Cargo shipping market is projected to reach 12.52 Billion Tons at CAGR of 3.5% by 2021
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Over the past few years, the worldwide cargo shipping market has witnessed a significant growth, owing to the growing economies and increased commodity consumption across the globe. Apart from this, the growing investments in port infrastructure have also led to the growth of the global market.
Moreover, improved trade levels along with the higher demand from logistics and shipping sectors is also expected to be beneficial for the global marine industry, which in turn will lead to the growth of the cargo shipping market as well.
The worldwide cargo shipping market is projected to reach 12.52 Billion Tons, growing at CAGR of 3.5% during the forecast period from 2016 to 2021.
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Although this market has been experiencing a slow growth since the past few years, it is expected to gain traction after 2018.
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In 2016, Asia-Pacific held the largest market share for cargo shipping, followed by the European market. This growth can be majorly attributed to the developing economies in this region.
With China being a major exporter and a manufacturing hub, the growing demand, innovations and developments in port infrastructure, and government support have been responsible for the growth of this market in APAC. However, the Middle Eastern and African market for cargo shipping is expected to witness the highest growth over the coming years, with the emerging economies in Africa and oil exports by the Middle Eastern countries being the major contributors in the growth of this market.
Factors impacting the market growth
The growth of the global market for cargo shipping is being majorly influenced by the following factors:
- Demographic changes and growing trend of globalization
- Rising investments in port infrastructure
- Globally developing economies
- Global supply & demand cycle
- Expansion of Suez and Panama canals
However, changing dynamics of geopolitics, high cost of new and bigger container ships, and competition to incorporate them in saturated markets are the major factors likely to restrain the growth of this market. These restrains can be overcome by increasing the productivity in operations and improving the network and fleet.
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Key players and strategies adopted by them
The global market for cargo shipping involves major players such as A.P. Møller-Mærsk A/S (Denmark), Mediterranean Shipping Company SA (Switzerland), CMA CGM SA (France), and Hapag-Lloyd Ag (Germany), along with major freight forwarding players.
New service launches was the key strategy adopted by these players in order to increase their market share. Along with this, other strategies that are being implemented are expansions, mergers & acquisitions, and agreements, joint ventures, contracts, and partnerships.
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