The global cargo shipping market is expected to gain significant demands and the market is mainly driven by global economic growth. In the past decade, this market has fared quite productively. Depending on the cargo and the type of storage, loading, receiving and securing it would require different types of ships for transportation. Investments in port infrastructure and the global supply-command cycle will have a positive impact on the shipping market.
Growth in countries forging free trade agreements like AFTA (ASEAN Free Trade Area), TPSEP (Trans-Pacific Strategic Economic Partnership), and NAFTA (North American Free Trade A agreement) will drive the cargo shipping market further. The demand and supply for sea transportation has augmented and five key things to be considered in the market are economy, average haul, seaborne commodity, random shocks, and transport cost.
The growth and progress in trading drive the cargo shipping Industry. Container transportation is increasingly adopted globally to transport goods. It acts as a major driver for the market in the both - developed and developing countries. Cargo shipping firms are facing challenges to a great extent owing to global environmental changes and geopolitics. The Cargo shipping industry is segmented on the basis of cargo and industry type and infrastructure initiatives such as development of new ports and extension of existing ports lead to growth of the cargo shipping market.
Container cargos load food, manufacturing industry’s law materials and electrical & electronic goods. Liquid bulk cargos are loaded with oil from the oilfields at sea. To do this, they moor bow type tankers known as the shuttle tankers. The market is segmented By Cargo Type into Container cargo: 20 foot (6.08 m) Twenty-foot equivalent Unit (TEU), 40 foot (12.8 m) Forty-foot Equivalent Unit (FEU), 45 foot (13.7 m), 48 foot (14.6m), Bulk Cargo: Commodity, Materials, Oil, General Cargo: Solids, Raw materials.
The cargo shipping market is segmented By Industry Type into Food and Manufacturing (Fruits, drinks, solids, Manufactured raw materials), Oil and Ores (Petrol, Diesel, and Iron ore), Electrical and electronics (Electrical equipment’s, Electronic equipment’s). The market is segmented By Geographical Region into North America, Asia-Pacific, North America, Western Europe, Eastern Europe, Middle East and Africa. Developing economies in the Asia Pacific account for the significant market share; China, in particular; since it is the major exporter. Growth rate in Europe is currently steady and expected to grow during the forecast period.
Middle Eastern and African regions have the highest potential in the coming years due to availability of oilfields. European countries like England, Spain, Germany and France, along with Russia, will account for the second largest share. North America is projected to hold the third largest market share.
The Key Players include CMA-CGM SA, A.P. Moller-Maersk Group, Mediterranean Shipping Company S.A., Panalpina World Transport (Holding) Ltd., DHL Global Forwarding, China COSCO Holdings Company Limited, Nippon Express Co., Ltd, Hapag-Lloyd AG, Ceva Logistics, and Deutsche Bahn AG.
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