Cargo Shipping Market Value Will Grow at a CAGR of 5%

News provided by 28 Mar, 2022, 18:30 IST Share this article BANGALORE, India,

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28 Mar, 2022, 18:30 IST

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BANGALORE, India, March 28, 2022 /PRNewswire/ -- The Cargo Shipping Market is Segmented by Type (Container Cargo, General Cargo, Bulk Cargo), by Application (Oil, Ores, Food, Manufacturing, Electrical & electronics): Opportunity Analysis and Industry Forecast, 2021–2028. It is published in Valuates Reports under the Freight & Trucking Category.

Global Cargo Shipping Market value is about 61 Billion in 2021 and the CAGR will be 5% in the future years.

Major factors driving the growth of the cargo shipping market:

The Cargo Shipping Market is expected to grow due to rising demand for import/export of manufactured goods and bulk transport of raw materials. Global supply chain expansion, liberalizing trade policies, and technological advancements in waterborne shipping have boosted intermediate and manufactured product trade while lowering coordination and transportation costs significantly.

The most significant advantage of cargo shipping is that it allows for the transportation of the largest and most bulky goods, which are not possible to transport by road or air. This factor is expected to fuel the cargo shipping market growth.

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TRENDS INFLUENCING THE GROWTH OF CARGO SHIPPING MARKET:

Increasing number of trade agreements drive the cargo shipping market forward. Trade agreements are critical in assisting importers or businesses in obtaining low-cost goods at reasonable prices, making them one of the most important factors in promoting improved and optimal levels of sea trade. Within the last five years, there has been a significant increase in the number of plurilateral agreements with negotiations, as a means of improving bilateral relations between developed and developing economies around the world.

Capacity optimization via digital transformation is expected to fuel the cargo shipping market growth. Several carriers are increasingly partnering with shipping startups that focus on data collection of cargo movements and vessels, which can lead to improved cargo routing and vessel deployment, among other things.

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CARGO SHIPPING MARKET SHARE ANALYSIS:

Based on type, the Container Cargo segment is expected to be the most lucrative. Expanding US supply and rapidly changing energy policy shifts in Asia, which have increased demand for LNG, are some of the factors expected to drive this segment's increased growth.

Based on application, The manufacturing segment is expected to be the most lucrative. Increasing logistics investments and funding should enable manufacturers to purchase more and more bulk orders in the near future, boosting the global cargo shipping market.

Based on region, the Asia Pacific region is expected to be the most lucrative. The Asia Pacific has the largest market share thanks to improvements in port infrastructure and strong government support. Furthermore, significant growth in emerging countries as a result of government initiatives, continued privatization, a growing construction sector, and infrastructure investments in countries act as a supporting factor for the target regional market's growth.

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Key Market Players:

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