Asia Pacific Cargo Shipping Market was valued at USD 4.43 Billion tons in 2021. The Asia Pacific Cargo Shipping Market size is estimated to grow at a CAGR of 4.7 % over the forecast period
Cargo ships, often known as freighters, are used to transport bulk commodities such as products, cargo, and minerals. Cargo ships convey packaged food, clothing, chemicals, machinery, furniture, and automobiles, as well as passengers on occasion.
Further, the Asia Pacific Cargo Shipping market is segmented by Cargo Type, End-user Industry, and geography. On the basis of Cargo Type, the Asia Pacific Cargo Shipping market is segmented under Liquid Bulk, Dry Bulk, General Cargo and Container Cargo. Based on the End-user Industry, the Asia Pacific Cargo Shipping market is segmented under Food and Beverages, Manufacturing, Oil, gas and ores and Electrical and electronics. By geography, the market covers the major countries in Asia Pacific i.e., India, China, Japan, Australia and Rest of Asia Pacific, for each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion tons).
Asia Pacific Cargo Shipping Market Dynamics:
Increasing efforts to improve port infrastructure: Growing measures to improve port infrastructures, whether via government support or shipping firms’ investments, may be identified as one of the primary drivers influencing cargo shipping development during the forecast period.
Port infrastructure is critical in cargo shipping operations, whether it is processing bulk cargo or carrying containers, which has resulted in a strong demand for renovating, modernising, or building new ports to accommodate rising trade firms in this region. Increasing demand for consumer goods, crude oil, and a variety of other associated commodities has increased the need for seaport infrastructure improvement to assist satisfy consumer expectations. This is driving the Asia Pacific Cargo Shipping Market.
A growing number of trade deals: One of the primary driving factors influencing the growth of the cargo shipping market is the growing number of beneficial trade agreements aimed at improving commerce between nations.
Trade agreements are critical in assisting importers or enterprises in gaining access to low-cost goods at reasonable costs, making it one of the most important variables in driving improved and optimal levels of maritime trade.
Regional trade agreements have grown in importance in the previous five years as a means of enhancing bilateral relations between developed and developing economies around the world.
Increased incidences of cargo rollover: One of the primary challenges limiting cargo shipping market growth is the increasing instances of cargo rollover because of ocean transport supply chain difficulties. Cargo rollovers occur mostly as a result of rising demand during periods of typically low volume or a customary seasonal fall in cargo flows, which causes transportation delays. This is restraining the growth of Asia Pacific Cargo Shipping Market.
Market Trends:
In 2021, Adani Ports and Special Economic Zone (APSEZ) announced that it has completed the acquisition of Dighi Port Ltd for INR 705 crore (about $97 million), with an expenditure of INR 10,000 crore (roughly $1375 million) to transform the current port into a multi-cargo port. Such steps are expected to promote the cargo shipping industry’s market growth in the near future.
In 2020, many Asia-Pacific countries like China, Japan, South Korea, Australia, New Zealand, Indonesia, Malaysia, Laos, Philippines, Thailand, Myanmar, Cambodia, Brunei, Singapore, and Vietnam signed the Regional Comprehensive Economic Partnership (RCEP), making it one of the largest free-trade agreements in the world.
This trade agreement was intended to cut tariffs, increase investment, and streamline customs procedures in order to enable the free movement of products. Such activities are expected to promote economic integration among these member nations while also providing further development potential in the cargo shipping market.
Asia Pacific Cargo Shipping Market Segment Analysis:
By Cargo Type, the Container Cargo segment dominated the Asia Pacific Market with 29% share in 2021.
Containers of a standard size improve intermodal transport efficiency since they can be loaded onto rail waggons, ships, and inland barges, enabling the transfer of large volumes in a single trip. As a result, during the forecast period, the container cargo segment is expected to increase at a faster rate.
By End-user Industry, the manufacturing segment dominated the Cargo Shipping Market with 26% share in 2021.
This is due to the growing demand for raw materials in the production technique. In the coming years, increased logistical expenses and investment may help enterprises to gain larger bulk orders, enhancing the Cargo Shipping market’s growth. Factors such as increased economic growth, especially in the region’s emerging economies are driving the manufacturing segment of the Cargo Shipping Market in this region.
Asia Pacific Cargo Shipping Market Key Players Insights:
The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.
The market’s major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.
The objective of the report is to present a comprehensive analysis of the Asia Pacific Cargo Shipping market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Cargo Shipping market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Cargo Shipping Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Asia Pacific Cargo Shipping market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Cargo Shipping market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Cargo Shipping market.
The report provides Porter’s Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Cargo Shipping market. The report also analyses if the Asia Pacific Cargo Shipping market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Cargo Shipping market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Cargo Shipping market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Cargo Shipping market is aided by legal factors.
Asia Pacific Cargo Shipping Market Scope:
| Asia Pacific Cargo Shipping Market | Market Segmentation | ||
| Market Indicators: | Details | by Cargo Type | Liquid BulkDry BulkGeneral CargoContainer Cargo |
| Historical Data: | 2017-2020 | ||
| Forecast Period: | 2022-2027 | by End-user Industry | Food and BeveragesManufacturingOil, gas and oresElectrical and electronics |
| Base Year: | 2021 | ||
| CAGR: | 4.7 % | ||
| Market Size in 2021: | USD 4.43 Billion tons | ||
| Market size in 2027: | USD 5.84 Billion tons | ||
Source: https://www.stellarmr.com/