Cargo Shipping Market to Grow at 3.45% to 2023
Global Cargo Shipping Market is expected to grow around 3.45% CAGR during the period 2017 to 2023, says a report by Market Research Future. In recent years, Global Cargo Shipping Market has advanced rather productively. While, increasing number of countries forging of free trade agreements like ASEAN Free Trade Area (AFTA), Trans-Pacific Strategic Economic Partnership (TPSEP) and North American Free Trade Agreement (NAFTA) will boost the growth of cargo shipping market further.
In addition, the market is gaining momentum with initiatives such as the One Belt, One Road, as well as the expanded Panama Canal and Suez Canal are expected to positively affect the seaborne trade by generating business opportunities.
The key players of the Global Cargo Shipping Market are A.P. Moller-Maersk Group (Denmark), Mediterranean Shipping Company S.A. (Switzerland), Panalpina World Transport (Holding) Ltd. (Switzerland), CMA-CGM SA (France), DHL Global Forwarding (Germany), China COSCO Holdings Company Limited (China), Nippon Express Co., Ltd. (Japan), Deutsche Bahn AG (Germany), Hapag-Lloyd AG (Germany) and Panalpina Welttransport Holding AG (Switzerland).
Asia-Pacific region is expected to dominate the Cargo Shipping Market with the highest CAGR, owing to developing economies such as China and India. In addition, factors such as market demand, developments in port infrastructure and strong government support have boosted the growth of the market in the region and have enabled to achieve largest market share.
North America is anticipated to grow at a promising CAGR during the forecast period due to the presence of Canada and Mexico, which are export oriented economies.