Market Size of China Shipping Agency Services Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 3.50 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
China Shipping Agency Services Market Analysis
The Shipping Agency Services in China is expected to grow at a CAGR of more than 3.5% during the forecast period (2023-2028).
- China is the largest producer and exporter of industrial goods in the world, with exports accounting for 39.18% of its GDP in 2020. The nation is also, after the United States, the second-largest importer in the world. China is the world's top producer of shipping equipment, manufacturing 80% of the world's ship-to-shore cranes, 96% of its shipping containers, and 48% of its shipbuilding orders in 2020. According to the U.S. Office of Naval Intelligence, China currently has the largest navy in the world in terms of total battle force ships, surpassing the United States, which has the second-largest fleet of commercial shipping boats.
- The two largest shipping firms in China are the government-owned COSCO Shipping and China Merchants Group. The largest shipping business in the world, COSCO Shipping, claimed to have a fleet of 1,371 ships with a combined carrying capacity of 113.7 million DWT. China's trade-oriented economy depends heavily on sea freight transit, which has also contributed significantly to the growth of the nation. The main growth factors in China's sea freight transportation sector are as follows: China is organically outpacing other Asian nations in market share thanks to its overall competitiveness. The fundamental engine driving the sector is China's phenomenal rate of economic growth.
- Manufacturing have stopped, trade volumes have decreased in many nations as a result of the COVID-19 pandemic in 2020, and the growth of the transportation industry has been considerably hampered. In a very short amount of time, the internal pandemic was successfully contained, the economy slowly recovered, industrial output quickly recovered, domestic products were provided to the global market, and demand for export commerce increased.
China Shipping Agency Services Industry Segmentation
Shipping agents provide various shipping-related services, such as packing and shipping products, tracking numbers, custom clearance, handling returns, and many more to help shippers with their logistics. Shipping agents offer a wide range of services, some common services include arranging for shipping and receiving services, picking and packing items for shipping, preparing shipping documents, tracking packages, etc.,
On behalf of ship owners, managers, and charterers, a shipping agency or shipping agent is the named person or company in charge of managing shipments and cargo as well as the overall interests of its clients in ports and harbours all over the world. These agents are also known as port agents or cargo brokers in some parts of the world.
The China Shipping Agency Services Market is segmented by Type (Port Agency, Cargo Agency, Charter Agency, and Others), by Application (Ship Owner, and Lessee), and by Service (Packaging Services, Shipping Services, Customs Clearance Services, Logistical Support Services, and Other Services). The market sizes and forecast are provided in terms of value (USD Billion) for all the above segments. Furthermore, this report covers market insights, such as market dynamics, drivers, restraints, opportunities, technological innovation, its impact, and porter's five forces analysis. In addition, the report also provides company profiles to understand the competitive landscape of the market.
Type | |
Port Agency | |
Cargo Agency | |
Charter Agency | |
Others |
Application | |
Ship Owner | |
Lessee |
Service | |
Packaging Services | |
Shipping Services | |
Custom Clearance Services | |
Logistical Support Services | |
Other Services |
China Shipping Agency Services Market Size Summary
The China Shipping Agency Services market is poised for significant growth, driven by the country's status as a leading global producer and exporter of industrial goods. With a robust trade-oriented economy, China relies heavily on sea freight transit, which has been a crucial factor in its economic expansion. The nation's maritime infrastructure is unparalleled, boasting more ports than any other country and housing seven of the world's ten busiest ports. This extensive network is supported by major state-owned enterprises like COSCO Shipping and China Merchants Group, which dominate both domestic and international shipping operations. The strategic expansion of Chinese port facilities in key global locations, such as Sri Lanka, Pakistan, and Djibouti, underscores China's commitment to enhancing its maritime influence and trade capabilities.
Technological advancements and digital integration are set to further enhance the efficiency of China's shipping agency services. Initiatives like Port Community Systems aim to streamline operations by improving communication and data exchange among various stakeholders in the shipping process. Collaborative efforts between international businesses, port authorities, and academic institutions are fostering the development of standardized digital platforms, which are essential for modernizing maritime operations. Additionally, China's focus on sustainable maritime practices, exemplified by innovations in LNG dual-fuel technology and offshore energy extraction, reflects its broader strategy to lead in green and low-carbon maritime solutions. These developments, coupled with China's strategic investments in port infrastructure and maritime connectivity, are expected to drive the growth of the shipping agency services market in the coming years.
China Shipping Agency Services Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Current Market Scenario
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1.3 Technological Trends
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1.4 Industry Value Chain Analysis
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1.5 Government Regulations And Initiatives
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1.6 Insights on Costing
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1.7 Impact of Covid-19 on the Market
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1.8 Market Dynamics
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1.8.1 Market Drivers
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1.8.2 Market Restraints
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1.8.3 Market Opportunities
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1.9 Industry Attractiveness - Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Port Agency
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2.1.2 Cargo Agency
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2.1.3 Charter Agency
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2.1.4 Others
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2.2 Application
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2.2.1 Ship Owner
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2.2.2 Lessee
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2.3 Service
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2.3.1 Packaging Services
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2.3.2 Shipping Services
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2.3.3 Custom Clearance Services
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2.3.4 Logistical Support Services
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2.3.5 Other Services
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China Shipping Agency Services Market Size FAQs
What is the current China Shipping Agency Services Market size?
The China Shipping Agency Services Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in China Shipping Agency Services Market?
SINO Shipping, COSCO SHIPPING Development Co., Ltd, Sinotrans Limited , China Marine Shipping Agency Co., Ltd and JiuFang Ecommerce Logistics are the major companies operating in the China Shipping Agency Services Market.