China Stevedoring and Marine Cargo Handling Market Size

China Stevedoring & Marine Cargo Handling Market Analysis

The size of China Stevedoring & Marine Cargo market is USD 12.8 billion in the current year and is anticipated to register a CAGR of over 3.5% during the forecast period.

• The dominance of the Chinese economy has been largely fueled by their focus on export trade. China is making the best of its maritime shipping networks which have been key to its export-oriented economic development. To this end, China has invested in some of the largest and busiest, and most well-connected ports on the planet. Before the pandemic, the ports in China handled a net worth of 242 million TEUs of cargo. This number is four times greater than the container throughput of the USA. For more than 10 years, the Port of Shanghai has been ranked as the busiest container port in the world. Additionally, several other Chinese ports in Ningbo Zhoushan, Qingdao, Tianjin, Hong Kong, and Guangzhou, also make it to the list of the top 10 busiest container ports in the world.
• Throughput at Ningbo-Zhoushan Port increased by 52.4% annually to 2.35 million twenty-foot equivalent units in February, setting a record high. There are a total of 262 container shipping routes. In 2021, Shanghai Port has already committed to achieve a container throughput volume of 44 million TEUs in order to keep its title as the largest container port in the world by capacity. Thus growth in maritime trade has driven the china stevedoring and marine cargo handling market. In June 2022, Vostochnaya Stevedoring Company has commenced handling new regular container services offering direct connections to the Chinese ports of Tianjin and Taicang. The services are operated by SWIFT LINE, a marine line of SWIFT Transport Group.
• 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 for the Chinese maritime freight transportation sector are as follows: Due to its high level of overall competitiveness, China is displacing other Asian nations in terms of market share through organic growth. The fundamental engine driving the sector is China's phenomenal rate of economic growth.
• Due to the covid-19 epidemic in 2020, manufacturing has halted, trade volumes in numerous countries have fallen, and the shipping market's expansion has been significantly affected. The internal pandemic was successfully controlled in a relatively short period of time, the economy gradually recovered, industrial production quickly recovered, domestic products were supplied to the international market, and demand for export trade increased.