Market Size of China Sea Freight Transport Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 3.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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China Sea Freight Transport Market Analysis
The maritime industry in China is expected to grow at a CAGR of more than 3% during the forecast period. China imports and exports goods to nearly every country on the planet. Foreign trade makes a significant contribution to the country's GDP. Chinese commodities are in high demand all around the world (either finished goods or raw materials). China has become the world's only major economy to post positive GDP growth in 2020. Despite a 6.8% decrease in the quarter ending March 2020, when China was coping with a spike in Covid-19 cases, the annual growth rate for 2020 has been raised to 2.3 percent. As a result of the Covid-19 pandemic, China's foreign trade has endured severe shortages, container rejections, port congestion, exports down 54.1 percent, imports down 49.6 percent, and sky-high freight prices.
China's cargo exports and imports primarily rely on two modes of transportation: sea and land, with the China-Europe express train serving as the primary mode of land transportation. As a result, the shipping channel has been contracted to more than 85% of the total volume of commodities exported and imported.Sea freight transport is critical to China's trade-oriented economy, and it has played a significant part in the country's development. The following are the major growth drivers in the Chinese sea freight transportation industry: Because of its overall competitiveness, China is gaining market share from other Asian countries through organic growth. The industry's main powerhouse is China's incredible rate of economic expansion. The containerization of bulk freight.
Due to the covid-19 epidemic in 2020, manufacturing has halted, trade volumes in numerous countries have fallen, and the shipping market's expansion has been significantly affected. In a very short amount of time, the internal epidemic was effectively handled, the economy gradually recovered, industrial production quickly rebounded, domestic products were provided to the global market, and demand for export trade rose. The cargo throughput of Chinese ports reached 13.25 billion tonnes from January to November 2020, an increase of 4.18 percent over the same period in 2019. The container growth rate of major global ports has remained negative in the first three quarters of 2020, while the container throughput of Ningbo Zhoushan Port, Guangzhou Port, Qingdao Port, and Tianjin Port has maintained positive growth trends to varying degrees, indicating that the domestic market is recovering.
China Sea Freight Transport Industry Segmentation
Sea freight is a way of carrying large quantities of products using cargo ships; products are packed into containers, which are then loaded into a vessel and sailed to their destination. China Sea Freight Transport Market report is segmented by Water Transport Services, Vessel Leasing, and Rental Services, Cargo Handling (Container Services, Crane Services, Stevedoring Services, etc), Supporting Service Activities to Water Transport (Shipping Agencies, Ship Brokering Services, Ship Management Services, etc)). A comprehensive background analysis of the China Sea Freight Transport Market covering the current market trends, restraints, technological updates, and detailed information on various segments and competitive landscape of the industry. The impact of COVID-19 has also been incorporated and considered during the study.
China Sea Freight Transport Market Size Summary
The maritime industry in China is poised for growth, driven by the country's robust foreign trade activities, which significantly contribute to its GDP. Despite challenges posed by the COVID-19 pandemic, such as port congestion and fluctuating trade volumes, China's economy demonstrated resilience, with a notable recovery in industrial production and export demand. The maritime sector, particularly sea freight transport, remains crucial to China's trade-oriented economy, accounting for a substantial portion of its import and export activities. The industry benefits from China's rapid economic expansion and increased competitiveness, allowing it to capture market share from other Asian countries. The containerization of bulk freight further enhances the efficiency and capacity of China's maritime operations.
China's maritime industry is characterized by a mix of global and local players, making it highly competitive. Key players include COSCO Shipping Lines, Sinotrans Limited, and China Merchants Group, among others. The industry has seen significant developments, such as COSCO Shipping Development's acquisition of container manufacturing businesses and a joint venture between Vale and Ningbo Zhoushan Port Company. Despite the dominance of foreign-registered ships in carrying cargo, China's maritime sector continues to expand its international shipping capacity. The government's support for cross-border e-commerce and the establishment of pilot zones further bolster the industry's growth prospects, positioning China as a leading player in the global maritime landscape.
China Sea Freight Transport Market Size - Table of Contents
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1. Market Insights
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1.1 Current Market Scenario
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1.2 Insights of Transshipment Trade
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1.3 Insights on Containerized and Non-Containerized Shipments
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1.4 Insights on Bunkering Services
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1.5 Insights on Investments in Sea Freight Industry
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1.6 Insights on Number of Establishments and Contribution of Sea Freight Sector to Total Services Sector
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1.7 Government Regulations and Initiatives
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1.8 Technological Trends and Automation in Ports
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1.9 Impact of COVID -19 on the market
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2. Market Segmentation
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2.1 Water Transport Services
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2.2 Vessel Leasing and Rental Services
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2.3 Cargo Handling (Container Services, Crane Services, Stevedoring Services, etc)
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2.4 Supporting Service Activities to Water Transport (Shipping Agencies, Ship Brokering Services, Ship Management Services, etc)
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China Sea Freight Transport Market Size FAQs
What is the current China Sea Freight Transport Market size?
The China Sea Freight Transport Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in China Sea Freight Transport Market?
COSCO Shipping Lines, SINOTRANS Limited, Hebei Ocean Shipping (HOSCO), China Merchants Group and SITC International Holdings Company Limited are the major companies operating in the China Sea Freight Transport Market.