Global expedition market to slow down growth this year
Over the past year, the global expedition market showed excellent results. According to Transport Intelligence, the value of the segment grew by 11.2%, with traditionally high rates observed in the European and Asian regions, as well as in America. However, analysts warn that we should not expect such dynamics in the current year – the market is slowing down. The reason for this is the slowdown in the global economy.
After the crisis caused by the pandemic, the market was able to fully recover last year, its value reached 269.6 billion euros. Experts note that the dynamics of 2021 were the best since 2011.
The airline sector showed excellent results, increasing in value by almost 15%, to 121.4 billion euros. In this case, the development of the e-commerce sector and record demand for services from pharmaceutical companies played a huge role. Another important factor for the development of the segment was the transition of a number of logistics operators from freight and sea transport to air transport. Such tendencies were caused by the fact that automobile and container transportation could not cope with the record demand for transportation.
Marine transportation for the year showed a growth of 6.6% to just over 148 billion euros. The segment could not satisfy the huge demand because of the lack of containers. This factor led to an unprecedented increase in rates for maritime transportation.
As for the situation this year, analysts predict a slowdown in market growth. It is expected to increase by about 5.7% to the mark of 285 billion euros. As in the previous period, the main growth driver will be the air transport sector, the growth of which is expected at the level of 6.1%. It will be caused also by the increase in the number of passenger flights which also take part in cargo transportation.
The growth of sea transportation is expected at the level of 5.2%. It will be limited by the already known problem of lack of containers for cargo transportation. However, the difficulties are promised to be eliminated in 2023, when operators will get new containers. At the same time, experts assume that the increase in transport capacity will fall in the period of reduced demand for services.
The forecast for the period up to 2026 indicates a significant slowdown in the development of the global expedition market. On average over this period the growth will be at the level of 3.7%, and air transportation will show a result of 4%.
Experts expect that the maritime transportation sector will increase every year by about 3.6%.
An additional incentive for the global market will be the growth in demand for passenger flights, as well as the steady growth of international purchases via the Internet.
