Impact of Covid-19 Outbreak on Cargo Shipping Market CAGR

01/giu/2020 08:56:19 Automotive Market Research Reports Contatta l'autore

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The Global Cargo Shipping Market, according to a report by Market Research Future (MRFR), is expected to register a moderate 3.67% CAGR during the review period. The global cargo shipping market valuation is slated to be recorded at USD 16.06 billion tons by the end of 2025.

Drivers and Restraints

Seaborne trade is likely to expand internationally, as shipping is the lifeline of the global economy. the bulk transport of raw materials, rising global trade, and the import/export of food and manufactured goods are essential in any economy. The global shipping industry is responsible for carrying out around 90% of world trade. The increasing seaborne trade has widened the scope of cargo shipping across the globe.

The global shipping industry is substantially driven by the demand and prices of foreign commodities, which includes crude oil, agricultural commodities, metals, and others. With the global increase in population and their disposable income, the demand for food products, consumer goods, and essential commodities such as minerals, metal, and oil & gas has also increased. This has enhanced the international trade of such commodities, between countries, and in turn, has driven the cargo shipping markets.

Furthermore, numerous government and non-government institutes are expected to promote the export capacity of several commodities, which consequently brings an inflow of foreign currency in the economy. The project offers value chain assistance to enhance the international trade of these countries. This drives the market for the shipping industry.

Segmental Analysis

The global market for cargo shipping has been bifurcated based on cargo type and industry. On the basis of cargo type, the global market has been segmented as bulk cargo, general cargo, container cargo, and liquid cargo. The broad cargo segment is projected to witness the highest CAGR over the review period, owing to its features like superior flexibility for shipping containers.

Based on the end-use industry, the global market has been segmented into food, manufacturing, oil & ores, and electrical & electronics. The manufacturing segment accounts for the highest share owing to its growing economy as one of the crucial factors for market expansion.

Regional Analysis

Based on the region, the global cargo shipping market has been segmented into North America, the Middle East & Africa, Europe, Asia-Pacific, and South America.

Asia-Pacific is one of the significant regions in the market and is slated to register the highest growth rate during the forecast period. China is the largest manufacturing hub in Asia-Pacific. The industry in China is driven by cheaper labor costs. Other factors that are contributing to the market growth in the region are the developments in the infrastructure of the port, the augmented market demand, and constant government support. Moreover, Asia-Pacific is also the fastest-growing region during the forecast period and is likely to register the maximum growth rate during the review period. Furthermore, fast globalization and demographic changes are also a few other vital factors that are driving the market region. The Shanghai Port (China), Hong Kong, S.A.R.(China), Ningbo-Zhoushan (China), Shenzhen Port (China), and Singapore Port & Keihin Port (Japan) are few of the port terminals that manage millions of TEU, annually, and are thereby driving the growth of the market in Asia-Pacific.

 Vast productivity gains associated with the increased usage of automation and information technologies have helped North American manufacturers to retain in many aspects of end-use industries and enhance their global competitiveness in recent years.

Competitive Analysis

The major market players operating in the global cargo shipping market are A.P. Moller-Maersk Group (Denmark), Panalpina World Transport (Holding) Ltd. (Switzerland), Mediterranean Shipping Company S.A. (Switzerland), CMA -CGM SA (France), China COSCO Holdings Company Limited (China), DHL Global Forwarding (Germany), Nippon Express Co., Ltd. (Japan), Hapag-Lloyd AG (Germany) Deutsche Bahn AG (Germany), and Panalpina Welttransport Holding AG (Switzerland), and others.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

 

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