A ship that carries goods, cargo, and materials from one port to another is known as cargo ship or a freighter. The cargo ships are designed to do special tasks, they are often loaded with cranes and some other mechanisms that are used to load and unload. Cargo ships are available in different sizes. To build cargo ships welded steels are used and they have a lifespan of approximately 30 years. According to the types of cargo, the ships carry they are divided into different groups.
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The global cargo shipping market is segmented into its cargo type, industry type, and regions. On the basis of the cargo type, the global market is segregated into bulk cargo, oil & gas, container cargo, and general cargo. Based on the industry type, the cargo shipping market is categorized into electrical & electronics, food and manufacturing, and oil and ores. Geographically, the global market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The key factors that impact the cargo shipping market in a positive way are the increased investments that are made in the port infrastructure and the rise in the global supply and demand cycle. The free trade agreements that are passed by different countries such as ASEAN Free Trade Area (AFTA), North American Free Trade Agreement (NAFTA), and Trans-Pacific Strategic Economic Partnership (TPSEP) is the other factor that is boosting the cargo shipping market. To obtain raw materials for different manufacturing of products shipping plays a very important role for transportation of the materials. The container transport segment is growing in a positive way in the cargo shipping trade as compared to other cargos. The other factors that are driving the cargo shipping market are increased globalization and the demographic changes.
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The region that accounted for the largest market share is Asia Pacific region. The developing countries are contributing the most to the market growth. China is the major manufacturing hub in the Asia Pacific region. Other factors that have contributed to the market growth in the Asia-Pacific region are the developments in the infrastructure of the port, the increased market demand, and the government support. Europe stands second in the market share of the cargo shipping. The countries that contribute to this growth include Germany, the UK, Russia, France, and Spain. North America holds the third place in the cargo shipping market. The factor that attributes to the market growth in the North America is the increasing cargo shipping trade in the emerging economies.
Market Competitive Players
The major market players in the cargo shipping market include CMA-CGM SA, Mediterranean Shipping Company S.A., DHL Global Forwarding, Nippon Express Co., Ltd., Ceva Logistics, A.P. Moller-Maersk Group, Panalpina World Transport (Holding) Ltd., China COSCO Holdings Company Limited, Deutsche Bahn AG, and Hapag-Lloyd AG.
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Cargo Shipping Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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