Shipping Market Size Expected to Grow by USD 10.78 Billion | 40% of market growth comes from Europe

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NEW YORK , May 6, 2022 /PRNewswire/ — The ocean freight forwarding market has been classified as part of the global maritime market within the global transportation market. The market size is expected to increase by $10.78 billion from 2019 to 2024. The growth momentum of the market will progress at a CAGR of 3% during the forecast period.

Technavio has announced its latest market research report titled Seafreight Forwarding Market by Service and Geography – Forecast and Analysis 2020-2024

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The maritime transit market covers the following areas:

Sizing of the maritime transport market
Shipping Market Forecast
Shipping market analysis

Driver and Challenge

the Global Cross-Border E-Commerce Market Growth Driving LCL Volume is one of the key factors driving the growth of the shipping market. The global cross-border e-commerce market has been valued at $460 billion in 2017 and should reach $1.265 billion during the forecast period. The United States and China are the major contributing countries to the global cross-border e-commerce market. Growing internet penetration and rising purchasing power parity (PPP) across all regions is driving the growth of the cross-border e-commerce market. This growth should positively influence the volume of maritime freight worldwide. LCL’s ocean shipments are boosted by the increase in the number of small package shipments. In addition, providers plan to expand their service portfolio. Maritime transport is becoming a preferred mode for e-commerce due to infrastructure development. Additionally, there is an increase in the use of intermodal freight transportation due to the cost advantages it offers shippers over using a single mode of transportation.

Consolidation in the shipping industry leading to high freight costs and operational difficulties will challenge the shipping market during the forecast period. The move towards consolidation in the shipping industry is expected to continue over the forecast period. Major shipping lines have formed alliances, reducing excess ship capacity as well as the cost of scrapping idle ships in ports. Such consolidations in the transportation industry will lead to an oligopolistic market, which could reduce the number of options freight forwarders can choose from. This, in turn, will lead to an increase in freight rates.

Regional analysis

Europe will account for 40% of the market growth over the forecast period. Growing volume of trade on European trade routes, increasing throughput of container ports and increasing number of FTAs ​​in the region will drive the growth of the shipping market in Europe during the forecast period. Market growth in this region will be faster than market growth in other regions. Germany and UK are key countries for ocean freight forwarding market in Europe.

Companies cited

  • Agility Public Warehousing Company KSCP

  • CH Robinson Worldwide Inc.

  • CEVA Logistics SA

  • CJ Logistics Corp.

  • Deutsche Bahn AG

  • Deutsche Post AG

  • DSV Panalpina A/S

  • Hellmann Worldwide Logistics SE & Co. KG

  • Kuehne + Nagel International AG

  • United Parcel Service Inc.

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Shipping Market Scope

Report cover

Details

Page number

120

base year

2019

Forecast period

2020-2024

Growth momentum and CAGR

Accelerate at a CAGR of 3%

Market Growth 2020-2024

$10.78 billion

Market structure

Fragmented

Annual growth (%)

1.92

Regional analysis

Europe, APAC, North America, South America and MEA

Successful market contribution

Europe at 40%

Main consumer countries

China, Germany, United States, United Kingdom, Canada and Japan

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

Agility Public Warehousing Company KSCP, CH Robinson Worldwide Inc., CEVA Logistics AG, CJ Logistics Corp., Deutsche Bahn AG, Deutsche Post AG, DSV Panalpina A/S, Hellmann Worldwide Logistics SE & Co. KG, Kuehne + Nagel International AG, and United Parcel Service Inc.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Main topics covered:

Summary

Market landscape

  • Market ecosystem

  • Value chain analysis

Market sizing

Five forces analysis

Market segmentation by service

  • Market segments

  • Comparison by service

  • FCL – Market size and forecast 2019-2024

  • LCL – Market size and forecast 2019-2024

  • Market opportunity by service

Customer landscape

Geographic landscape

  • Geographic segmentation

  • Geographic comparison

  • Europe – Market size and forecast 2019-2024

  • APAC – Market size and forecast 2019-2024

  • North America – Market size and forecast 2019-2024

  • South America – Market size and forecast 2019-2024

  • MEA – Market size and forecast 2019-2024

  • Main leading countries

  • Market Opportunity by Geography

  • Market factors

  • Market challenges

  • Market trends

Supplier Landscape

  • Insight

  • Landscape disturbance

Vendor analysis

  • Suppliers Covered

  • Positioning on the supplier market

  • Agility Public Warehousing Company KSCP

  • CH Robinson Worldwide Inc.

  • CEVA Logistics SA

  • CJ Logistics Corp.

  • Deutsche Bahn AG

  • Deutsche Post AG

  • DSV Panalpina A/S

  • Hellmann Worldwide Logistics SE & Co. KG

  • Kuehne + Nagel International AG

  • United Parcel Service Inc.

Annex

About Us
Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

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