- Global economic development, commodity supply and demand are key drivers fueling the growth of the global cargo shipping trade.
- Demographic changes and the increased globalization drives the growth for container transport.
- The Asia Pacific region accounted for the largest share of the global cargo shipping trade.
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 fueling the growth of the global cargo shipping trade.
Key Players of Cargo Shipping Market:
P. Møller – Mærsk A/S (Denmark)
Mediterranean Shipping Company SA (Switzerland)
CMA CGM SA (France)
Hapag-Lloyd Ag (Germany)
Asia-Pacific: Largest market for cargo shipping trade
Asia-Pacific accounted for the largest share of the global cargo shipping trade in 2016. Developing Asian economies are driving growth in Asia-Pacific region. China is major exporter in Asia-Pacific as it is developed as manufacturing hub. Market demand, developments in port infrastructure and strong government support have enabled Asia-Pacific to achieve largest market share.
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.
Container Transport: A promising market
The growth in container transport will have highest growth in cargo shipping trade compared to other types of cargo. Demographic changes and the increased globalization drives the growth for container transport. Additionally, the investments in port infrastructure, global supply & demand cycle will have positive impact on container transport. Asia-Pacific region dominates the container transport followed by Europe and North America in 2016.
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.