Maritime Freight Transport Market Size (2024 - 2029)

The maritime freight transport industry plays a crucial role in global trade, with its market size projected to experience significant growth over the forecast period. This expansion is driven by the increasing efficiency of shipping and economic liberalization, which enhance the competitiveness of seaborne trade. Despite challenges such as trade chain disruptions and regulatory bans on certain imports, the industry continues to thrive, supported by a vast fleet of merchant ships operating internationally. The containerized trade segment, in particular, has been a key driver of growth, reflecting the industry's resilience and adaptability in the face of global economic shifts.

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Market Size of Maritime Freight Transport Industry

Maritime Freight Transport Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 381.69 Billion
Market Size (2029) USD 471.81 Billion
CAGR (2024 - 2029) 4.33 %
Fastest Growing Market Asia Pacific
Largest Market Asia

Major Players

Maritime Freight Transport Market Major Players

*Disclaimer: Major Players sorted in no particular order

Maritime Freight Transport Market Analysis

The Maritime Freight Transport Market size is estimated at USD 381.69 billion in 2024, and is expected to reach USD 471.81 billion by 2029, growing at a CAGR of 4.33% during the forecast period (2024-2029).

The maritime freight transport industry is responsible for the carriage of around 90% of world trade. Seaborne trade continues to expand, bringing benefits for consumers across the world through competitive freight costs. Thanks to the growing efficiency of shipping as a mode of transport and increased economic liberalization, the prospects for the industry’s further growth continue to be strong.

All the trade chains, including the major import and export trade, face a downfall. During this adverse time and the urgency of the situation, a ban had been imposed by various countries on the entry of containers and vessels that are being operated from other ports, especially those that are transported from China.

Over 50,000 merchant ships are trading internationally, transporting every kind of cargo. The world fleet is registered in over 150 nations and manned by over a million seafarers of virtually every nationality.

Concretely, it was estimated that higher grain prices and dry bulk freight rates in early 2022 contributed to a 1.2% increase in consumer food prices. Container ships spent 13.7% longer in port in 2021 compared to 2020, exacerbating delays and shortages. During the last year, total greenhouse gas emissions from the world fleet increased by 4.7%.

For many years, the fastest-growing segment was containerized trade, for which growth in 2023 is expected to reach 1.9%, according to a report titled Review of Maritime Transport by UNCTAD.

Maritime Freight Transport Industry Segmentation

Maritime freight transport refers to a means of transport where goods are transported via sea routes. In some cases, maritime transport can encompass pre- and post-shipping activities. The report provides a complete background analysis of the global marine freight transport market, including an assessment of the economy, a market overview, market size estimation for key segments, emerging market trends, market dynamics, and key company profiles. The report also covers the impact of COVID-19 on the sector.

The maritime freight transport market is segmented by type (containerized and non-containerized) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers market size and forecasts for the maritime freight transport market in value (USD) for all the above segments.

By Type
Containerized
General
Reefer
Non-containerized
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
Russia
France
United Kingdom
Rest of Europe
Asia-Pacific
China
Japan
Australia
India
Rest of Asia-Pacific
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
South America
Brazil
Colombia
Argentina
Rest of South America
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Maritime Freight Transport Market Size Summary

The maritime freight transport industry plays a crucial role in the global economy, facilitating the movement of approximately ninety percent of world trade. This sector is experiencing robust growth, driven by the increasing efficiency of shipping and economic liberalization. The industry is characterized by a vast network of over fifty thousand merchant ships operating internationally, with a significant portion of trade conducted through major East-West containerized trade routes. Despite challenges such as geopolitical tensions and global pandemics, the long-term trend towards containerization of general cargo remains strong, with containerized and dry bulk trades expected to see substantial growth over the forecast period. The Asia-Pacific region, home to some of the world's fastest-growing economies, is a key player in this market, with countries like China, Japan, Singapore, and South Korea contributing significantly to the fleet value.

The maritime freight transport market is relatively concentrated, with a few major players like MSC, COSCO, and AP Moller holding significant market shares. These companies are increasingly focusing on sustainability, aligning with international regulations to reduce their carbon footprint. The market is also witnessing strategic acquisitions, such as Apeejay Shipping Ltd's acquisition of a Japanese-built vessel and Lomar Shipping's purchase of Carl Büttner Holding GmbH & Co. KG, aimed at diversifying and strengthening their fleets. As global trade continues to expand, the demand for efficient cargo transport is expected to grow, further bolstering the maritime freight transport industry.

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Maritime Freight Transport Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

        1. 1.2.1.1 Increasing global trade

        2. 1.2.1.2 Demand for cost-effective transportation

      2. 1.2.2 Restraints

        1. 1.2.2.1 Increasing regulations affecting the growth of the market

        2. 1.2.2.2 Surge in fuel costs affecting the market

      3. 1.2.3 Opportunities

        1. 1.2.3.1 Usage of new technologies boosting the market

        2. 1.2.3.2 Increasing demand for maritime trade across the globe

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Value Chain/Supply Chain Analysis

    5. 1.5 Technological Advancements

    6. 1.6 Government Regulations and Key Initiatives

    7. 1.7 Insights into Transshipment Trade

    8. 1.8 Insights into Containerized and Non-containerized Shipments

    9. 1.9 Freight Rates and Maritime Transport Costs

    10. 1.10 Insights into Intermodal/Container Utilization

    11. 1.11 Demand-Supply Analysis

    12. 1.12 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Containerized

        1. 2.1.1.1 General

        2. 2.1.1.2 Reefer

      2. 2.1.2 Non-containerized

    2. 2.2 By Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of North America

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 Russia

        3. 2.2.2.3 France

        4. 2.2.2.4 United Kingdom

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 Japan

        3. 2.2.3.3 Australia

        4. 2.2.3.4 India

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Middle East and Africa

        1. 2.2.4.1 Saudi Arabia

        2. 2.2.4.2 South Africa

        3. 2.2.4.3 Rest of Middle East and Africa

      5. 2.2.5 South America

        1. 2.2.5.1 Brazil

        2. 2.2.5.2 Colombia

        3. 2.2.5.3 Argentina

        4. 2.2.5.4 Rest of South America

Maritime Freight Transport Market Size FAQs

The Maritime Freight Transport Market size is expected to reach USD 381.69 billion in 2024 and grow at a CAGR of 4.33% to reach USD 471.81 billion by 2029.

In 2024, the Maritime Freight Transport Market size is expected to reach USD 381.69 billion.

Maritime Freight Transport Market Report Snapshots

Maritime Freight Transport Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)