Market Size of Hong Kong Stevedoring and Marine Cargo Handling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hong Kong Stevedoring & Marine Cargo Handling Market Analysis
The size of Hong Kong Stevedoring and Marine Cargo Handling market is USD 4.11 billion in the current year and is anticipated to register a CAGR of over 4% during the forecast period
- Hong Kong's maritime cluster includes not only traditional maritime businesses like cargo handling and vessel operations but also maritime service industries like ship finance, brokerage, legal services, and marine insurance. The maritime industry is highly varied. According to official sources, the maritime and port industry contributed HKD 35.4 billion (USD 4.56 billion) to Hong Kong's gross domestic product (GDP) in 2020. This represented 1.4% of the overall output of the economy. The maritime sector supports the growth of the trading and logistics sector, one of Hong Kong's four pillar industries, in addition to its direct economic contribution.
- Hong Kong was the world's 6th largest trading economy in 2021. It was also an international maritime center characterized by a strong presence of ship owners, cargo owners, and traders in Hong Kong on the one hand and a vibrant maritime services cluster on the other. There has been a continual expansion in Hong Kong's maritime services cluster over the years, which offers comprehensive and professional services ranging from ship management, ship broking, stevedoring, marine cargo handling, and ship finance to maritime insurance and law.
- Hong Kong's ports appear to have fallen behind other Asian ports in recent years, as seen by the country's falling position in terms of the volume of containers handled internationally. It ceased to be the busiest container port in the world in 2005 and continued to fall in the worldwide rankings until it was ranked ninth during the COVID-19 pandemic.
- To further promote the development of Hong Kong as an international maritime center, the Transport and Logistics Bureau is going to set up a task force with the aim of putting forward, in collaboration with the Hong Kong Maritime and Port Board and representatives of the high-end maritime services industry. The Hong Kong Govt has allocated HK dollar 20m (USD 2.5m) in its 2023-24 budget to promote the high-end maritime service industry sector.
