The detailed report published by market Research Future (MRFR) projects that the global cargo shipping market size is marked to exhibit moderate expansion at a CAGR of 3.45% during the forecast period of 2017 to 2023. Increasing global trade activities, rapid industrialization and urbanization, high demand for consumer goods all over the world and increased export and import activities of manufactured goods are majorly propelling the growth of the global cargo shipping market. With advent of technology, the travel from sea route has been made easier and cheaper. Hence, increasing availability of companies providing cargo shipping all over the world is also contributing to the growth of the global cargo shipping market. Rapid industrialization and globalization and opening of trade routes from China with development of ports in various coastal countries are fueling the growth of the global cargo shipping market. However, availability of faster alternatives for the transportation of goods is restraining the growth of the global cargo shipping market during the assessment period.
Global Cargo Shipping Market: Segmental Analysis
The global cargo shipping market has been segmented on the basis of cargo type and industry. Based on cargo type, the global cargo shipping market has been segmented into container cargo, bulk cargo, and general cargo. Based on industry, the global cargo shipping market has been segmented into food, manufacturing, oil and ores, and electrical and electronics.
Global Cargo Shipping Market: Regional Analysis
Geographically, the global cargo shipping market has been segmented into four major regions such as North America, Asia Pacific (APAC), Europe, and the rest of the world. The Asia Pacific region commands the dominant share of the global cargo shipping market owing to the increased export activities through overseas trade routes in the countries such as China and India, increased production of goods as a result of availability of cheap raw materials and labor, rapid development of manufacturing hubs of cargo shipments and increased globalization and global trade in this region. The Europe region commands the second largest share of the global cargo shipping market owing to the presence of huge number of manufacturers that require cargo for global shipping of their goods, increased adoption of transport of goods through cargo ships as it is less expensive as compared to air transport, and increased export of consumer goods and automotive parts in this region. The North America region is projecting significant growth in the global cargo shipping market owing to the high demand for consumer goods due to the presence of large consumer base in the developed areas of this region.
Global Cargo Shipping Market: Industry Updates
In January 2019, one of the world's largest shipping container companies has announced that the M/V PIRAEUS, one of the largest cargo ships, has successfully traveled from China and is now docked in Port Tampa Bay for the very first time.
In January 2019, it has been announced by Zim, Israel's top cargo shipping firm, that it has opened blockchain platform to all of its clients.
Global Cargo Shipping Market: Key Players
The prime players profiled by Market Research Future (MRFR) that are operating in the global cargo shipping market are A.P. Moller-Maersk Group (Denmark), Mediterranean Shipping Company S.A. (Switzerland), DHL Global Forwarding (Germany), CMA-CGM SA (France), China COSCO Holdings Company Limited (China), Panalpina World Transport (Holding) Ltd. (Switzerland), Nippon Express Co., Ltd. (Japan), Deutsche Bahn AG (Germany), Hapag-Lloyd AG (Germany) and Panalpina Welttransport Holding AG (Switzerland).