NEW YORK , May 6, 2022 /PRNewswire/ — The shipping market has been classified as part of the global shipping 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.
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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 movement towards consolidation in the shipping industry is expected to continue during 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 container port throughput and increasing number of free trade agreements in the region will drive the growth of the ocean freight forwarding 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
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Agility Public Warehousing Company KSCP
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CH Robinson Worldwide Inc.
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CEVA Logistics SA
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CJ Logistics Corp.
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Deutsche Bahn AG
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Deutsche Post AG
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DSV Panalpina A/S
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Hellmann Worldwide Logistics SE & Co. KG
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Kuehne + Nagel International AG
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United Parcel Service Inc.
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Shipping Market Scope |
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Report cover |
Details |
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Page number |
120 |
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Year of reference |
2019 |
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Forecast period |
2020-2024 |
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Growth momentum and CAGR |
Accelerate at a CAGR of 3% |
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Market Growth 2020-2024 |
$10.78 billion |
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Market structure |
Fragmented |
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Annual growth (%) |
1.92 |
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Regional analysis |
Europe, APAC, North America, South America and MEA |
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Successful market contribution |
Europe at 40% |
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Main consumer countries |
China, Germany, United States, United Kingdom, Canada and Japan |
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Competitive landscape |
Leading companies, competitive strategies, scope of consumer engagement |
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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. |
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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, |
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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
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Market ecosystem
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Value chain analysis
Market sizing
Five forces analysis
Market segmentation by service
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Market segments
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Comparison by service
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FCL – Market size and forecast 2019-2024
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LCL – Market size and forecast 2019-2024
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Market opportunity by service
Customer landscape
Geographic landscape
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Geographic segmentation
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Geographic comparison
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Europe – Market size and forecast 2019-2024
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APAC – Market size and forecast 2019-2024
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North America – Market size and forecast 2019-2024
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South America – Market size and forecast 2019-2024
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MEA – Market size and forecast 2019-2024
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Main leading countries
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Market Opportunity by Geography
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Market factors
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Market challenges
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Market trends
Supplier Landscape
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Insight
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Landscape disturbance
Vendor analysis
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Suppliers Covered
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Positioning on the supplier market
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Agility Public Warehousing Company KSCP
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CH Robinson Worldwide Inc.
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CEVA Logistics SA
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CJ Logistics Corp.
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Deutsche Bahn AG
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Deutsche Post AG
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DSV Panalpina A/S
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Hellmann Worldwide Logistics SE & Co. KG
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Kuehne + Nagel International AG
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United Parcel Service Inc.
Annex
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