According to Fortune Business Insights™, the global cargo vessel market is undergoing significant transformation as maritime trade continues to drive global commerce. According to Fortune Business Insights™, the market was valued at USD 37.07 billion in 2022 and is expected to expand from USD 49.22 billion in 2023 to USD 61.77 billion by 2030, growing at a CAGR of 3.3% during the forecast period.

Why Cargo Vessels Matter

Cargo vessels form the backbone of international trade, transporting goods, raw materials, and industrial supplies across continents. With increasing globalization, shipping remains the most cost-effective mode of transport, supporting industries such as automotive, oil & gas, food & beverages, and consumer goods.

Key Market Insights

• Asia Pacific dominance: The region held a commanding 60.53% market share in 2022, led by China, Japan, and South Korea, the world’s shipbuilding giants.
• Tanker vessels lead: Tankers accounted for the largest share, fueled by strong demand for oil and chemical transport.
• Fuel shift underway: Diesel and gasoline remain dominant, but LNG and hybrid-powered ships are gaining traction as decarbonization becomes a top priority.

Market Trends to Watch

1. Green Shipping Fuels

   With shipping responsible for nearly 13% of global SOx and 15% of global NOx emissions, companies are rapidly adopting LNG, methanol, hydrogen, and LPG as cleaner alternatives. Industry leaders like MOL Group are investing heavily in LNG-powered vessels as part of their 2050 zero-emissions vision.

2. Air Lubrication Technology

   Innovative energy efficiency solutions, such as air lubrication systems, are reducing resistance between hulls and seawater. Companies like Alfa Laval, Mitsubishi Heavy Industries, and Wärtsilä are actively deploying these systems, helping shipping lines cut fuel costs and carbon emissions.

Information Source:

https://www.fortunebusinessinsights.com/cargo-vessel-market-108601

Market Segmentation

By Ship Type

• Tanker: Largest share in 2022, driven by oil and chemical transport demand.
• Bulk Carriers: Fastest-growing segment; used for transporting coal, grains, cement, and ore.
• Container Ships, General Cargo, Roll-on/Roll-off, Others: Growing demand across industries.

By Fuel Type