Market Size of Cargo Shipping Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 627.70 Billion |
| Market Size (2029) | USD 797.30 Billion |
| CAGR (2024 - 2029) | 4.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cargo Shipping Market Analysis
The Cargo Shipping Market size is estimated at USD 627.70 billion in 2024, and is expected to reach USD 797.30 billion by 2029, growing at a CAGR of 4.90% during the forecast period (2024-2029).
The rising demand for cargo vessels such as container ships, bulk carriers, and others due to the growth in sea freight activity is driving the cargo shipping market.
Factors such as the increasing demand for cargo transportation through ships and the surge in trade-related agreements supplement the growth of the cargo shipping market. Fluctuations in transportation and inventory costs hamper the growth of the cargo shipping market. However, factors such as the anticipated trend of automation in marine transportation and an increase in marine safety norms are expected to provide opportunities for the growth of the cargo shipping market during the forecast period.
- In 2022, the freight volume transported domestically via coastwise vessels in Japan stood at 320.93 million metric ton, compared to 324.66 million metric ton in 2021.
- According to the Indian Ministry of Ports, Shipping, and Waterways, the total volume of cargo handled at seaports across India touched 1,323 million metric ton in FY 2022, witnessing a Y-o-Y increase of 6.0% compared to FY 2021.
