Cargo Shipping Market Report 2024

The cargo shipping market size has grown strongly in recent years. It will grow from $11.93 billion in 2023 to $12.53 billion in 2024 at a compound annual growth rate (CAGR) of 5%. The growth observed in the historic period can be attributed to significant factors such as the substantial increase in industrial production, heightened demand for raw materials, globalization in the late 20th century, the emergence of Asian economies, and the processes of deregulation and liberalization.

The cargo shipping market size is expected to see strong growth in the next few years. It will grow to $15.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. In the forecast period, growth can be attributed to several key factors, the rise of just-in-time manufacturing, the adoption of standardized shipping containers, increased investments in port facilities, a heightened emphasis on sustainability, and fluctuations in fuel prices. Major trends anticipated during this period include the adoption of advanced software solutions, the evolution of smart port technologies, innovations in cold chain logistics, advancements in container tracking capabilities, and the implementation of enhanced safety regulations.

The expansion of automotive manufacturing is set to drive growth in the cargo shipping market moving forward. This growth is fueled by factors such as increasing global populations, rising rates of motorization, robust governmental support through policies and infrastructure development, as well as foreign direct investment and collaborative ventures. Cargo shipping in the automotive sector involves the transportation of vehicles and automotive components by sea, utilizing large container ships for efficient global distribution. This method ensures cost-effective bulk transport over long distances, ensuring secure and punctual delivery. For example, the European Automobile Manufacturers Association (ACEA) reported in May 2023 that global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase from the previous year. Thus, the expansion of automotive manufacturing is a key driver for the cargo shipping market.

Major companies in the cargo shipping sector are focusing on the development of advanced transport vessels, such as electric container ships, to enhance service offerings. Electric container ships are powered by electric propulsion systems, typically utilizing batteries or fuel cells, aimed at transporting cargo containers with lower emissions and improved environmental sustainability compared to conventional diesel-powered ships. For instance, China Ocean Shipping Company Limited introduced the world's largest pure electric container ships, the Green Water 01 and Green Water 02, in May 2024. These ships can carry up to 700 standard 20-foot containers (TEU) and are designed for operations along the Yangtze River and beyond, covering distances exceeding 600 miles. Equipped with a high-capacity battery system exceeding 50,000 kWh, expandable to 80,000 kWh with additional 20-foot battery containers, these vessels complete voyages with energy consumption equivalent to just 15 tons of fuel used by traditional container ships.

In June 2024, Inchcape Shipping Services acquired Grieg Logistics, enhancing its capability to deliver high-quality and dependable services. This acquisition strengthens Inchcape's operational expertise across shipping, raw materials, energy, and governmental services. Grieg Logistics, based in Norway, specializes in providing cargo shipping services.

Major companies operating in the cargo shipping market are DHL International GmbH, China Ocean Shipping Company Limited, Maersk, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., MSC Mediterranean Shipping Company S.A., Evergreen Marine Corp. Ltd., Orient Overseas Container Line Limited, Nippon Express Co. Ltd, Zhonggu Logistics Corporation, Zim Integrated Shipping Services, Yang Ming Marine Transport Corporation, Mitsui O.S.K. Lines Ltd., Antong Holdings Co Ltd, Hyundai Merchant Marine Co. Ltd., Panalpina World Transport (Holding) Ltd., Regional Container Lines, Swire Shipping, Pacific International Lines Pte Ltd, Emirates Shipping Line, Sinokor Merchant Marine Co. Ltd., Sea Lead Shipping.

Asia-Pacific was the largest region in the cargo shipping market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cargo shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cargo shipping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cargo shipping involves the transportation of goods and commodities via sea, air, or land, utilizing a variety of vessels, aircraft, and vehicles. This includes loading, transporting, and unloading cargo, often managed by logistics firms, and is pivotal in global trade and supply chains.

The primary types of ships in cargo shipping include bulk carriers, general cargo ships, container ships, tankers, reefer ships, and others. Bulk carriers are large vessels specifically designed to transport unpackaged bulk cargo such as grain, coal, ore, steel coils, and cement in their holds. Cargo types encompass liquid cargo, dry cargo, and general cargo, serving industries such as food and beverages, manufacturing, retail, oil and gas, automotive, pharmaceuticals, electrical and electronics, among others.

The cargo shipping market research report is one of a series of new reports that provides cargo shipping market statistics, including cargo shipping industry global market size, regional shares, competitors with a cargo shipping market share, detailed cargo shipping market segments, market trends and opportunities, and any further data you may need to thrive in the cargo shipping industry. This cargo shipping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cargo shipping market consists of revenues earned by entities by providing services such as container shipping, tanker shipping, refrigerated cargo shipping, freight forwarding, and transporting a variety of goods. The market value includes the value of related goods sold by the service provider or included within the service offering. The cargo shipping market also includes sales of standard containers, refrigerated containers, tank containers, and flat rack containers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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