Water transport is a mode of transportation that uses ships, barges, and boats that can float on water surfaces to transport people, goods, and freight. This mode of transportation is less expensive than rail, road, and air transport, is beneficial for the carriage of heavy goods over long distances in foreign trade, and is also used in military operations to defend naval borders.
Sizing and Forecast
The water transport market size has grown strongly in recent years. It will grow from $584.03 billion in 2023 to $618.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to colonial and maritime exploration, industrialization, military and naval operations, population migration, fishing industry growth.
The water transport market size is expected to see strong growth in the next few years. It will grow to $757.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to climate change adaptation, sustainable shipping practices, arctic shipping routes, cruise industry expansion, energy transition in shipping. Major trends in the forecast period include adoption of alternative fuels, autonomous and remote-controlled vessels, smart shipping solutions, electric propulsion systems, digitalization of maritime operations.
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Segmentation & Regional Insights
The water transport market covered in this report is segmented –
1) By Type: Deep Sea, Coastal, And Great Lakes, Inland Water Transport
2) By Application: Onshore, Offshore
Subsegments Covered: Deep Sea Transport, Coastal and Great Lakes Transport, Inland Water Freight Transport, Inland Water Passenger Transport
Asia-Pacific was the largest region in the water transport market in 2023. Western Europe was the second largest region in the global water transport market. The regions covered in the water transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing demand for imports and exports is expected to propel the growth of the water transport market going forward. Imports refer to goods and services that are purchased by one country from another country and brought into the importing country for domestic use or consumption. Exports refer to goods and services produced within one country and sold to customers or businesses in other countries. Water transport plays an important role in global import and export by efficiently moving large volumes of goods across oceans, providing cost-effective and reliable access to international markets, and facilitating international trade. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, the US experienced an increase in exports and imports. The value of July exports was $251.7 billion, which is $3.9 billion more than June exports. Similarly, the value of July imports was $316.7 billion, an increase of $5.2 billion from June imports. Therefore, the growing demand for imports and exports is driving the growth of the water transport market.
Key Industry Players
Major companies operating in the water transport market report are Cargill Incorporated, A.P. Moller-Maersk A/S, CMA CGM S.A., COSCO Shipping Lines Co.Ltd., China Ocean Shipping Company Limited, Kuehne + Nagel International AG, Hapag-Lloyd AG, Ocean Network Express Holdings Ltd., Mediterranean Shipping Company, Evergreen Marine Corp., NYK Line, Yang Ming Marine Transport Corporation, Zim Integrated Shipping Services Ltd., Mitsui O.S.K. Lines Ltd., Rickmers-Line, Hyundai Merchant Marine Co. Ltd., Hamburg Süd Group, Wan Hai Lines Ltd., Kawasaki Kisen Kaisha Ltd., Wallenius Wilhelmsen, Grimaldi Group, American President Lines LLC, Orient Overseas Container Line, Matson Inc., Crowley Maritime Corporation, Höegh Autoliners AS, Atlantic Container Line, Pacific International Lines (PTE) Limited
The water transport market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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