Global Ship Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Ship Market Growth

Over the past decade, global ecommerce sales for B2B enterprises have consistently increased, with projections indicating that the worldwide B2B ecommerce market will reach a valuation of USD 36 trillion by 2026. The primary contributors to this sales growth are sectors such as advanced manufacturing, energy, healthcare, and professional business services. Meanwhile, global B2C ecommerce revenue is anticipated to rise to USD 5.5 trillion by 2027. Notably, India is expected to lead among 20 countries in retail e-commerce development from 2023 to 2027, with Argentina and Brazil also emerging as some of the fastest-growing e-commerce markets worldwide. The growth of the shipping sector is intricately connected to the increasing demand for e-commerce. As online shopping expands on a global scale, the necessity for efficient and dependable shipping services intensifies, thereby boosting the demand for container ships, bulk carriers, and logistics solutions. In response, shipping companies are investing in advanced technologies such as automation, real-time tracking, and data analytics to enhance their operations. This growth facilitates quicker delivery times, enhances supply chain efficiency, and aligns with the rising expectations of e-commerce consumers.

The WTO has forecasted a growth of 2.6% in the global merchandise trade volume for 2024, followed by a 3.3% increase in 2025. This expansion in international trade is a key factor driving the heightened demand for maritime vessels. As trade activities escalate, the necessity for effective transportation of goods across international waters becomes more pronounced. In response, shipping companies are augmenting their fleets, which include container ships, bulk carriers, and tankers, to satisfy this growing demand. Furthermore, innovations in logistics and shipbuilding technologies are facilitating this expansion, allowing for quicker and more economical shipping solutions to manage the rising volume of global trade.

Key Trends and Developments

Global Ship Market Trends

The market is currently undergoing significant transformations, influenced by technological advancements, environmental considerations, and economic changes. There is an increasing emphasis on sustainability, as more stringent environmental regulations are encouraging the creation of eco-friendly vessels, including those utilising LNG, hydrogen, and wind energy. The integration of digitalisation and automation is revolutionising the market, with intelligent shipping technologies enhancing operational efficiency, fuel management, and safety protocols. Furthermore, the expansion of e-commerce and international trade is elevating the demand for container ships, bulk carriers, and tankers. The trend towards larger and more fuel-efficient vessels, coupled with innovations in shipbuilding technology, is becoming more pronounced. Additionally, the growth of infrastructure in emerging markets, along with the necessity for environmentally responsible practices, is fostering development within the market, setting the stage for a more sustainable and technology-oriented future in shipping.

Global Ship Industry Segmentation

Global Ship Market Share

Based on type, the market is segmented into passenger ships, bulk carriers, tankers, offshore ships, speciality vessels, and general cargo ships, among others. The bulk carrier segment is projected to grow at a CAGR of 9.1% during the forecast period of 2024-2032. Bulk carriers are sizable vessels specifically engineered for the transportation of unpackaged bulk materials, including coal, grains, and ores. These ships are equipped with expansive cargo holds and effective loading and unloading mechanisms, playing a vital role in the international trade of commodities.

Leading Companies in the Global Ship Market

Market players are focusing on technological advancements to gain a competitive edge in the market.

BAE Systems plc

Established in 1999 and based in London, United Kingdom, BAE Systems plc operates as a prominent global defence and aerospace firm. The company specialises in the development of naval vessels, submarines, and cutting-edge defence technologies, catering to governments and defence organisations around the world.

Mazagon Dock Shipbuilders Limited

Founded in 1934 and located in Mumbai, India, Mazagon Dock Shipbuilders Limited is a prominent entity in the s...

Garden Reach Shipbuilders & Engineers Limited

Incorporated in 1884 and situated in Kolkata, India, Garden Reach Shipbuilders & Engineers Limited is involved...

HD Hyundai Heavy Industries

Founded in 1972 and headquartered in Ulsan, South Korea, HD Hyundai Heavy Industries stands as a leading globa...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major players in the ship market are FINCANTIERI S.p.A., General Dynamics Corporation, Larsen & Toubro Limited, Navantia S.A., thyssenkrupp Marine Systems GmbH, and Hanwha Corporation, among others.