan (3%) and South Korea (2.5%). The top five ecommerce markets haven’t changed since 2018. Trends suggest that these markets will stay in the top five until 2025.

Stevedoring & Marine Cargo Handling Market Competitor Analysis

The Stevedoring and Marine Cargo Handling Market is highly fragmented in nature, with multiple players operating in the market. The progressive concentration on the demand side (carriers) and the emergence of global alliances in the mid-1990s have triggered a similar process of consolidation on the supply side (stevedores). Furthermore, the market is dominated by a few global branded players and multiple local players. Some of the major developers in the country are Ports America, DP World, APM Terminals, Irish Continental Group, CMA CGM etc.

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