Shipping Market

The article provides detailed insights into the global market trends for ships, vessels, and ferry-boats used for transport. It covers consumption patterns, production volumes, imports, and exports, highlighting key countries and their contributions. Forecasts suggest a positive outlook for the market, with growth expected in both volume and value terms over the next eight years. Various trends and fluctuations over the past decade are analyzed, shedding light on countries with the highest consumption, production, and export levels. The data indicates a shift in market dynamics, with some countries experiencing rapid growth rates. Overall, the article offers a comprehensive overview of the global shipping market and its future prospects.

Market Forecast

Driven by increasing demand for ships, vessels, ferry-boats for the transport of persons worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market volume to 8.7K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.6% for the period from 2022 to 2030, which is projected to bring the market value to $55.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ships, Vessels, Ferry-Boats For The Transport Of Persons

After two years of growth, consumption of ships, vessels, ferry-boats for the transport of persons decreased by -23.5% to 5.6K units in 2022. In general, the total consumption indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak volume of 7.9K units. From 2019 to 2022, the growth of the global consumption failed to regain momentum.

The global shipping market value fell markedly to $30.9B in 2022, reducing by -26.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed a noticeable increase. As a result, consumption reached the peak level of $42B, and then fell dramatically in the following year.

Consumption By Country

The Philippines (2.1K units) remains the largest shipping consuming country worldwide, accounting for 37% of total volume. Moreover, shipping consumption in the Philippines exceeded the figures recorded by the second-largest consumer, Italy (603 units), threefold. The third position in this ranking was taken by Panama (541 units), with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume in the Philippines amounted to +4.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: Italy (+1.0% per year) and Panama (+2.3% per year).

In value terms, Germany ($10.5B) led the market, alone. The second position in the ranking was taken by the Philippines ($5.1B). It was followed by Italy.

From 2012 to 2022, the average annual growth rate of value in Germany totaled +33.8%. In the other countries, the average annual rates were as follows: the Philippines (+5.9% per year) and Italy (+1.5% per year).

In 2022, the highest levels of shipping per capita consumption was registered in Bermuda (3,442 units per million persons), followed by Panama (122 units per million persons), Singapore (53 units per million persons) and the Philippines (18 units per million persons), while the world average per capita consumption of shipping was estimated at 0.7 units per million persons.

In Bermuda, shipping per capita consumption expanded at an average annual rate of +71.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Panama (+0.6% per year) and Singapore (-1.8% per year).

Production

World Production of Ships, Vessels, Ferry-Boats For The Transport Of Persons

In 2022, approx. 6.4K units of ships, vessels, ferry-boats for the transport of persons were produced worldwide; picking up by 13% against the year before. The total output volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, shipping production fell to $35.7B in 2022 estimated in export price. Over the period under review, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +18.4% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 27%. As a result, production reached the peak level of $38.2B, and then declined in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were the Philippines (2.1K units), Italy (1.4K units) and Panama (545 units), with a combined 63% share of global production. Germany, China, Singapore, France, the Netherlands and Poland lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the Netherlands (with a CAGR of +10.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Ships, Vessels, Ferry-Boats For The Transport Of Persons

In 2022, the amount of ships, vessels, ferry-boats for the transport of persons imported worldwide contracted notably to 1K units, with a decrease of -67.8% on the previous year's figure. In general, imports recorded a noticeable curtailment. The pace of growth was the most pronounced in 2018 with an increase of 235%. As a result, imports attained the peak of 4.2K units. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, shipping imports fell rapidly to $3B in 2022. Overall, imports showed a mild curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 86%. As a result, imports reached the peak of $6B, and then contracted remarkably in the following year.

Imports By Country

In 2022, Bermuda (220 units), distantly followed by Spain (130 units), Italy (73 units), Greece (71 units) and Sweden (54 units) were the main importers of ships, vessels, ferry-boats for the transport of persons, together committing 53% of total imports. Belgium (46 units), Russia (42 units), Estonia (32 units), Gibraltar (25 units), the Netherlands (21 units) and Portugal (18 units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bermuda (with a CAGR of +71.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Gibraltar ($442M), Bermuda ($306M) and Estonia ($256M) were the countries with the highest levels of imports in 2022, together comprising 33% of global imports.

Among the main importing countries, Bermuda, with a CAGR of +213.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average shipping import price stood at $2,889,778 per unit in 2022, rising by 56% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 299% against the previous year. As a result, import price attained the peak level of $3,837,994 per unit. From 2020 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Gibraltar ($17,688,510 per unit), while Portugal ($30,196 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bermuda (+82.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ships, Vessels, Ferry-Boats For The Transport Of Persons

In 2022, overseas shipments of ships, vessels, ferry-boats for the transport of persons increased by 17% to 1.9K units, rising for the second consecutive year after two years of decline. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 45% against the previous year. The global exports peaked at 3K units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, shipping exports soared to $14.7B in 2022. Over the period under review, exports recorded a buoyant increase. The pace of growth was the most pronounced in 2021 when exports increased by 31% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports By Country

Italy represented the key exporting country with an export of around 867 units, which amounted to 46% of total exports. China (286 units) held the second position in the ranking, followed by France (182 units) and the Netherlands (100 units). All these countries together held approx. 30% share of total exports. The following exporters - Turkey (60 units), Spain (48 units) and the Czech Republic (39 units) - together made up 7.8% of total exports.

Exports from Italy increased at an average annual rate of +10.1% from 2012 to 2022. At the same time, Turkey (+50.6%), Spain (+47.3%), the Czech Republic (+44.2%), the Netherlands (+23.6%), China (+20.9%) and France (+4.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +50.6% from 2012-2022. Italy (+29 p.p.), China (+13 p.p.), the Netherlands (+4.7 p.p.), France (+3.9 p.p.), Turkey (+3.1 p.p.), Spain (+2.5 p.p.) and the Czech Republic (+2 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($4.5B), France ($3.6B) and China ($706M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 60% of global exports. Spain, Turkey, the Netherlands and the Czech Republic lagged somewhat behind, together comprising a further 5.9%.

Among the main exporting countries, Spain, with a CAGR of +137.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average shipping export price amounted to $7,802,312 per unit, surging by 2.9% against the previous year. Over the period under review, the export price showed resilient growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 74%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($19,788,364 per unit), while the Czech Republic ($126,703 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+61.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform