Global Marine Freight Market By Overview
Freight transport is the physical process of transporting commodities and merchandise goods and cargo. Marine freight is a method of transportation of products and goods using ships, boats or anything similar that travels by sea. This freight service is used for international trading and will always take longer than traditional air and ground freight services. Shipping of goods that are packed in large cargo containers and moved by ship. These shipments are usually picked up by a vessel at major ports and transported overseas via specific shipping lanes.
Drivers and Restraints:
Global economic growth and progress in trading drive the marine freight shipping market. Container transportation is increasingly adopted globally to transport goods; it acts as a major driver for the freight shipping market in both developed and developing countries. Rise in global seaborne trade at the global level, growing imports and exports of liquid, dry, general, and container cargo trade. Another boon for this market are the free trade agreements being formulated by numerous countries. Supply chain management for marine trade has developed largely attributing to developing nations gaining a large market share in the cargo shipping market. Cargo shipping firms are facing challenges to a great extent owing to global environmental changes and geopolitics, cargo transport duration takes a long time and this is proving to be a major restraint. Acquiring new containers is cost-intensive, which is manifesting as a major restraint in the shipping industry and cargo shipping market. Port infrastructure development and inland marine cargo transport is an opportunity for the marine freight market.
Segmentation:
The marine freight market is segmented based on type, industry, and region.
Based on Type, the global market is classified into liquid, dry, general, and container. The general type is estimated to leads this market. Advantages such as individual transport of commodities that help in reduced ship time at port terminals, and enhanced utilization of ship space. All of these factors would prompt the demand for General cargo in the coming years. Based on Industry, the target market is bifurcated into food, electrical/electronics, mineral fuels & oils, and manufacturing.
Based on the region the marine freight market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts highest revenue share to the marine freight market due to growing demand for advanced medical technologies and increasing geriatric population. Asia Pacific marine freight market is projected to register a high CAGR over the forecast period owing to the growing trend of increasing containerized trade coupled with the rising trend of port automation to cope up with the increased demand has led to growing size of port terminals to accommodate the goods, which, in turn, is driving the demand for cargo shipping in the region.
Key Players:
The key players operating the marine freight market involves A.P. Moller Maersk, CMA CGM SA, Mediterranean Shipping Company S.A., DHL Global Forwarding, Panalpina, Ceva Logistics, DB Schenker, Nippon Express Co., Ltd, International Trade Centre (ITC), and United Nations Conference on Trade and Development (UNCTAD). For instance, In May 2016, Maersk Line launched its new AC1 service, connecting the West Coast of Latin America with Asia. This new service will optimize its Asia to Central America network which will add a third loop to the AC network. The new service is expected to provide Maersk Line’s customers with reduced transit times and greater port coverage on certain corridors while maintaining the network’s stability. In April 2016, COSCO Container Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line signed a Memorandum of Understanding to form a new alliance. The new alliance offers competitive products and comprehensive service networks across the globe.
Detailed Segmentation:
Marine Freight Market, By Type:
- Liquid
- Dry
- General
- Container
Marine Freight Market, By Industry:
- Food
- Electrical/Electronics
- Mineral Fuels & Oils
- Manufacturing
Marine Freight Market, By Region:
- North America
- Middle East & Africa
- Middle East & Africa Marine Freight Market, By Type
- Middle East & Africa Marine Freight Market, By Industry
- Middle East & Africa Marine Freight Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Latin America Marine Freight Market, By Type
- Latin America Marine Freight Market, By Industry
- Latin America Marine Freight Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- Asia Pacific Marine Freight Market, By Type
- Asia Pacific Marine Freight Market, By Industry
- Asia Pacific Marine Freight Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Europe Marine Freight Market, By Type
- Europe Marine Freight Market, By Industry
- Europe Marine Freight Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- North America Marine Freight Market, By Type
- North America Marine Freight Market, By Industry
- North America Marine Freight Market, By Country
- The U.S.
- Canada
- Middle East & Africa
Company Profile:
- A.P. Moller Maers
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- Company Overview
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- Product Portfolio
- Key Highlights
- Financial Performance
- Business strategies
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- CMA CGM SA
- Mediterranean Shipping Company S.A.
- DHL Global Forwarding
- Panalpina
- Ceva Logistics
- DB Schenker
- Nippon Express Co., Ltd
- International Trade Centre (ITC)
- United Nations Conference on Trade and Development (UNCTAD)
“*” marked represents similar segmentation in other categories in the respective section
FAQs
Marine freight market Size was valued at USD 7.3 Billion in 2024 and is expected to reach USD 10.2 Billion by 2034, growing at a CAGR of 3.4%
The Marine freight market is segmented into Type, Industry, and Region.
Factors driving the market include the growing demand for processed foods and the rising demand for pharmaceuticals and diagnostics.
The Marine freight market's restraints include the expensive research, development, and production costs for marine freights, among the significant constraints to the sector's growth.
The marine freight market is segmented by region into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.
The key players operating the Marine freight market include A.P. Moller Maersk, CMA CGM SA, Mediterranean Shipping Company S.A., DHL Global Forwarding, Panalpina, Ceva Logistics, DB Schenker, Nippon Express Co., Ltd, International Trade Centre (ITC), and United Nations Conference on Trade and Development (UNCTAD).