Countries like Germany, the United Kingdom, and Spain are playing key roles in this development.
The cargo shipping market is set for notable expansion, driven by increased demand for cargo vessels and cross-border trading activities. According to Mordor Intelligence, the cargo shipping market size is projected to grow from USD 627.70 billion in 2024 to USD 797.30 billion by 2029, with a compound annual growth rate (CAGR) of 4.90%. This growth is mainly due to the rising demand for cargo vessels, including container ships and bulk carriers, as sea freight activity expands.
The report highlights that cross-border trading via sea is bolstered by the growing e-commerce industry and the implementation of free-trade agreements, leading to increased sea freight volumes. The global merchant fleet in 2022 included 17,784 general cargo ships and 12,941 bulk cargo carriers. Additionally, the capacity of container ships reached 293 million deadweight tons (dwt), marking a CAGR of 3.1% between 2018 and 2022, Mordor Intelligence states.
Significant share in Europe
Europe holds a significant share of the global cargo shipping market. With substantial seaborne trade and economic growth, the demand for cargo shipping in the region is anticipated to rise.
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Germany’s Maritime Industry: The marine sector is crucial to the German economy, with an annual turnover of up to EUR 50 billion and around 400,000 jobs tied to the maritime industry. Germany operates over 2,700 seagoing vessels and holds 29% of the global container-carrying capacity. Additionally, the country boasts nine shipyards and approximately 2,800 companies active in shipbuilding and ocean industries.
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UK’s Shipping Activity: Nearly 95% of the UK’s imports and exports are transported by sea through over 400 British ports.
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Spain’s Role in European Shipping: According to the report, Spain is a key player in European shipping and logistics, supported by a robust infrastructure network. In 2022, Spain was the world’s fourth-largest importer of fish and seafood, with imports valued at USD 9.6 billion.
