The RORO shipping market is expected to grow in size and revenue over the next decade. The latest trends, key players, and types of RORO shipping are discussed in this blog article.
RORO shipping is a type of maritime transportation where vehicles are loaded onto a ship for transport. RORO is an acronym for “roll-on/roll-off.” This type of shipping is commonly used for automobiles, trucks, buses, railway cars, and construction equipment.
The global RORO shipping market is expected to reach $17.2 billion by 2028, growing at a CAGR of 5.3% during the forecast period (2018–2028). The market growth is attributed to the increasing demand for maritime transportation of vehicles and the need for cost-effective transportation solutions.
Some of the key players in the RORO shipping market include Grimaldi Group, Hoegh Autoliners, Nippon Yusen Kabushiki Kaisha (NYK Line), Wallenius Wilhelmsen Logistics, and Cosco Shipping Lines. These companies have a significant presence in the global market and are engaged in providing RORO shipping services to their customers.
The various types of RORO shipping vessels include Ro-Ro/Lo-Lo vessels, pure car carriers (PCCs), pure car/truck carriers (PCTCs), and multi-purpose Ro-Ro vessels (M).
As per the progress of RORO shipping market size it is estimated that at the end of 2028 year. Its revenue will touch 17.2 billion as per 5.3 % rate.
RORO shipping is a method of maritime transportation in which wheeled cargo, such as automobiles and trucks, is loaded onto a vessel for transport. This type of shipping is commonly used for the transportation of vehicles between countries.
RORO shipping is an efficient and cost-effective way to transport large quantities of vehicles over long distances. RORO shipping service is mostly used by the automotive industry. The increasing global trade of automobiles is driving the demand for RORO shipping services.
The growing popularity of online shopping has also resulted in the increased need for RORO shipping services to transport vehicles from factories to dealerships and from dealerships to customers.
For RORO services the Asia Pacific region are their primary market as most of the shipping is done for the countries lying in these regions. The region is home to some of the world’s largest automotive markets, such as China, Japan, and India. Nowadays demand is increasing in Asia Pacific region countries because of increased production of the automotive industry in the region.
After Asian countries, North America is the other competitor which use RORO shipping service. The United States is the largest automotive market in the world and is a major consumer of RORO shipping services.
“Always be updated with us visit GeeksULTD for Real-time updates”.