Cargo Vessel Market Size, Share, Innovative Insights Driving Business Expansion by 2032
The global cargo vessel market size was valued at USD 37.07 billion in 2022. The market is projected to grow from USD 49.22 billion in 2023 to USD 61.77 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period.
Cargo vessels are mainly used to transport materials and goods from one port to another. The cargo vessels are divided in size based on the transporting cargo, such as panamax, capsize, handysize, and handymax. The rising preference toward cargo transport by industries, such as oil & gas, food & beverages, automotive, and others is estimated to drive market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Cargo Vessel Market, 2023-2030.”
Informational Source:
https://www.fortunebusinessinsights.com/cargo-vessel-market-108601
List of Key Players Present in the Report:
Hyundai Heavy Industries Co. Ltd (HHI) (South Korea)
Namura Shipbuilding Co Ltd (Japan)
Damen Shipyards Group (Netherlands)
Korea Shipbuilding & Offshore Engineering (South Korea)
Samsung Heavy Industries (South Korea)
Daewoo Shipbuilding & Marine Engineering (South Korea)
General Dynamic NASSCO (U.S.)
Mitsubishi Heavy Industries (Japan)
Mazagon Dock Shipbuilders Limited (India)
China State Shipbuilding Corporation (China)
Segments
Tanker Segment Growth Augmented by Increasing Application to Carry Loads
Based on ship type, the market is divided into tanker, bulk carriers, container ships, general cargo vessel, roll on/roll off ships, and others. The tanker segment held the largest market share in 2022 owing to the rising applications to carry loads in large amounts and the rising demand for container ships globally.
Rising Demand for LNG Fuel to Propel LNG Segment Growth
By fuel type, the market is segmented into diesel and gasoline, hybrid, LNG, and others. The LNG segment is expected to be the fastest-growing segment during the projected period. The segment’s growth is attributed to the rising demand for LNG fuel over conventional fuel to decrease emissions and help fleets meet new international environmental regulations.
High Demand for 50000 GT Ships Across Industries Augmented the Below 50000 Segment Growth
Based on gross tonnage, the market is classified into below 50000 GT, 50000 – 120000 GT, and above 120000 GT. The below 50000 GT segment held the largest market share in 2022. The growth is attributed to the high demand for below 50000 GT ships across industries, such as chemical, automotive, and others.
Rising Demand of 75000 - 200000 DWT Ships Globally to Drive 75000 - 200000 DWT Segment Growth
By deadweight, the market is categorized into below 75000 DWT, 75000 – 200000 DWT, and above 200000 DWT. The 75000 – 200000 DWT segment is expected to be the fastest-growing segment during the forecast period and held the largest market share in 2022 owing to the high demand for 75000 – 200000 DWT ships, such as medium and large-sized container ships, oil tankers, and others, globally.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players, and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Increasing Effectiveness of Shipping to Propel Market Growth
The increasing effectiveness of shipping as a mode of transport and high entrepreneurship liberalization is expected to drive the cargo vessel market growth during the forecast period. The free trade and rising demand for consumer goods underpinned by increasing industrialization and national economy liberalization drive market growth.
However, a cargo vessel’s cyclic nature puts excess capacity pressure on shipbuilders during the peak, affecting producers’ operational activities and profitability and may hinder market growth.
Regional Insights
Asia Pacific Market to Grow Due to the Raised Marine Fleet by Aisa Pacific Countries
The Asia Pacific market held the largest cargo vessel market share in 2022 and is expected to be the fastest-growing region during the forecast period. The increased marine fleet in Asia Pacific countries, such as Japan, China, and South Korea.
Europe is expected to be the second fastest-growing region during the forecast period, owing to the presence of the second-largest fleet and key players in the region.
Competitive Landscape
Increasing Launch of Advanced Technology by OEMs to Design Marine Ships Drives Market Growth
The cargo vessel market includes Thales Group, General Dynamics Corporation, Mitsubishi Heavy Industries Co. Ltd, Hyundai Heavy Industries Co. Ltd, and BAE Systems. The increasing launches of advanced technologies, such as integrated electric propulsion, robotic systems, and 3D printing, by the original equipment manufacturers (OEMs) to design and develop marine ships are expected to drive market growth.
Key Industry Development
May 2032 - Kamel Al-Wazir, transport minister of Egypt, signed a construction contract for two multi-purpose ships MPC14K between Alkahera Company for Ferries and Maritime Transport (KCFMT), affiliated to the Ministry of Transport and Korean Daesun Shipbuilding and Engineering.