The global cargo shipping market is projected to grow from USD 15.25 Billion in 2023 to USD 20.67 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2030).
The surge in imports and exports around the world are estimated to contribute to the cargo shipping market in the forecast period. The construction of new ports and the expansion of existing ports is likely to add to the development of the cargo shipping maket in the forecast period.
A shipping container is a vessel with strength suitable to withstand shipment, storage, and handling. These containers categorize from large reusable steel boxes utilized for intermodal shipments to the universal corrugated boxes. The containers are a means to bundle cargo and goods into large unitized loads, fluently handled, moved, and stacked, and can be tightly packed in a boat or yard- suchlike to cardboard boxes and pallets. They're normally made up of aluminum and steel. The size and kind built of each container comply with specifications and rules formulated by the International Organization for Standardization (ISO).
Regional Analysis The regional review of the cargo shipping market has been segmented into Europe, Asia-Pacific, the Middle East, North America, South America, and Africa. The Asia-Pacific region was credited for the principal cargo shipping market share in 2018 and is anticipated to record the maximum growth rate throughout the forecast period. China is the key manufacturing hub in the Asia-Pacific regional market. The other factors that have added to the cargo shipping market development in the region are the upgradation in the infrastructure of the port, the augmented market demand, and the regular government support. Furthermore, the Asia-Pacific regional market is also the fastest-growing region for the duration of the forecast period. It is projected to record the top growth rate all through the forecast period. In addition, the rapid globalization and demographic transformation are among other key factors that are motivating the cargo shipping market in the region.
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Market Segmentation The cargo shipping market size has been increasing in the recent history owing to the grand developments of the global market segments that are performing in different forms to catch the rising needs of the global target audience. The market has been segmented based on the following factors Based on cargo type :- The world cargo shipping market has been segmented based on the cargo type and classified as container cargo, bulk cargo, common cargo, and liquid cargo. The universal cargo segment has been anticipated to evidence the highest CAGR growth due to the presence of market features like high flexibility for shipping containers. Based on end- use industry :- The global cargo shipping market has been segmented based on the end- use industry and includes industries like food, manufacturing, oil painting, and ores, amongst others like electrical and electronics. The manufacturing sub-segment of this segment had accounted for the highest stake during the historic cast period that had ended in 2019. The market is avouching growth because of the growing economy that results in major market expansion. Key Players Major Key players running in the market include P Moller – Maersk (Denmark), Panalpina World Transport (Holding) Ltd. (Switzerland), CMA CGM Group (France), MSC Mediterranean Shipping Company S.A. (Switzerland), DB Schenker (Germany). Access Full Report Summary: https://www.marketresearchfuture.com/reports/cargo-shipping-market-3165
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