Cargo Shipping Market by Cargo Type (Liquid, Dry, General, Container), Industry Type (Food, Electrical/Electronics, Mineral Fuels & Oils, Manufacturing), Trade Routes, Infrastructure, Regulations, and by Freight Forwarding – Global Trends and Forecast to 2021″
The cargo shipping market is estimated to gain momentum after fiscal year 2018 after years of sluggish growth. Cargo shipping market is projected to reach 12.52 Billion Tons at CAGR of 3.5% from 2016 to 2021. Global economic development, commodity supply and demand are key drivers fuelling the growth of the global cargo shipping trade.
Key Market Players
The ecosystem of the cargo shipping industry consists of shipping companies such as A.P. Moller Maersk (Denmark), CMA CGM SA (France), and Mediterranean Shipping Company S.A (Switzerland). Freight forwarders such as DHL Global Forwarding (Germany), Panalpina (Switzerland), Ceva Logistics (Netherlands), DB Schenker (Gemany) are also vital part of ecosystem. Shipbuilding and shipping containers manufacturers are also part of cargo shipping ecosystem. There are few trade statistical portals such as the International Trade Centre (ITC), and United Nations Conference on Trade and Development (UNCTAD) among others.
Major Developments in Cargo Shipping Market
- In May 2016, Maersk Line launched its new AC1 service, connecting the West Coast of Latin America with Asia. This new service will optimize its Asia to Central America network which will add a third loop to the AC network. The new service is expected to provide Maersk Line’s customers with reduced transit times and greater port coverage on certain corridors while maintaining the network’s stability
- In April 2016, COSCO Container Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line signed a Memorandum of Understanding to form a new alliance. The new alliance offers competitive products and comprehensive service networks across the globe
- In December 2015, MSC has entered in a new vessel sharing agreement with Hapag-Lloyd, Hamburg Süd, CMA CGM, China Shipping and Hyundai. This new agreement ensures that MSC customers will get wider port coverage and faster transit times. The number of weekly sailings available to customers will increase from one per week to three. Additionally, there would be a notable improvement in transit times.
General cargo is estimated to leads the cargo shipping market, by cargo type. The factors that drivers the growth of this market are improving economic conditions of the European nations, trade agreements being formed between major developing and developed countries. With the improving economic conditions, the import & export trade of goods and products becomes more prominent for which general cargo would provide significant transportation model. Advantages such as individual transport of commodities that help in reduced ship time at port terminals, and enhanced utilisation of ship space. All of these factors would prompt the demand of General cargo in coming years.
The European region has been segmented into Germany, France, the U.K., Spain and Russia. Europe is estimated to account for the second-largest share in the global cargo shipping trade in 2016. The EU countries are expected to show steady growth in near future due to various initiatives by European Union and rising global demand.
North America is estimated to have the third-largest market share in cargo shipping trade, by volume, in 2016. . The North American cargo shipping market is projected to grow at a promising CAGR during the forecast period. Growth in global economies will be major factor for cargo shipping trade growth as Canada and Mexico are export oriented economies.
Critical questions the report answers:
- Where will be the technological developments are being taking place at the port terminals to automate the cargo handling process at port terminals?
- Which all industries are majorly contributing to the global cargo handling and what are the upcoming trends that further drive this market?
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