The cargo shipping market is expected to grow steadily in the coming years. By 2029, it’s projected to reach $16.05 billion, with a compound annual growth rate (CAGR) of 5.0%. This growth will be driven by trends such as just-in-time manufacturing, the widespread use of standardized shipping containers, increased investment in port infrastructure, a growing focus on sustainability, and changes in fuel prices. Key trends include the use of advanced software, the development of smart port technologies, improved container tracking, innovation in cold chain logistics, and stricter safety regulations.

How Is The Cargo Shipping Market Segmented?

This market is divided into several categories:

1. By Ship Type: Bulk Carriers, General Cargo Ships, Container Ships, Tankers, Reefer Ships, Other Ship Types
2. By Cargo Type: Liquid Cargo, Dry Cargo, General Cargo
3. By Industry Type: Food and Beverages, Manufacturing, Retail, Oil and Gas, Automotive, Pharmaceutical, Electrical and Electronics, Other Industries

Further subcategories include:

– Bulk Carriers: Handysize, Supramax, Panamax, Capesize, and Very Large Ore Carriers (VLOC)
– General Cargo Ships: Conventional, Multi-Purpose Vessels (MPV), Roll-on/Roll-off (Ro-Ro), and Heavy Lift Ships
– Container Ships: Feeder, Panamax, Post-Panamax, Ultra Large Container Vessels (ULCV), and New Panamax
– Tankers: Crude Oil, Product, Chemical, LNG (Liquefied Natural Gas), and LPG (Liquefied Petroleum Gas)
– Reefer Ships: Conventional and Containerized Reefer Ships, Refrigerated Cargo Vessels
– Other Ship Types: Ro-Ro Vessels, Heavy Lift Vessels, Cable Laying Ships, and Offshore Support Vessels (OSV)

What Is Driving The Cargo Shipping Market?

The increasing production of automobiles is a key driver of the cargo shipping market growth. This growth is supported by rising global populations, higher vehicle ownership rates, supportive government policies, foreign investment, and partnerships in the automotive industry. Cars and auto parts are often shipped by sea using large container vessels, which offer a cost-effective and efficient method of transportation.

For example, the European Automobile Manufacturers Association reported that in 2022, 85.4 million motor vehicles were produced globally—a 5.7% increase from 2021. As a result, increased automotive manufacturing is helping fuel demand for cargo shipping.

Who Are The Major Players In The Global Cargo Shipping Market?

Some of the leading companies in the cargo shipping market include:

DHL International GmbH, China Ocean Shipping Company Limited, Maersk, CMA CGM Group, Hapag-Lloyd AG, Ocean Network Express Pte. Ltd., MSC Mediterranean Shipping Company S.A., Evergreen Marine Corp. Ltd., Orient Overseas Container Line Limited, Nippon Express Co. Ltd., Zhonggu Logistics Corporation, Zim Integrated Shipping Services, Yang Ming Marine Transport Corporation, Mitsui O.S.K. Lines Ltd., Antong Holdings Co Ltd., Hyundai Merchant Marine Co. Ltd., Panalpina World Transport (Holding) Ltd., Regional Container Lines, Swire Shipping, Pacific International Lines Pte Ltd, Emirates Shipping Line, Sinokor Merchant Marine Co. Ltd., Sea Lead Shipping

What Are The Key Trends Of The Global Cargo Shipping Market?

One major trend is the move toward electric container ships. As sustainability becomes more important, companies are investing in electric-powered vessels that reduce emissions and environmental impact.

For instance, in May 2024, China Ocean Shipping Company introduced the world’s first 10,000-deadweight-ton pure electric container ships—Green Water 01 and Green Water 02. These ships can carry up to 700 twenty-foot containers (TEUs) and travel over 600 miles along the Yangtze River and out to sea. They use a massive 50,000 kWh battery system, expandable to 80,000 kWh with additional battery containers. This level of innovation significantly reduces fuel consumption and pollution.

What Are The Latest Mergers And Acquisitions In The Cargo Shipping Market?

In June 2024, Inchcape Shipping Services, a UK-based marine management firm, acquired Grieg Logistics, a Norwegian cargo shipping service provider. This acquisition strengthens Inchcape’s ability to offer high-quality services across shipping, raw materials, energy, and government sectors. The deal enhances Inchcape’s presence and capabilities in the cargo shipping market.

What Is The Regional Outlook For The Global Cargo Shipping Market?

Asia-Pacific was the largest cargo shipping region in 2024. North America is expected to grow the fastest during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Key countries featured in the report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Canada, Italy, and Spain.

What Defines the Cargo Shipping Market?

The cargo shipping market includes revenue earned from services like container transport, tanker shipping, refrigerated cargo transport, and freight forwarding. The market also includes income from the sale of containers like standard, refrigerated, tank, and flat rack containers.

These revenues reflect the “factory gate” value—the price of goods sold by their producers, whether sold directly or through resellers. It includes all services offered by the original service provider.

How Is Market Value Defined and Measured?

Market value refers to the total revenue generated by companies in the industry from selling goods and services within a particular region. This can include direct sales, grants, or other funding sources. Revenues are reported in USD unless otherwise noted.

The values shown are based on where the goods or services are consumed, not where they were produced. The figures do not include revenue from reselling along the supply chain.

What Is the Market Assessment and Strategic Outlook for the Cargo Shipping Industry?

This cargo shipping market research report is part of a new series from The Business Research Company. It includes detailed statistics about global market size, key regional data, major competitors, market share, and key trends.

The report offers a comprehensive view of the cargo shipping industry—covering what’s happening now and what to expect in the years ahead. Whether you’re looking to enter the market or improve your strategy, this report provides the data and insights you need.