Cargo Shipping Transportation Market - Predicted Growth, Trends, Opportunity & Analysis
The global cargo shipping transportation market stood at USD157.49 billion by value in 2020 and is forecast to grow at a CAGR of 5.87% until 2026, owing to the rising imports and exports of liquid, dry, general, and container cargo trade in Asia Pacific & Middle East countries like India and Brazil. On the basis of Cargo Type, the market can be bifurcated into Bulk Cargo, Oil & gas and Liquid Cargo, Container Cargo, General Cargo, and Others. Bulk cargo accounted for a share of 41.12% in 2020 and the segment is expected to maintain its market dominance during the forecast period, owing to the rebound in economies after the opening of country-wise lockdowns. Moreover, rapid urbanization and industrialization are likely to propel the demand for bulk cargo shipping. Growing infrastructure development, which requires significant use of steel products and iron ore, is also the key factor driving the bulk cargo segment. Based on Industry, the market can ...