Market Size of China Shipping Agency Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Shipping Agency Services Market Analysis
The Shipping Agency Services in China is expected to grow at a CAGR of more than 3.5% during the forecast period (2023-2028).
- China is the largest producer and exporter of industrial goods in the world, with exports accounting for 39.18% of its GDP in 2020. The nation is also, after the United States, the second-largest importer in the world. China is the world's top producer of shipping equipment, manufacturing 80% of the world's ship-to-shore cranes, 96% of its shipping containers, and 48% of its shipbuilding orders in 2020. According to the U.S. Office of Naval Intelligence, China currently has the largest navy in the world in terms of total battle force ships, surpassing the United States, which has the second-largest fleet of commercial shipping boats.
- The two largest shipping firms in China are the government-owned COSCO Shipping and China Merchants Group. The largest shipping business in the world, COSCO Shipping, claimed to have a fleet of 1,371 ships with a combined carrying capacity of 113.7 million DWT. China's trade-oriented economy depends heavily on sea freight transit, which has also contributed significantly to the growth of the nation. The main growth factors in China's sea freight transportation sector are as follows: China is organically outpacing other Asian nations in market share thanks to its overall competitiveness. The fundamental engine driving the sector is China's phenomenal rate of economic growth.
- Manufacturing have stopped, trade volumes have decreased in many nations as a result of the COVID-19 pandemic in 2020, and the growth of the transportation industry has been considerably hampered. In a very short amount of time, the internal pandemic was successfully contained, the economy slowly recovered, industrial output quickly recovered, domestic products were provided to the global market, and demand for export commerce increased.
