(Food-Beverage-News.Com, October 28, 2017 ) Market Highlights In recent years, cargo shipping market has advanced rather productively. While, increasing number of countries forging of free trade agreements like ASEAN Free Trade Area (AFTA), Trans-Pacific Strategic Economic Partnership (TPSEP) and North American Free Trade Agreement (NAFTA) will boost the growth of cargo shipping market further. In addition, the market is gaining momentum with initiatives such as the One Belt, One Road, as well as the expanded Panama Canal and Suez Canal are expected to positively affect the seaborne trade by generating business opportunities.
The factors which are expected to boost the Global Cargo Shipping Market include trade liberalization and increasing investment in port infrastructure. Furthermore, Urbanization has been one of the most important driving forces for global cargo shipping market in recent years. Cities are consuming the majority of global power and resources, while generating major chunk of GDP. Urbanization often supplements and facilitates economic shift from agriculture to manufacturing, industrial production and services. These activities tend to demand clusters of labor and capital, thereby boosting demand for seaborne trade. However, high cost of buying new bigger container ships with further task to fill them in a saturated and competitive market is one of the major restraints of the market, which has started to consolidate the industry. The Global Cargo Shipping Market is expected to grow over the CAGR of around 3.45% during the period 2017 to 2023.
The report has analyzed the market based on the three segments, namely cargo type, industry and region. On the basis of cargo type, the market is segmented as container cargo, bulk cargo and general cargo. Among these, container cargo accounted for the largest market share due to increasing adoption of container transportation to transport goods, which also acts as a major driver for the cargo shipping market in both developed and developing countries. Furthermore, the increasing investments in port infrastructure, global supply & demand cycle are expected to boost the container transport. In 2016, Asia-Pacific has accounted for the largest share for container transport segment followed by Europe.
Market Research Analysis: Asia-Pacific region is expected to dominate the Cargo Shipping Market with the highest CAGR, owing to developing economies such as China and India. In addition, factors such as market demand, developments in port infrastructure and strong government support have boosted the growth of the market in the region and have enabled to achieve largest market share.
North America is anticipated to grow at a promising CAGR during the forecast period due to the presence of Canada and Mexico, which are export oriented economies.
Scope of the Report: This study provides an overview of the Global Cargo Shipping Market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Asia-Pacific, North America, Europe and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Cargo Shipping Market by its cargo type, industry and region.
By Cargo Type • Container cargo • Bulk cargo • General cargo
By Industry • Food • Manufacturing • Oil & ores • Electrical & Electronics
By Region • Asia Pacific • North America • Europe • Rest of World
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