Global cargo shipping market grows by 3.45% until 2023

Global cargo shipping marketThe global cargo shipping market is expected to grow by 3.45% during the period 2017-2023, according to report of Market Research Future. According to the report, the global shipping volumes will reach 12.52 billion tons in 2021, driven by global economic development, commodity supply and demand are key drivers fuelling the growth of the global cargo shipping trade. The analyzers account the forging of regional free trade agreements, as well as initiatives “One Belt, One Road” and expansion of the key canal routes, which support the growth of the maritime transport and generate business opportunities. The market is expected to keep its growing trend during the next year and the trade to be boosted by the recover of the global economy.

The growth in container transport will have highest in cargo shipping trade. Additionally, the investments in port infrastructure, global supply and demand cycle will have positive impact on container transport.

Asia-Pacific region is expected to dominate the global cargo shipping market with highest cargo volumes. The developing economies such as China and India will continue to be main customers of the shipping industry. In addition, factors such as market demand, developments in port infrastructure and strong government support have boosted the growth of the market in the region and have enabled to achieve largest market share.

North America is anticipated to grow at a promising cargo volumes during the forecast period due to the presence of Canada and Mexico, which are export oriented economies.